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Share Price Information for Sirius Minerals (SXX)

Share Price: 14.14Bid: 14.09Ask: 14.20Change: 0.00 (0.00%)No Movement on Sirius Minerals
Spread: 0.11Spread as %: 0.78%Open: 14.35High: 14.36Low: 13.83Yesterday’s Close: 14.14

Sirius Minerals Plc Ord 0.25P

Sirius Minerals is listed in the FTSE AIM 100, FTSE AIM All-Share
Sirius Minerals is part of the Industrial Chemicals sector

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Currency Issue Country Shares in Issue Market Capitalisation Market Size
GBX GB 6,994.73m £989.05m 100,000

52 Week High 39.78 52 Week High Date 7-AUG-2018
52 Week Low 12.98 52 Week Low Date 19-JUN-2019

# Trades Vol. Sold Vol. Bought PE Ratio Earnings Dividend Yield
1,357 7,859,479 12,393,843 -52.370 -0.27 0.00 0.00

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Directors Deals for Sirius Minerals (SXX)
Trade DateActionNotifierPriceCurrencyAmountHolding
Trade Notifier Information for Sirius Minerals
Elizabeth Noel Harwerth held the position of Non-Executive Director at Sirius Minerals at the time of this trade.
 Elizabeth Noel Harwerth
Trade Notifier Information for Sirius Minerals
Jane Ann Lodge held the position of Non-Executive Director at Sirius Minerals at the time of this trade.
 Jane Ann Lodge
Trade Notifier Information for Sirius Minerals
Jane Ann Lodge held the position of Non-Executive Director at Sirius Minerals at the time of this trade.
 Jane Ann Lodge
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Posts: 6
Opinion:No Opinion
Re: debt
Today 03:44
There's a certain amount of speculation going on about the debt servicing burden for SM going forward. I would suggest that it's important to hold on to the company's assertion that Stage 2 financing includes (repeat, includes) financing costs, albeit that begs the question of what assumptions were made about the imminent (I do hope it is imminent!) issue of HY bonds, which have a maximum yield of 15% but could come in lower in the event.

SM state that they expect to start using the RCF no later than June 2021, as set out in the Prospectus. In my experience, that's a latest possible date. So I would assume that SM would be in the business of debt servicing $1bn of HY bonds at least 9 months before scheduled sales (generating positive cash flows) in Q1 of 2022, at an assumed bond interest rate of 15%. That's on top of convertibles.

We will know fairly soon (we all hope!) the rate at which the HY bonds have actually been sold, and let's hope it's at less than 15% . At that point, with a benchmark having been set, I would suggest that the interest rate on further bond tranches will be a function of build progress plus marketing progress ie. if the build goes well and further offtake agreements accumulate then the later bond issues will attract a higher credit rating and lower interest rate than the initial ones. But conversely, delays in completing the mine and marketing complications would tend in the opposite direction.

I have not seriously attempted to estimate how much of the cash raised from Stage 2, added to pre-existing cash resources, will of necessity be devoted to transaction fees and debt servicing between now and the scheduled generation of positive cash flows from production in Q1 of 2022. In any case that couldn't be attempted, except on a worst case basis, until the first HY bond tranche has been sold successfully and we know at what cost.

I have mentioned transaction fees because they are a very significant part of Stage 2 financing costs - the Prospectus mentions that they amount to US$161 million, and I suspect that that figure does not include all the costs associated with selling the HY bond tranches.

These fees also matter because they reduce the amount of working capital available from Stage 2 financing eg. the net amount available for capital expenditure from the equity raise was US$405m from a US$425 total, and similarly the net amount available from the US$400m of new convertibles dedicated to raising fresh cash to fund the Project was US$385m.

So I don't think that the table in the post from Myosotis last night is comparing like with like.

Which is certainly not to say that I think the amounts raised for Stage 2 - always assuming the first HY bond tranche gets away - are insufficient: I would stick my neck out even at this stage and assert that they will prove perfectly adequate.

I was always much more concerned about creating a big enough market for the product.
Posts: 182
Opinion:No Opinion
RE: Takeover
Tue 22:22
Wouldn’t mind a takeover rumour to ramp up the price a bit to be fair. More likely after funding if our price is still so low
Posts: 3,779
Opinion:No Opinion
RE: debt
Tue 22:02

Mr Misery Cold Water here.

Clue in thread title?.........Needs servicing (IB + CB).......Plus JPM etc fees..plus all the other yada, yada... 300m+ here to mid '21?

Maybe, but a big ask. Only if Capex comes in weeell down.

Little doubt there will be a big op to restructure many bonds before expiry though.. but post FP.

Posts: 4,553
Opinion:No Opinion
RE: Takeover
Tue 21:46
The main protection from a takeover is us - the huge army of private investors - no viable deal for the company attempting a takeover would satisfy us.
Posts: 273
Opinion:Strong Buy
Potential profitability headaches
Tue 21:30
Sometimes i get a headache thinking of how sirius could be valued, it's easy enough of sirius's projections, but it takes me into territory i am unfamiliar with, companies with obscenely large operating margins. They just look a bit strange to me, for example revenue of 1.15Billion, profit of 0.75 billion , market cap of say 6 billion. these type of numbers for a miner are hard to follow! but there are a few out there (disclaimer i know none of these companies are similar to sirius) for example indus gas Revenue of 50M market cap of 500M approx or Serica Energy. These high margin businesses, if ours proves to be are quite interesting beasts financially......
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