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Sirius

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#61

Been out all afternoon, and now seen the RNS from 12.22.
Who are Polygon Global Partners LLP? Where did they come from.
They are suddenly Sirius’s largest shareholder at 6.992%. They must be scooping up all those sells, but why?


#62

Hedge fund, they’ve also been short and held the bonds. They specialise in high alpha, high convictions positions. Your guess is as good as anyone elses, but unless they turbo charge their buying looks likes it’s a done deal.
They could of course be interested in confounding AAL’s bid, but that doesn’t mean it’s a guaranteed rescue bid. They have the sophistication to play any hand, including pre-pack out of administration.
You can’t apply the same narrative to them as yourself, they can make money where you can’t.
To be honest, they’ve probably already made a killing off their short positions and bonds…now they are back for a final drink from the cup…
They do get involved in medium term, event driven opportunities, but are they going to provide billions of long term capital? I don’t think so.
Should you take comfort from their holding? Maybe, if you can ignore the fact they’ve already participated in every other form of the company’s capital, including being short in it.
What it is a sign of is the unsuitability of Sirius for private investors who can’t afford to take loses on their entire capital.
If you aren’t already exposed to SXX I’d trying running in the other direction. Best way of preserving your capital.


#63

ANGO AMERICAN REJECTS CALLS FOR BETTER OFFER. reported below
The global firm eyeing up the Sirius Minerals mine has rejected an MP’s calls for a stock and cash deal to help protect long-suffering shareholders’ interests.
Anglo American says it won’t be considering Scarborough and Whitby MP Robert Goodwill’s pleas to keep investors’ shares in the market, instead of them receiving pay-outs from the deal.

The worldwide mining giant’s £405m cash offer last week has angered thousands of small shareholders, many of whom live within a few miles radius of the Whitby and Teesside project.
Anglo American’s offer of 5.5p a share, a fraction of the 45p they were worth at their 2016 height.
He said: "If we don’t accept the offer, it’s likely the company will go into receivership and shares will be worth nothing.
"Although it is going to be a difficult decision for many, the only real option is to vote to accept.
"I have had a lot of emails from people that are angry that the 5.5p price is substantially less than they paid for their shares.
"But my view is a bird in the hand.
"For the project to be delivered, and farmers get their mineral rights and royalties.
“This is good news for everyone but shareholders.”
And he would himself be buying Anglo American shares to “remain part of the project”, he added.
Speaking last week when the deal was agreed, Russell Scrimshaw, chairman of Sirius, said the board “deeply regretted” not being able to deliver the stage two financing as planned in 2019.
"We acknowledge that to many shareholders our decision as a board to recommend this offer will have come as a shock.
“The Sirius Board’s strong preference was a solution that allowed current shareholders to participate as fully as possible in the future development of the project.”
Following the strategic review process, he added, it was “clear that no such options are currently available” and Anglo American’s offer was the "only feasible option.”
Anglo American has said the deal will provide a huge jobs and economic stimulus to the area.


#64

Jupitor Asset Man. is reported to comment .
Sirius Minerals’ second largest investors urges company to find alternative rescue deal with just weeks remaining before it collapses.
Crucially, such an offer would keep Sirius as a listed company and allow loyal investors – including 85,000 private shareholders – the chance to earn back money they have lost as its share price plunged.
Now many want to know the terms of that proposal and for the company to look into it further – even though Sirius said the only viable option was the 5.5p bid. Steve Davies, manager of the Jupiter UK Growth Fund, said: 'We would like the board to pursue any alternative options, including the consortium of financial investors who submitted a proposal for a £519m funding package earlier in January, within the remaining time available.
‘We would like to be able to consider a stand-alone financing proposal that would enable shareholders to remain invested in the project, as an alternative to the existing offer from Anglo American.’
Jupiter did not say how it planned to vote if there is no alternative to the Anglo bid.
A date for a shareholder vote on the Anglo takeover has not been set – but will take place in a matter of weeks.
The company was a favourite of retail investors and private holders are thought to control as much as 50 per cent of its shares.


#65

Jupiter Asset Management, which controls about 7.8 per cent of Sirius shares, urged the company’s board to explore a rival approach from a consortium of financial investors offering $680 million of debt-based funding. Jupiter said that it wanted a proposal that “would enable shareholders to remain invested in the project”.


#66

The Scheme Document has been published.

Action Required
Notices convening the Court Meeting and the General Meeting, to be held at Honourable Artillery Company, Armoury House, City Road, London, EC1Y 2BQ, on 3 March 2020, are set out in the Scheme Document. The Court Meeting is scheduled to commence at 11.00 a.m. and the General Meeting is scheduled to commence at 11.15 a.m. (or as soon thereafter as the Court Meeting is concluded or adjourned).

It appears that a few institutional investors are buying Sirius shares, so much so that they’ve bid the share price above Anglo American’s offer price. Presumably these institutional investors are bondholders who want to be sure the vote for the takeover goes through and liquidation is avoided.


#67

Any person with shares should receive details and proxy forms for their
vote before the 28th of this month. that is the deadline date for voting.
Delisting from FTSE is March 21st. if the vote is approved.


#68

Sirius BOD challenge shareholders with ultimatum to vote yes.
Voting on the Anglo American (AAL) takeover deal will happen on 3rd
March. The Yorkshire mining hopeful has told investors the all-cash, 5.5p per share offer is the only chance of the polyhalite project going ahead as it published the offer document. This week, major shareholder Jupiter Asset Management said the company should have looked for options that kept it listed. In the offer document, the Sirius board said it had looked into both raising the $600m (£464m) needed to keep the development running for two years through either debt or equity, but this would have been too difficult to arrange before the company ran out of cash. “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,” the company said.


#69

As a long term holder of Sirius shares I firmly believe that the terms of the offer are derisory! It somehow feels to me that a plan was being followed by the company to reach the stage that we have now, with no thought whatsoever for the people that have been actively encouraged to put more and more of their hard earned money into this project through the various fund raises that we have contributed to. The directors seem to be looking after themselves, without even a thought for those investors that have supported them, and the company, for several years now.

Personally I have just informed Barclays, who act as nominee holders of my shares, to vote AGAINST all the resolutions at the court hearing and General Meeting on 3rd March.

I do accept that the result may mean that I end up with nothing for my shares, but would console myself with the fact that the directors would also be in the same boat and get nothing for their shares either, many of which I believe to have been awarded to them for NOTHING!

I would urge all who hold shares through nominee accounts to contact their nominees and give them your proxy voting instructions, whether you wish to vote for or against.

If you don’t give any proxy instructions, and don’t attend either the court or general meeting then you will miss out on an opportunity for your voice to be heard.


#70

WELL WELL. WE PI’s ARE NOT THE ONLY ONES TAKEN TO THE CLEANERS by SXX.
Mail on Sunday reporting today.

A director of Anglo American, the FTSE 100 mining giant that swooped on embattled Sirius Minerals, is among nearly a hundred thousand shareholders in the Yorkshire miner who are set to lose big sums on their investments.
In an embarrassing admission, Anglo American was forced to reveal that Ian Ashby, a non-executive director, had lost hundreds of thousands of pounds in Sirius.


#71

MORE NEWS: THE QATARI’s WERE THINKING OF a RESCUE DEAL, BUT NOT ANYMORE.
Sirius Minerals was close to being saved by Qatar’s sovereign wealth fund before a take-over was agreed with Anglo American.
What’s more, with bridge finance it might have been able to keep the company listed on the stock market as it reached the next stage of development at its Woodsmith potash mine.
After Sirius slammed the brakes on its US$500mln bond offering last August, the Qatar Investment Authority was poised to try and raise equity as part of a “short-term bridge proposal”, according to the Evening Standard.
The Qataris, who bailed out Barclays during the financial crisis, bought a 3% stake in Sirius last May, when the shares were trading at above 15p.
However, the QIA backed off after Anglo made its offer in January, even though this was at a price of just 5.5p, having sunk below 3p at one stage in between.
One of Sirius’s other major shareholders, Jupiter Asset Management, has urged the company to seek an alternative rescue deal to the Anglo offer.
It emerged last month in Sirius’s announcement on Anglo’s takeover that said the North Yorkshire miner had been approached by an unnamed consortium offering a £519mln funding package to cover the next phase of work at the Woodsmith mine.
Sirius said the group’s offer was not viable but it is not known if the consortium, which is through to be US led, is still pursuing a deal with just weeks to go before the Anglo deal is completed.
Last week, Jupiter fund manager Steve Davies, Sirius’s second-largest investor, said: “We would like the board to pursue any alternative options, including the consortium of financial investors who submitted a proposal for a £519m funding package earlier in January, within the remaining time available.


#72

RNS NEWS TODAY FRIDAY 14TH.
IB. imho. it looks like more excuses by the BoD to me, they just gave up late last year.
Reported as below

Sirius advised today on the group’s takeover by Anglo American PLC, which they have deemed unviable, and discussions over the proposal have ended.

On Friday last week, Sirius said it had explored a potential debt financing from a consortium of investors, which would lead to the raising of a USD680 million funding package to cover the initial scope of work for the North Yorkshire polyhalite project.

The initial package would have been a precursor to needed to raise a further USD2.5 billion in capital to reach a production capacity of 10 million tonnes per annum.
(IB. What happened to the agreed revolving £2.5Bill credit ?)

Conditions for the alternative proposal to go ahead included Sirius undertaking an equity raising, the achievement of concessions from creditors, approval from local authorities and the completion of due diligence.

However, Sirius has been unable to secure an anchor investor willing to provide the majority of equity required, and as a result the proposal has been deemed non-viable.

Sirius has now recommended that shareholders accept the GBP404.9 million offer from Anglo American PLC at the upcoming meeting, otherwise there is a high probability that the company will go into administration or liquidation.


#73

GOING GOING GONE.
Rescue deal is dead as previously reported Consortium walks away.

Talks between Sirius and a group of financial investors to secure an alternative rescue deal have fallen through.
This would have kept it listed on the stock market – but would also have involved plenty of risks further down the line, because the company would have needed to raise money several more times.
Any hopes of this deal coming through have now been completely dashed. In a statement to the stock market, Sirius said the consortium walked away when it failed to secure support for the alternative deal from any major institutional investors.