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Sirius Takeover Could Complete in March

Sirius Takeover Could Complete in March

Published by Matthew Pells at 5:47pm 7th February 2020. (Updated at 5:48pm 7th February 2020)

Sirius Minerals has today revealed more details about the timetable for it's potential sale to Anglo American and has launched a helpline for local shareholders.

Sirius which is headquartered in Scarborough and is developing a potash mine near Whitby agreed terms with Anglo American in January for a cash purchase of the company for 5.5p a share. Shareholders would have to vote to accept that offer for the deal to go ahead, today it has been revealed that the vote on that deal will take place on March 3rd 2020 at a special shareholder meeting in London.

Shareholders are being sent full details about the offer from Anglo American along with a letter from Sirius Chairman which contains the unanimous recommendation of the Sirius Directors that shareholders should vote in favour of the sale.

In explaining the directors recommendation the documents sent to shareholders state...

"As at 31 December 2019, Sirius had approximately £59.9 million of unrestricted cash, which was broadly inline with the expected capital spend when the strategic review was announced on 17 September 2019.Unless Sirius is able to secure additional funding or a merger or acquisition transaction involving Sirius by the end of March 2020 or soon thereafter, the Sirius Board would be required to place Sirius into administration or liquidation, which could result in Shareholders losing all of their investment in Sirius."

There will be a Court meeting and General Meeting at 11am on March 3rd to count votes. Shareholders can submit their votes by proxy, they do not need to attend the meeting in person, but can do so. Proxy votes by post need to be received by 11am of February 28th.

There is also a way to submit proxy votes online.

Information about the process is being sent to shareholders, Sirius have also set up a helpline to provide shareholders with information about the voting process. The helpline number is 0371 664 0321. Calls are charged at the standard geographic rate and will vary by provider. The helpline is open between 9.00 a.m. and 5.30 p.m., Monday to Friday.

It's thought around 80,000 individual investors bought shares in Sirius with many local people ploughing money into the venture. At their peak the shares traded at 44p each, the Anglo American offer of 5.5p per share will see many of those investors lose money.

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Comments

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zara, on 8th February 2020 10:16am
Probably a good idea not to have it here, a lot of angry small shareholders might not be a good sight.

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