Sirius Minerals Share Discussion Threads

[noramping] 20/1/2020 16:43

What’s the Aussie woman’s holding

[wedgie74] 20/1/2020 14:52

Good luck to all i held out hope that they would sort something out but ive just sold that last of my holding that i had in my pension at a big loss. Hopefully with the money i got back i will break even with another share. I wish more could have been done to save sxx but thats the risks of the stock market i guess.

[11_percent] 20/1/2020 14:10

Take the 5.5p guys......its over.

Still...…...its interesting that the share is trading over 5.5p!!!!!

[11_percent] 20/1/2020 14:07

kreature
20 Jan '20 - 10:29 - 46694 of 46698
0 0 0
So more importantly, who won the 11% share price comp ?

=============

It got abandoned.

[come on] 20/1/2020 12:06

I sold out here about 25p back when the placings had been done, I believed them that was cheap, but it seems I was lucky, but to be fair I've only gone on to lose it elsewhere. But who knows, something is better than nothing. For those still in, I feel for the locals who invested at far higher rates and have lost out on this, but I wish you all the best

[twodegrees] 20/1/2020 12:03

why are people still buying.

[the millipede] 20/1/2020 11:33

I agree with those who say shareholders are lucky to be getting as much as 5.5p for this.

In hindsight, maybe Sirius should have sought a JV partner earlier in the process: maybe AA could have been brought in earlier and taken on a proportion of the future finance obligations.

I don't think Sirius would have got a lot for their stake and I suspect the continued high share prices that prevailed before last summer might have put potential partners off. It just was not worth buying in if the cost was much above.... well.... 5p a share.

But at least had Sirius done this/ been able to do it, their future finance requirements might have been more manageable/ achievable and current holders could have continued to participate.

Anyway, they decided to go it alone and the rest is history.

[cpap man] 20/1/2020 10:52

SXX



Anglo American (AAL LN) 2240.5 pence, Mkt Cap £28.2bn

Sirius Minerals (SXX LN) 5. 15p, Mkt cap £386.8m - Anglo American agrees to buy Sirius Minerals

Anglo American and Sirius Minerals have agreed a recommended offer under which Anglo will acquire the company for 5.5p/share in cash valuing Sirius Minerals at £404.9m.

Sirius directors representing 2.46% of the shares have given irrevocable undertakings to accept the offer.

As recently as May last year Sirius Minerals shares were trading at over 20p/share and the share price approached 40p/share during the summer of 2018.

The possibility of the transaction was initially confirmed by both companies on 8th January and today’s announcement formalises the offer which is being recommended to shareholders by the Board of Sirius Minerals and is expected to be completed by 31st March.

Completion of the development of Sirius Minerals’ Woodsmith polyhalite mine in Yorkshire was jeopardised by the inability to complete a $500m bond financing in August last year which triggered a strategic review of the project including an initiative to identify a suitable strategic partner.

Acknowledging that some shareholders were likely to be disappointed by this outcome, Sirus Minerals’ Chairman, Russel Scrimshaw, said that the “board deeply regrets that we could not deliver the complete stage two financing in 2019 despite a very broad and thorough process. Going into the strategic review 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 it is clear that no such options are currently available to us and in that context Anglo American's offer is the only feasible option”.

Mr. Scrimshaw went on to explain that “given the current cash constraints of Sirius, and lack of realistic and deliverable alternative financing and development options, we believe this to be a fair approach from Anglo American, a company committed to approaching the Project in the right way, and with the resources to complete the job.”
Anglo American’s Chief Executive, Mark Cutifani, pointed out that the “recommended offer provides greater certainty for Sirius' Shareholders, employees and wider stakeholders, while bringing the prospects for the development of this potential Tier 1 Project closer to reality.”

Mr. Cutifani also confirmed the intention to “bring Anglo American's financial, technical and product marketing resources and capabilities to the development of the Project, which of course would be expected to unlock a significant and sustained associated employment and economic stimulus for the local area.”

Conclusion: Anglo American’s financial, technical and marketing resources should secure the local and regional employment and economic benefits the Woodsmith mine development brings to the area although many shareholders will incur significant losses.

SP Angel - Morning notes

[kreature] 20/1/2020 10:29

So more importantly, who won the 11% share price comp ?

[djb3] 20/1/2020 10:19

Tbh investors lucky to get 5.5. Companies could wait until admin and get it for buttons as I previously stated. Hope Johnveryunwise and co. can live with themselves, feel sorry for the people here who put everything into this. Should be ashamed of themselves with all the constant pumping to save their own necks.

[dp1umb] 20/1/2020 10:09

“Come on” I think you’re find there’s a lot more ramping than deramping on here
and for the record I was a holder but I wasn’t blinkered like many on here.

[muckshifter] 20/1/2020 09:46

maggsc,
If you read the whole of the RNS, the alternative is laid out clearly - administration with the resulting complete loss for shareholders, if the deal is rejected. About the only hope remaining for an alternative would be that the financial consortium which made the only other offer would withdraw all the onerous conditions they had attached to the offer which Sirius did not believe they could fulfil before runing out of cash. If that was to happen it would need to be very soon. If you look at the schedule for the AA deal, they barely have time for the takeover procedure before Sirius run out of cash.

[maggsc] 20/1/2020 09:27

So best to sell now or ride it out in hope. Something could change prior to the deadline?

[pazzuzu] 20/1/2020 09:21

Been deramping it for a long time pratt. But still.... Derampers??? Grow up idiot

[come on] 20/1/2020 09:10

Hindsight, derampers are on all boards, at times they will be right, each have their own agenda, a better deal out there, we will never know

[cpap man] 20/1/2020 08:35

EML


EML



Hayden Locke, CEO of Emmerson, commented:

"The commencement of the full ESIA is a vital step in our preparation for submitting applications for permits. Once we have a report detailing all environmental and social impact risks, alongside our forthcoming Feasibility Study, we will have all information required to commence discussions in earnest with Moroccan Authorities.

"The ESIA is also a vital component of discussions with financiers, many of whom have already expressed approval for our commitment to complying with international best practice.

"We continue to use local consultants with extensive in-country experience, who have been involved in some of the largest projects in Morocco. Phénixa, in particular, has been fantastic in the work it has completed at Khemisset until now, and we are delighted to have them involved on an ongoing basis.

"Alongside the ESIA, our Feasibility Study continues to progress well and is currently ahead of schedule. We look forward to continuing to keep the market updated with various parts of the study as we progress towards its final release during the first half of 2020."

[ccr1958] 20/1/2020 08:19

The infrastructure is well on its way ..... Gutted for shareholders.

[come on] 20/1/2020 08:17

Shame for long term investors, so much potential never to be realised at this price

[kreature] 20/1/2020 08:17

Could've told everyone before Christmas when the Bidco company was set up