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Reaction to Whitby Potash Takeover

Reaction to Whitby Potash Takeover

Published by Jon Burke at 7:01am 5th March 2020.

A group opposed to the takeover of the Whitby potash mine says shareholders haven't had a real voice.

It's after Tuesday's shareholder vote, on an offer from Anglo American to pay 5.5 pence per share for Sirius Minerals, saw the deal go through.

That now has to be ratified by the High Court on March the 13th.

A judge will have to be satisfied that shareholders have been treated fairly throughout.

The Sirius Minerals Shareholder Action Group, which previously claimed, shareholders weren't given the opportunity to raise the cash needed to keep the company going till production, says the complicated voting process will have discouraged many from taking part.

Barrister and member of the group, Ian Martignetti, said:

"The meeting was held many hundreds of miles away from where a lot of these private investors are based. I think that, along with the complex process of voting, probably was a big factor in causing private investors to not engage with the process."

Ian's been speaking to Yorkshire Coast Radio's Jon Burke..

 

 

Comments

There are 2 comments on this page.

Whitbyman, on 5th March 2020 11:21am
It really is beyond belief that people with a lot of money invested in something blame anyone but themselves for what happened.
The simple fact is if you cannot be bothered to protect your investment and don’t bother to vote how can you then complain about the outcome ?
The Orical, on 5th March 2020 7:03pm
Any long-term investment such as this wouldn't
Have yielded much for 20-30 years.The Investor
Knew this and took the gamble. a change in
Fortune see the project now at a crossroads
One way a low payment takeover, and one
Which may only see a mothballed site for many
Years until the market's recover, this route would
Yield a zero return a 100% loss. Investors in such
Businesses see this time and time a good idea
By not funded fully from the outset. resulting in
A loss. The investors know this to be true!

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