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Longtermview24 at al,
Just to qualify, we are aligned with your views regarding funding matters solely and hence we had reached out for your input in that regard - stating clearly that we'd 'value your input for our campaign' - which is fully above board. We do not condone any threatening comments made by anyone on this or any other board, to anyone else and wish to have a constructive dialogue, towards a better outcome for the shareholders.
Furthermore, I do not appreciate being accused of anything untoward by the Board and just because I had reached out to an individual for the purpose as stated, who may have made an alternate comment at some point in the past, which I was completely unaware of - It does not automatically imply I am aligned with ALL their views or condone any negative behavior. It is unreasonable to assume otherwise, based on a generic and clearly innocent invitation.
With a mammoth work/life/toddler juggle - and now this, I simply don't have the time to scour these boards and I just post when it is necessary, for a constructive and honest update or invitation to contribute. I do not appreciate being accused of anything otherwise and feel that those who might be deliberately trying to find fault with a legitimate team at this crucial juncture, should perhaps get on with their day job and continue to seek alternative funding routes, as they had promised! I am NOT responsible for the actions of everybody on this board but I am working around the clock to make a positive difference for our shareholder community, in a constructive manner. I speak on behalf of myself and my team and hope that's all clear.
Longtermview24,
You make some compelling points. The core shareholder group would value your input for our campaign - which I am heading. Would you please get in touch with me by sending an email to areyeesirius@hotmail.com, leaving a 6-digit password, both here and in the body of your email, for authentification purposes.
Thank you,
Yash
My team and I had a meeting with Chris Fraser this afternoon at Sirius' London offices and it was essentially an exchange of positions, with further clarification on what had already been announced. I believe the full debrief is on the ShareSoc forum.
I had asked the burning question regarding self-funding and why we were never asked. Essentially, their historical data shows that there's minimal appetite and capacity for the sheer volume of capital needed among PIs. Furthermore another equity raise would have negatively impacted the share price - at it's most vulnerable point. A lot of us - including myself - would have been happy to contribute, if it meant staying in the game - with a chance to retain our cake or to just break even - I made this very clear, however this was dismissed because apparently we are few and far between. Jupiter recently declared their position, supporting our stance in this regard; this did not impact the dialogue.
I also asked if a 'white knight' investor was to turn up, would they be open to an alternative - more shareholder-friendly offer. They said, yes - absolutely - if it was a viable offer within the remaining time-frame. They did feel however that this was highly unlikely, having exhausted all avenues in that regard previously. They did also reiterate the threat of administration under a 'no vote'.
They were forthcoming in answering questions within their remit; the JPM chaperone sat alongside and Lazard was privy via teleconference.
We now have a teleconference with Anglo American later on this week to gauge their position and to let them know ours, underlining the actual value of our asset and the PR benefits of offering more, in terms of damage limitation. We will keep trying, until the fat lady sings - as they say!
Ffc, please make contact via areyeesirius@hotmail.com
Please leave a 6-digit code both here and within the body of your email, for authentication.
We look forward to hearing from you. Thanks.
Here's last night's update again under, 'ShareSoc further update 3': The letter to Sirius was acknowledged on the same day. We are now in the process of attempting to develop the dialogue further, within the given constraints of the Takeover Code. I'd say a conference call might be likely - if nothing else - however nothing's guaranteed; it is in their interests to engage - or at least be seen to.
Rest assured we are doing our level best - as fast as possible, to influence a better outcome for all LTHs. We have also managed to engage with Anglo - who have essentially just reiterated their position. This dialogue is secondary, as our primary concerns and the overall accountability lie with Sirius. Key press we have been working with have also been very supportive.
I've reached out to Mike Drinkwater. Please request for him to be passed through to me directly. Also worth emailing via areyeesirius@hotmail.com and confirming here to expedite, or feel free to PM via FB Sirius page.
As things stand, PIs hold 50%, with HL holding 18.5% of them. Nominee accounts can hold thousands of shareholders, which all count as 1; we are looking into how this impacts the vote, although in Sirius' announcement, they have stated that the need 75% approval from shareholders, for this to go ahead.
ffc, it's close to 500 new full members now, and rapidly increasing - thank you all for your support. We had another conference call with ShareSoc today, who have confirmed the figures. Please see 'ShareSoc Further Update 3' for more details.
The letter to Sirius was acknowledged on the same day. We are now in the process of attempting to develop the dialogue further, within the given constraints of the Takeover Code. I'd say a conference call might be likely - if nothing else - however nothing's guaranteed; it is in their interests to engage - or at least be seen to.
Rest assured we are doing our level best - as fast as possible, to influence a better outcome for all LTHs. We have also managed to engage with Anglo - who have essentially just reiterated their position. This dialogue is secondary, as our primary concerns and the overall accountability lie with Sirius. Key press we have been working with have also been very supportive.
Pterois,
Please see my earlier post and make contact: areyeesirius@hotmail.com It would be good to have your input for the ShareSoc campaign.
Thanks
Excellent post Pterois, please do get in touch with us for further consultation regarding the ShareSoc campaign - I think you could be a valuable addition to the team. You can be as involved as you feel comfortable with, but can a suggest a preliminary call, with the key members of the LTHs team, in the first instance.
You can reach us via Achille:
areyeesirius@hotmail.com
Please include within your email a 6-digit code, which we will cross-check on this thread, for authentication. We look forward to hearing from you - either way. Thank you.
Further crisis talks were held this afternoon with ShareSoc BoD, with the following additional action points:
We are drafting a letter, requesting full disclosure on key matters regarding critical junctures across the timeline for the demise of the share price. This is to build a complete picture for us all and address key unanswered questions, which should help enable shareholders to make a decision on the vote and acquire a clearer picture of exactly what has taken place, in order to evaluate their options - and associated risks.
A letter is also being sent out to Andrea Leaden MP, to ascertain exactly why Sirius walked away from the dialogue regarding Govt funding and the circumstances surrounding this.
Please also keep an eye on the ShareSoc forum for further updates.
I have also registered with the FCA market-abuse team, who will investigate the matter further; this would of course also be expedited by volume of grievances, so I suggest you all register your concerns there asap for prompt investigation - it's free: market.abuse@fca.org.uk
AppyChap,
Can you please send a copy of the letter to Achille at areyeesirius@hotmail,com - as we continue to gather evidence. If you could also provide a 6-digit password in your email and post it alongside on this thread, so we can authenticate, that would be great. Thank you.
FFC,
Yes, Myo has been a great help and wonderful sounding board. Thank you also, for your consistent championing of this cause through ShareSoc - very much appreciated.
We have requested an emergency meeting with ShareSoc BoD to evaluate our options and decide on the best course of action. They had requested the shareholder register last week from SXX (can take 7 days) to ascertain PI/II ratio, which could help inform our decision on voting and how much weight this would carry. They will then send a letter to the top 50 shareholders to deliberate.
ShareSoc can support efforts to try to get a better deal (even if it is 1p) and a shareholder group could threaten to block the deal, if the BoD can’t make a convincing argument that this deal is the best one possible, under the circumstances, and that they’ve made every effort to get a better deal. However, such a threat does have consequences if Anglo walk away.
We also don't know what the Government are doing in the background to protect employment in the North of England, as they are committed to during and after the Election. ShareSoc’s patron Lord Lee has made a few comments about employment in relation to Sirius and they are digging further - if Anglo's pursuit is under Govt pressure.
A couple of further comments from ShareSoc, from our recent dialogue:
'ShareSoc could seek to set up a meeting between Chris Fraser and a select group of individual shareholders, to discuss the situation, but he is clearly conflicted as there is no doubt that Anglo will offer him a sweet deal, so that he works hard on their behalf to get the deal done. It is up to the Directors of the company to make sure that they have a subcommittee of those who are independent, in order to evaluate the deal and we will be better off to ask for a meeting with their Chairman Lord Hutton.
ShareSoc has also identified that Chris Fraser’s remuneration, which is £475,000 pa is also is receiving a bonus of 100% of this. which Sirius will have to borrow to pay him, which is poor governance and a question to put to the Chair of their RemCom who is Lord Hutton.
ShareSoc have had over 200 people join within the few days this has been mobilised so thank you everyone; they will do everything they can to support us and we are all on the case.
Sorcerer,
Thanks for your response - you are one of the lucky ones! The BoD have made a clear recommendation against the decision to remain impartial, which is the rationale for our precautionary strategy. Totally respect your stance, given your position and appreciate your transparency. Should anything change, you know where we are. We will forge ahead and hope for the best.
Thank you - I'm on it!
Myo - you are a star thank you, on behalf of us all. Achille has actually been working on this/helping while on holiday - would you believe. Today, I believe he's on a plane to the U.S from Sri Lanka, so access might be limited. Are you on the FB group at all; or do you happen to have a spare address I could write to? We would join the dots in the same way..
Sorcerer, I have observed some very valid and timely posts from you also over time and think you might be a valuable addition to the team. I hope you don't mind me reaching out in this way, but if ever there's been a time to think outside of the box - it's now! If you are happy to offer any input into the campaign, please follow Achille's lead, when he had reached out to Myo yesterday:
'Could you please send an email to the following address (which I have created solely for this purpose and I suggest you create your own bogus email address to start off with). In the email write a six digit number. When I have received your email (and hopefully not too many others, I will ask you to post the six digit number on this site to allow me to seek the correct Myo. I will then contact you. Regards
areyeesiriusathotmail dot com - you will figure it out.'
You probably don't need to set up a new account, but just send your 6-digit crypto-code over, so we can successfully ID you and confirm you've done so here please, so I know to follow up.
Thank you so much - hoping to hear back from you soon.
And of course, thank you all - for those who have taken this positively and joined. Power in numbers and I hope we can pull something out of the bag here, with everyone's support.
Myo, thanks for your encouraging feedback - myself and many others have huge respect for your opinion. Can I ask, if you are genuinely happy to help, that you reach out via Achille's suggested crypto route. ShareSoc have been inundated and timing is of the essence, so best for you to make contact directly and join the dots in this way, to avoid the red tape and timelag. We need the best minds on the job - and fast - speaking of which - Sorcerer - please come forward?
Well said Jiffy - thank you. Please PM me.