Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Odey Asset Management has converted its derivative position in Sirius Minerals into shares, as the London-based hedge fund pushes for an improved takeover offer.
Cash-strapped Sirius, which has been trying to build a fertiliser mine in North Yorkshire, has recommended a £524m rescue bid from Anglo American.
It says investors face a stark choice: either accept the offer or risk Sirius being placed into administration, threatening the future of the project and thousands of jobs in the local area.
However, Odey says it will vote against Anglo’s 5.5p a share cash offer unless it is declared final. It claims Anglo can afford to pay more without undermining the investment case behind the Sirius bid.
In a regulatory release on Friday, Odey said it had swapped derivatives called Contracts for Difference into underlying shares and now owned a 1.3 per cent stake in Sirius.
Anglo has structured its offer for Sirius as a scheme of arrangement. This means that 75 per cent of investors present at a special meeting on March 3 have to vote in favour of the deal for the takeover to be completed.
But Sirius has tens of thousands of retail shareholders, many of whom will not attend the meeting or tender a proxy vote. That means the deal could be blocked.
It is not clear if other big Sirius investors, which include Polygon and Jupiter Asset Management, will join forces with Odey and push for a higher offer.
A movement to scupper the deal has been brewing among Sirius’s retail shareholder base even though they run the risk of crystallising huge losses if the takeover is blocked and Sirius is placed into administration.
Speaking on Thursday, Anglo’s chief executive Mark Cutifani defended its offer, saying it was “fair and reasonable” and that Sirius needed more than $3bn of extra investment to finish its project.
He was speaking after the company posted annual results that showed the diversified miner had generated $10bn of earnings before, interest, tax and depreciation in the year to December.
https://www.ft.com/content/f348d19a-5485-11ea-8841-482eed0038b1
Odey out of the blocks early today. They've exchanged their CFD's for actual shares, so no doubt about their voting rights. They're not messing around. Not happy that they'll settle for 7p, but if they can assist with a NO vote that's the first order of business. Then lets see what happens next.