Sirius Minerals Share Discussion Threads

[graham2405] 29/2/2020 14:13

OK, I'll dissect it......

"Giant potash mine developer Sirius Minerals have today announced a major £2.9bn funding plan to complete one of the UK’s biggest construction projects."

reasonable....


"The company say the new debt and equity deal will guarantee the next stage of the giant Woodsmith mine in North Yorkshire, just south of Whitby, both completing the mine and seeing the project into full production."

Yes, the new deal will guarantee the next stage, they are not guaranteeing that the deal will happen though, are they? Its important to notice that!

"Chris Fraser, managing director and chief executive officer of Sirius Minerals, said: “In March we paused discussions with prospective lenders to work on an alternative financing proposal with J.P. Morgan Cazenove."

reasonable....

“Today we are pleased to announce that, as a result of that work, we are launching a comprehensive markets-led solution for our funding requirements which will enable Sirius Minerals to complete the development of its mine and unlock what we believe to be the world’s largest known high-grade polyhalite deposit."

just stating that they are launching it......no suggestion that success is guaranteed.


“The funding package will bring together equity, convertible bonds, high yield debt, and a US$2.5bn revolving credit facility in a multi-stage, flexible structure that balances the availability of capital with the needs of the project."

All true....

“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.”

It does provide a clear pathway.....and they were progressing at full speed (using the placing funds).

"Construction is already underway at all main sites for phase one, where the product will be transported from the mine near Whitby on an underground conveyor to Teesside."

All true....

"The first polyhalite is expected to be extracted from the seams in 2021, with the mine set to be producing 10m tonnes of fertiliser a year by 2024, supporting more than 2,000 direct and indirect jobs."

Again, reasonable, expected, no guarantees...

What exactly are the issues?

I see none.

[vwcaddy] 29/2/2020 14:07

Are you talking about the takeover leak, you know the day you bought shares.

[graham2405] 29/2/2020 14:03

I have just read it, where in it is your issue.

If you read it carefully there are no issues, not in my book.

Please identify any sentence you have an issue with?

[vwcaddy] 29/2/2020 14:01

Sirius launched a probe into the takeover leak.

Have they found it yet?

[vwcaddy] 29/2/2020 13:58

If it was inaccurate and had an effect on the share price, Sirius should correct it with an RNS.

[graham2405] 29/2/2020 13:49

What's the source of the article without a disclaimer, I assume it's a press source?

[vwcaddy] 29/2/2020 13:33

Read the post above it.

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.

[graham2405] 29/2/2020 13:28

"Sorry Sirius turned down the IPA
All because Sirius refused to make a plan and stick to it."

...and after this, you still held shares?

One might assume that you didn't have a problem with the decision.

[vwcaddy] 29/2/2020 13:22

Sorry Sirius turned down the IPA
All because Sirius refused to make a plan and stick to it.

[vwcaddy] 29/2/2020 13:20

Pre-approved for IPA.17 Feb 2020 18:33
. Sirius has already been pre-approved for IPA backing. 'The IPA is the last piece of the jigsaw puzzle,' says Fraser.

Then Sirius turns down the IPA.

[vwcaddy] 29/2/2020 13:14

This is all of it, no disclaimer.
Giant potash mine developer Sirius Minerals have today announced a major £2.9bn funding plan to complete one of the UK’s biggest construction projects.

The company say the new debt and equity deal will guarantee the next stage of the giant Woodsmith mine in North Yorkshire, just south of Whitby, both completing the mine and seeing the project into full production.

Chris Fraser, managing director and chief executive officer of Sirius Minerals, said: “In March we paused discussions with prospective lenders to work on an alternative financing proposal with J.P. Morgan Cazenove.

“Today we are pleased to announce that, as a result of that work, we are launching a comprehensive markets-led solution for our funding requirements which will enable Sirius Minerals to complete the development of its mine and unlock what we believe to be the world’s largest known high-grade polyhalite deposit.

“The funding package will bring together equity, convertible bonds, high yield debt, and a US$2.5bn revolving credit facility in a multi-stage, flexible structure that balances the availability of capital with the needs of the project.

“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.”

Construction is already underway at all main sites for phase one, where the product will be transported from the mine near Whitby on an underground conveyor to Teesside.

The first polyhalite is expected to be extracted from the seams in 2021, with the mine set to be producing 10m tonnes of fertiliser a year by 2024, supporting more than 2,000 direct and indirect jobs.

[vwcaddy] 29/2/2020 13:08

Chris Fraser, managing director and chief executive of Sirius Minerals, said:

“Today we are pleased to announce that, as a result of that work, we are launching a comprehensive markets-led solution for our funding requirements which will enable Sirius Minerals to complete the development of its mine and unlock what we believe to be the world’s largest known high-grade polyhalite deposit.

“The funding package will bring together equity, convertible bonds, high yield debt, and a $2.5bn revolving credit facility in a multi-stage, flexible structure that balances the availability of capital with the needs of the project.

“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.â€ᦙ3;

[graham2405] 29/2/2020 13:05

"Announcements like this is the reason we’re in this mess."

No, taking announcements like that as gospel and not allocating your capital correctly is why you are in this mess.

Also, one would assume you read the whole document........it's there for a reason.


Important notice

This announcement, including its Appendix, contains forward-looking statements, including but not limited to statements about the costs of, and the Company's ability to successfully construct, commission and execute, the Project. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and therefore are based on current beliefs and expectations about future events. Forward-looking statements are not guarantees of future performance and the Group's actual operating results and financial condition, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking statements contained in this announcement. In addition, even if the Group's operating results, financial condition and liquidity, and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. Accordingly, prospective investors should not rely on these forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. None of the Company, the Directors, the Joint Bookrunners or the

Lead Manager undertake any obligation nor do they intend to revise or update any document unless required to do so by applicable law, the Prospectus Rules, the Disclosure Requirements or the Transparency Rules.

[vwcaddy] 29/2/2020 12:38

Announcements like this is the reason we’re in this mess.

Chris Fraser, managing director and chief executive of Sirius Minerals, said:

“Today we are pleased to announce that, as a result of that work, we are launching a comprehensive markets-led solution for our funding requirements which will enable Sirius Minerals to complete the development of its mine and unlock what we believe to be the world’s largest known high-grade polyhalite deposit.

“The funding package will bring together equity, convertible bonds, high yield debt, and a $2.5bn revolving credit facility in a multi-stage, flexible structure that balances the availability of capital with the needs of the project.

“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.â€ᦙ3;

[kenmitch] 29/2/2020 12:29

amaretto

Threads like this one are a key reason for so many losing so heavily. It’s been the clueless convincing the clueless. Your posts shows zero understanding of what will happen if the no vote wins. Shareholders will be left with shares worth nothing. No way will they continue to have a stake in Sirius. Your stake will be gone for good.

The project might well still go ahead and for sake of local economy and the many whose jobs are hanging in the balance let’s hope it does, if Anglo buy Sirius off the Administrators instead. They are likely to get it cheaper that way as they won’t have to pay Sirius investors 5.5p a share.

So investors have a simple choice. Vote yes for 5.5p a share and project to continue. Vote no to get nothing and put the whole project in jeopardy. The selfish will still vote no. Those thinking of others and their jobs and the local economy will put their anger aside and vote yes.

As for pazzuzu’s rant! Might make you feel better getting it off your chest. But Chris Fraser will do fine if the project goes ahead and he is then employed probably on big pay and bonus payments etc by Anglo. And even if it doesn’t go ahead they could well want his expertise anyway for other projects. So voting no to spite him without giving a thought to what it means for so many others including current Sirius employees and the local area is just selfish indulgence.

[graham2405] 29/2/2020 12:12

"3p open Monday then ?. Anyone care a guess"

No idea regards monday, but they may suspend on Tuesday, given the importance of the vote.

[the stinger] 29/2/2020 11:29

3p open Monday then ?. Anyone care a guess

[graham2405] 29/2/2020 11:01

"If it went into Admin"

If the vote fails it will go into admin, if anyone wants to buy it they'll wait for admin then buy it from the administrators.

There is a little thing known as 'insolvent trading', if that happens then the directors can be held personally liable for the company's debts.

Directors will not under any circumstances take that risk, and they will be taking legal advice on that. This is why I expect a declaration of admin PDQ, if the vote fails.

Do you seriously believe that there is going to be a better offer coming after the AAL deal fails?

Assuming the vote fails, which is looking likely.

[graham2405] 29/2/2020 10:57

"With less debt than the asset valued at .....
Share holders would surely still own part of the site."

Look like the next few weeks are going to be an education to you.

The asset is currently valued on a 'going concern basis', if the vote fails it is no longer a going concern.

Also, if AAL buy it using a prepack, they will no doubt pay the administrators for the business, but there will not be anything left over for shareholders. There never is.

[amaretto1] 29/2/2020 10:19

If it went into Admin