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Sirius

lse:sxx

#21

Hi TW.
you beat me to it. new RNS. supply agreement.
THIS FUNDING NEEDS SORTING. keep the faith. IB

11 October 2019
Sirius Minerals Plc
Major supply and distribution agreement with Muntajat
Muntajat is a state-owned Qatari company which markets and distributes approximately 9 million tonnes of fertilizer per annum
Ten-year supply and distribution agreement with Muntajat into Africa, Australia, New Zealand and certain Middle Eastern and Asian territories
Contracted volumes increase to c.2.0 Mtpa in year five and peak at 2.1 Mtpa in year eight - taking Sirius’ aggregate peak sales volumes to 13.8 Mtpa


#22

Sirius moved to FTSE Small Cap Index today.
Market Cap now at £210Million.
Index operator FTSE Russell said, Sirius would exit the list of the UK’s 250 largest companies by market cap and be relegated to the SmallCap index.


#23

From Boris Johnson on his visit to Teesside today:

’We’ll do everything we can to help’ Sirius Minerals mine

Mr Johnson was asked about potential criticism labelled at the Government over a failure to guarantee a vital loan for the Sirius Minerals mine which has been hit with cash flow problems in recent months.

Campaigners say the Treasury should provide the major project with a “full loan guarantee” which would get it over the finish line.

He said:

I can’t talk about the commercial, specific relations between the Government and individual commercial projects but I can see the attractions of the Sirius project, of course I can, and we’ll do everything we can to help but it’s not easy.

https://www.gazettelive.co.uk/news/teesside-news/general-election-2019-live-boris-17214315


#24

RNS issued this morning. Basically Sirius are seeking $600Million to keep going. IB

Sirius Minerals Plc
Strategic Review Progress Update
§ Development work across the Project now slowed to allow for a six month strategic review period, funded by existing cash resources
§ Review of development plan and optimisation opportunities has produced a revised two-stage Project development plan comprising:
o An Initial Scope to include progress of shaft sinking to achieve first polyhalite and Drive 1 MTS, significantly de-risking the construction of the Project. This work is estimated to require ~US$600 million of funding to be raised
o A Deferred Scope incorporating the remainder of construction activities required to deliver full production
§ Strategic partner and financial investor processes underway with the aim of securing ~US$600m of Initial Scope funding, with various parties engaged and assessing information
§ Strategic review demonstrates robust project values with current project Net Present Values for the 13Mtpa business case ranging from ~US$11 billion to US$13 billion and Internal Rates of Return ranging from 29% to 35% for a range of development scenarios subject to successful financing


#25

Chris Fraser Managing Director and CEO of Sirius, comments:
"Our focus during the first phase of the strategic review has been to reassess the best ways to unlock the value of our project for our shareholders, our community, the UK, and our customers all around the world.

"Our analysis has identified a two-stage development plan that enables us to achieve the key de-risking milestone of first polyhalite, when the service shaft reaches the polyhalite ore body, with an upfront capital requirement of ~$600 million. The additional works required to reach an installed and ramped up production capacity of 10 Mtpa contemplates up to US$2.5 billion of capital expenditure.
We are in discussions with potential strategic partners and debt investors with the aim of securing the best route to finance our revised initial scope of work and will update the market and our stakeholders on the progress of those when appropriate.

The value of Sirius is unlocked by reaching production and delivering POLY4 to our customers around the world. This approach allows us to achieve that with less upfront capital while retaining the significant return opportunity it presents for our shareholders and stakeholders.

“I would like to thank our employees, contractors and partners for their continued focus and commitment, and recognise that the progress achieved on the ground in recent months remains a source of huge inspiration for the whole team.”

Full RNS via link below:

https://www.ii.co.uk/news/strategic-review-progress-update-rnsLSE20191111070008_14301836


#26

Just listened to Chris Fraser’s live webcast.
Impressive presentation detailing some significant Capex cost savings to achieve earlier first polyhalite sales from Poly excavations and cash flow . Hopefully we will see a document later today with all the presentation slide information again.
Did anybody watching, pick up on his comment. When he said, at production he expectes to pay off all debt funding within 3 years. Wow, thats some turnover and profit margin.
Come on Sirius lets get to the finishing line. IMHO. IB.


#27

Nov 2019 Strategic Review progress update
to view the presentation, or
to listen to the webcast.

https://siriusminerals.com/investors/investor-presentations/nov-2019-strategic-review-progress-update/


#28

29 November 2019
Sirius Minerals Plc

Total voting rights

In accordance with the requirements of the FCA’s Disclosure Guidance and Transparency Rules 5.6.1R, Sirius Minerals Plc (the “Company”) confirms that, as of 29 November 2019, the Company’s issued share capital consists of 7,020,196,560 ordinary shares of 0.25 pence, each with equal voting rights.

No shares are held in treasury.

The above figure may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Sirius Minerals Plc under the FCA’s Disclosure Guidance and Transparency Rules.

http://otp.investis.com/clients/uk/sirius_minerals/rns/regulatory-story.aspx?newsid=1348262&cid=485


#29

Nice SP finish on a steady week.
10% gain to 3.69p finish.
4 out of the 5 largest Shareholders still here with Sirius, holding 16.5% of the company.
Stella Rose TBM achieving 40metres of tunnel in one day.
Good news. Steady as she goes.
IMHO. IB.


#30

interesting reading today.


#31

Are things looking up !!!


#32

6% gain today, and it could have been more.
Steady increases in SP are good; the Market Cap needs to get higher for SXX clout in new financial discussions.
Now the election is out of the way and UK politically stable, SXX and CF have a little more leverage to conduct discussions with all interested parties, whether it be HM Gov or a strategic partner.
It could get very interesting, wait for the big RNS.
IMHO. IB.


#33

RNS this morning is listed for potential offer from “Angle American” for whole company at 5.5p per share.
This has got to draw out other bidders. The share offer needs to be a lot higher, as the company profit potential at full production is huge in the billions. 5.5p is not acceptable!. Very cheeky. IMHO. IB


#34

Crazy selling going on at the moment.
It isn’t even a firm offer, just an official “Notification of interest” which has to be released to the LSE.
There is a officially a whole month before Sirius have to further respond to AA and this is time for better offers.
IB


#35

8 January 2020
Sirius Minerals Plc

Statement regarding possible offer

The Board of Sirius Minerals Plc (“Sirius” or “the Company”) announces that it is in advanced discussions with Anglo American Plc (“Anglo American”) regarding a possible all cash offer of 5.50 pence per Sirius share for the entire issued, and to be issued, share capital of Sirius (the “Proposal”).

The Proposal represents a premium of:

  • 34.1% to the closing price of 4.10 pence per Sirius share on 7 January 2020, being the last business day prior to the date of this announcement;
  • 46.5% to the volume-weighted average price of 3.75 pence per Sirius share since the 17 September 2019 Strategic Review Announcement up to 7 January 2020;
  • 53.4% to the one month volume-weighted average price of 3.59 pence per Sirius share up to 7 January 2020; and
    
  • 61.7% to the three month volume-weighted average price of 3.40 pence per Sirius share up to 7 January 2020
    

Subject to the successful outcome of on-going discussions (including satisfactory assurances as to the safe-guarding of employee and other stake-holder interests and the agreement of the full terms and conditions of any offer), the Board of Sirius has indicated to Anglo American that it expects to be able to recommend a firm offer for Sirius if made by Anglo American at the price set out in the Proposal.

There can be no certainty that any firm offer will be made. Anglo American has expressly reserved the right to:

  • Reduce the offer consideration by the amount of any dividend or other distribution or return of capital which is paid or becomes payable by Sirius after the date of this announcement
  • Introduce other forms of consideration and / or to vary the composition of the consideration
  • Make an offer for Sirius at any time on less favourable terms:
    

o With the agreement or recommendation of the Board of Sirius; or
o If a third party announces a firm intention to make an offer for Sirius on less favourable terms; or
o If Sirius announces a “whitewash” transaction.

http://otp.investis.com/clients/uk/sirius_minerals/rns/regulatory-story.aspx?newsid=1357363&cid=485


#36

I wouldn’t bet on that Billy. The board have said they’re going to recommend the offer, so, barring any last minute glitches, it looks like a done deal.

It’s a shame like, but the finances of Sirius are seriously goosed, and this is the outcome.

BB


#37

Sirius RNS statement reads as below.
“There can be no certainty that any firm offer will be made, said Sirius, though the board has indicated to Anglo that it expects to be able to recommend an offer if made at the proposed price.”
There are now 30 days for the offer to be forthcoming.
Leaving time for another big boy to bid, and still get the mine at an amazing cheap price. Anything up to 10p is still peanuts to other Global miners.
It is very sad that the 500M loan could not be sorted out.
IMHO. IB.


#38

Any dispassionate shareholder would sell at 5.5p, but I wonder if there are many local shareholders who will hang on.


#39

I hope for your sake, and anybody that’s badly down on Sirius that I’m wrong, but I think your statement here is borderline delusional.


#40

I stated out the fact, that after all the millions spent on current construction, any bidders are getting the mine at a discount and very cheap. See statement from Tom Winnifrith as below from Ripley’s post.
" In paying c£400 million for the equity plus taking on some convertible debt, it is splashing out far less than Sirius has already sunk into the ground."
Market Cap mining companys are AA £30Bill. RIO £75Bill. BHP £90Bill.
AA may confirm their 5.5p bid, but there are others out there.
It is up to the individual to make their mind up.
IMHO. IB