Sirius Minerals Share Discussion Threads

[graham2405] 03/3/2020 10:29

"Having thought more about it I reckon if this does go into administration and there is a fire sale I reckon the queue to buy could be long and the prepack price could be the same or more than AA are currently offering shareholders."

If the bid goes ahead, AAL pay shareholders and also take on all the liabilities, i.e. debts (Gina), bonds.

If they buy it from the administrators they 'pretty much' have to pay enough to gain the support of the primary creditors (the administrators effectively work for them).

So, AAL could just offer to take on the current liabilities, and pay £1 for SXX.

Or they could just play hard ball and make an offer that in the absence of others could get it for peanuts.

[p@] 03/3/2020 10:26

graham-That is my understanding too.

[amaretto1] 03/3/2020 10:25

R u for real .... it would be sold for peanuts ..

[graham2405] 03/3/2020 10:24

"Odey's vote isn't big enough but he's already cast it so can;t change"

AFAIK, you can change on the day, by turning up in person or sending a proxy.

[schofip] 03/3/2020 10:21

My last post debated why AA would go for 5.5p for shareholders or Administration for buttons. Couldn't figure it out. Having thought more about it I reckon if this does go into administration and there is a fire sale I reckon the queue to buy could be long and the prepack price could be the same or more than AA are currently offering shareholders. Unfortunately shareholders will not benefit from that competition.

[tonysss13] 03/3/2020 10:17

Odey's vote isn't big enough but he's already cast it so can;t change

[p@] 03/3/2020 09:47

china-Thats what Odey wants people to think ,so he can pick up cheap shares.

[amaretto1] 03/3/2020 09:33

Like being in a sweet shop

[chinahere] 03/3/2020 09:31

Odey's vote isn't big enough to change much is it.

Unless you are privy to the votes (or AAL's plans) I think it is a big gamble at these prices.

[amaretto1] 03/3/2020 09:28

Odey was never going to vote against Understand the market please.

[graham2405] 03/3/2020 09:25

"What is to stop Odey from changing his mind and accepting 5.5p?"

Nothing....

He is perhaps playing poker with AAL for that extra penny, and IMHO he is unlikely to vote for admin.

[p@] 03/3/2020 09:22

What is to stop Odey from changing his mind and accepting 5.5p?

Nice profit from here.

[graham2405] 03/3/2020 09:20

If a takeover SXX staff have their current employment contracts.

If administration, the old company ceases to exist, and a 'new co' is created.

[williamcooper104] 03/3/2020 09:17

And sxx management will have any incentive package calculated of a lower entry price for AA

[graham2405] 03/3/2020 09:11

"Assuming this gets voted down, anyone know if the BOD have a chance to put another AAL offer to us (assuming AAL want to) or is it a straightforward bankruptcy then?"

If this gets voted down, I'd expect AAL to get it from the administrators.

Why would they improve the offer, they know full well that SXX is out of cash, and out of luck.

........and time is of the essence.

[sportbilly1976] 03/3/2020 09:05

Flip of a coin buying here this morning...make 30% or lose the lot

[chinahere] 03/3/2020 09:04

Assuming this gets voted down, anyone know if the BOD have a chance to put another AAL offer to us (assuming AAL want to) or is it a straightforward bankruptcy then?

[pazzuzu] 03/3/2020 08:59

Morning , what an exciting day we have today.

[amaretto1] 03/3/2020 08:23

Goes anywhere near 3.8 I'm in again long

[glenalmond] 03/3/2020 08:07

Three minutes of negative spin this morning.



From 6:22

[graham2405] 03/3/2020 07:51

Timetable

11:00-11:15 court meeting.
11:15-? general meeting.

If the initial court meeting (vote) 'fails' to get the desired result, will they hold the second meeting?

I'm assuming that the results will be released asap....?

[graham2405] 02/3/2020 21:34

Ex broker, I pretty much agree with everything you stated.

...and I was aware of the issue re Dee valley.

So, if they lose the first vote, the court one, they can go straight for a bid scenario.

Wouldn’t this require notice?

Regardless, brave move loading up ahead of vote, I hope you do well.