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|lucky_punter: UPDATE - Sirius Minerals milestone as it signs off-take deal with the Chinese
By Ian Lyall June 27 2013, 12:23pm
Fertilizers are the key to Chinese agriculture, which is having to support a fast expanding population.Fertilizers are the key to Chinese agriculture, which is having to support a fast expanding population.
---ADDS SHARE PRICE AND BROKER COMMENTS---
Sirius Minerals (LON:SXX) said it has signed a one-million tonne a year off-take agreement for polyhalite produced at its York Potash project.
The 10-year deal, starting 2017, is with the Yunnan TCT Yong-Zhe Company (TCT) of China.
|donalc: I remember contacting the company asking why the share price was going down, and the "nice man" told me they were mystified as well -everything going according to plan. Shortly afterwards they layed off most of workforce! Price at the time was around 40p. -learning point is believe and trust no-one!!|
|zho: Hi Fewbob,
Long time no speak. Hope you're well.
I'm not really keeping an eye on events - I'm just on TCT's mailing list - and I hadn't even spotted the sentence on a trade sale.
What do I think of recent events? Well, you read my posts on iii 6 months back. I think that Chris Lane is venal, Nigel Taunt is incompetent, and that the non-execs should have left months ago after so spectacularly failing to protect shareholders' interests:
Voting a 70% pay increase to a man with Chris Lane's record of failure and then rescinding it in favour of a grant of 5m options was curious to say the least. But tying a shareholder vote to approve grant of options to one expanding the share capital (therefore enabling continuance of the business) was just jaw-droppingly iniquitous.
I presume that they've resigned now either because i) they know the Company's going bust and don't want their CVs sullied, or because ii) they've dared to challenge Chris Lane's blinkered megalomania (cf. previous key board members Guy Fowler, Charles Bunker, Anne Glover, Sir Richard Needham).
These directors were people of vision, intelligence and probity, and plenty of other good people have left TCT in the last 2 years. Even the COO was allegedly touting his CV around 3 months ago, although his name is still on the web site.
What do they mean by a trade sale? Hmm. Well .. a couple of years ago they had good relationships with a number of large medical imaging companies but unfortunately Chris Lane has blown all these out, sometimes in an unfeasibly arrogant manner, er, allegedly. Any of these could afford TCT out of loose change but some have now got alternative (although far more expensive) solutions to their problems (e.g. GE Medical are marketing a dual head scanner. TCT's multi modal fusion could have been used to effect the same outcome of registering MRI and PET scans, but at far less cost).
A year or so ago, there were persistent, plausible and highly-placed rumours in the City that the Company wanted the share price lower in order to dilute the interests of founding shareholders, wrongly perceived to be potentially troublesome. If this were true then the strategy would seem to have backfired rather badly ... except that Chris Lane has allegedly boasted about taking 3Q private through a vehicle in which his own stake would be disguised.
All hearsay and unverified rumour, of course.
Hope your other investments are performing rather better ;)
|reetus: The share price for TCT is going through the floor. Does anyone think that this will recover?|
Cayenne Trust share price data is direct from the London Stock Exchange