Sirius Minerals Share Discussion Threads

[pazzuzu] 30/4/2019 08:15

Lest we not forget that CF has doubled his salary through all this over the previous two years. A hero of the pi's....

[jw30] 30/4/2019 08:15

It will hit single figures if the SBR gets stuck in the high pressure aquifers.

[kkclimber56] 30/4/2019 08:14

You sound angry

[fruitfly2] 30/4/2019 08:13

Delays & snags, could hit 7p.

[warrenfingerfood] 30/4/2019 08:12

I wouldn’t guess where the bottom is, there will be no rush needed to buy near the bottom, wait and wait some more.

[jw30] 30/4/2019 08:09

More death spiral financing. The new trading range will be 10 to 18 p.

[professor pettigrew] 30/4/2019 08:09

A bit of pain now, but a lot of pleasure to come.

[american idiot] 30/4/2019 08:04

There is your reward for being a loyal shareholder in this POS.

Down to 15p now.

[11_percent] 30/4/2019 07:59

pazzuzu,

I have never known an AIM placing where the share price has not gone below the placing price, short to medium term.


In the past the IIs have just taken the shares and sold into the market for a quick profit.


As you say, the CBs mean more shorting, till at least 2023??

[jailbird] 30/4/2019 07:56

Will be volatile for sure now Best it let it settle fir a while yet .. long way to go to production yet and meeting timescales is the key

[pazzuzu] 30/4/2019 07:54

So, what the buy target do you all think? Close to 15, or hve a little gamble and wait for sub 15?

[grity] 30/4/2019 07:50

Business as usual :)

Today's announcement provides a clear pathway to a fully financed project in the months ahead, while enabling us to progress construction at full speed."

[pazzuzu] 30/4/2019 07:49

It's the CB'S which are the worst part for me. More CB'S more shorting to come.

[johnwise] 30/4/2019 07:48

07:18 30 Apr 2019

Sirius Minerals launches US$3.8bn ‘markets-led’ Stage 2 project financing

[johnwise] 30/4/2019 07:43

07:18 30 Apr 2019

Sirius Minerals launches US$3.8bn ‘markets-led’ Stage 2 project financing

[11_percent] 30/4/2019 07:41

My guess is it will go to auction......and come out at 15..

[mam fach] 30/4/2019 07:39

Why was this leaked?
Not long now to see how this news is taken.
It could be a bloodbath.

[11_percent] 30/4/2019 07:35

The Stage 2 Financing consists of a combination of:

1 $400m, Placing
(i) an underwritten Firm Placing and Placing and Open Offer to raise gross proceeds of approximately US$400 million (£310 milliomn) at a price between 15 and 18 pence. per New Ordinary Share (the "Issue Price") launching immediately following the release of this announcement;

2 $644m, New Convertible Bonds, Existing CBs By-back
(ii) an offering of guaranteed convertible bonds with an aggregate principal amount of approximately US$644 million (the "New Convertible Bond Offering") launching in conjunction with the Firm Placing and Placing and Open Offer, of which up to US$244 million is expected to be applied by the Company entirely in purchasing an equivalent amount of the Company's existing 8.5 per cent. guaranteed convertible bonds due 2023 (the "Existing Convertible Bonds") through the Existing Convertible Bonds Buy-back (as defined below), (the detailed terms of which will be announced separately on the date of this announcement) such that approximately US$400 million of the New Convertible Bond Offering is fully underwritten at launch;

3 $500m, Senior Secured Debt Secured on what???
(iii) senior secured guaranteed bonds in a gross amount of US$500 million (the "Initial Bonds");

4 $2.5billion, Credit facility.
More CBs.
(iv) a committed and secured revolving credit facility with a maximum commitment of US$2.5 billion, which will reduce as further senior secured guaranteed bonds are issued after the Initial Bonds (the "RCF", and together with the Initial Bonds the "Stage 2 Debt"),
(together, the "Stage 2 Financing")

[ppvn] 30/4/2019 07:34

Hey Mr Oz,

First thoughts? At least Staley will meet his target of increasing institutional ownership. That should be good for a few more bonus shares!

Sarcasm aside, as a holder here I am obviously disappointed with the level at which they have managed to get financing agreed. The restructuring of the CBs is presumably going to point to a price of around 18-20p for the conversion price on the bonds. I'll need to sit down later and work out just how many extra shares this is going to result in but it looks pretty substantial which is not ideal. As a historical comparison however, Fortescue when they raised their initial $2.1bn in 2006 rose just 2.1% on the day. Over the next two years they did rather better.

So I'd say my take is currently disappointment, but at least they got the cash which over the past few months of delays and changes is at least something. But it does set them up to completion of the mine, potential cost overruns aside.

[kirk 6] 30/4/2019 07:33

These could easy go down to signal figures again