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This week Odey Asset Management waded in. The hedge fund run by Crispin Odey published an open letter from Henry Steel, a portfolio manage, pushing for a higher offer. It vowed to vote against the 5.5p-a-share bid unless it was declared “final”, but to accept any offer at 7p or above. Odey’s own stake is only 1.3 per cent, but the hedge fund is hoping to bring other funds on board, betting that Anglo will not want to risk the deal failing and have to fall back on buying Sirius out of administration.
The intervention also dangled more hope in front of retail shareholders, not only telling them that it believed Anglo would be prepared to bid substantially more but also suggesting that an “interloper” may emerge.
As Mr Steel points out, another complicating factor is turnout. Past AGMs have had only 35 per cent voting, giving “greatly magnified power to Sirius shareholders who do vote”. Anglo American has enlisted Georgeson to call shareholders and is promoting adverts on social networking sites urging them to vote.
Tyler Broda, of RBC Capital Markets, sees no reason for Anglo to increase its offer. “Until there is a practical alternative bid out there that stops [Sirius] from falling into bankruptcy, I don’t see what would drive that,” he says. He believes that ultimately Anglo’s efforts will prevail and that the vote will pass. “If it does go into administration, the current shareholders get nothing.” Voting no and holding out for a higher offer is, therefore, “a very high-risk path to take for shareholders . . . As a Sirius investor, is it worth risking everything for an extra 10 or 20 per cent?”
We will find out soon enough.
Yashmin Ismail freely admits that she had no background in mining when she became “heavily invested” in Sirius Minerals, the North Yorkshire fertiliser mine developer. The freelance copywriter from London decided to buy Sirius shares with the aim of subsidising her income so that she could spend more time with her young son. “With all the propaganda that Sirius spewed out, it seemed like a safe bet,” she says.
It hasn’t turned out that way. Having bought in as high as 30p, Ms Ismail faces heavy losses. Sirius — which says the risks of investing were always made clear — has reluctantly decided to recommend a 5.5p-a-share takeover bid from Anglo American after struggling to secure the $3 billion in funding that it needed to complete its ambitious polyhalite mine near Whitby.
However, Ms Ismail has decided she won’t give up without a fight. She has joined forces with others through Share Soc, the organisation that supports retail investors, which secured a meeting with management and broached the possibility of existing shareholders stumping up the $600 million (about £460 million) that the company needs to fund the next two years’ work.
Ms Ismail has set up the Fund Sirius campaign that is seeking shareholder pledges to try to convince Sirius there is an appetite for a £460 million for a bond issue. “The word on the street in the shareholder community is people are willing to chip in,” she says. As of last night, it had expressions of interest of only £18.3 million.
While there is little evidence to suggest Ms Ismail’s campaign can succeed, it is one of the reasons that the fate of Anglo’s £405 million takeover for Sirius Minerals is in some jeopardy. Sirius has a substantial retail shareholder base. As of December 2018, there were 85,000 individual investors holding close to half the stock.
Those close to the deal fear that the campaign risks distracting from what they insist is the real choice — back Anglo’s deal or see Sirius going bust, wiping out their investments altogether. Feelings among shareholders are running high. Many speak angrily of feeling betrayed. Some have said that they would rather vote the deal down and lose everything than see Sirius’s management move to lucrative jobs at Anglo. Others seem unwilling to believe that the situation is as Sirius makes out and are convinced a saviour offering a better deal is out there.
To pass at a meeting on March 3, the deal must be approved by 75 per cent of those voting by value of shareholdings, and a simple majority by number. A large number of small investors opposed to the deal could derail it.
This week Odey Asset Management waded in. The hedge fund run by Crispin Odey published an open letter from Henry Steel, a portfolio manage, pushing for a higher offer. It vowed to vote against the 5.5p-a-share bid unless it was declared “final”, but to accept any offer at 7p or above. Odey’s own stake is only 1.3 per cent, but the hedge fund is hoping to bring other funds on
Emlg you could not write this stuff.
Not sure what to make of it....he is saying offer awful, wife joining Jupiter 2nd March, Jupiter, who are one of the biggest shareholders in Sirius.... how does that work
Mmmm
Odey, have short position in Jupiter fund management ...//
"Thank you for your message regarding Sirius Minerals and how you wish to vote on the upcoming Scheme of Arrangement.
How does the voting work? There are two criteria that need to be satisfied in order for the vote to be passed these are outlined below:
A vote per each share - All votes that are made through HL as well as other nominees will count towards this part of the vote and will depend on the number of shares you hold. This criteria will be satisfied if Shareholders who hold at least 75% of the Shares voted, vote in favour;
AND,
A vote per each shareholder - Please note that as your shares are held in a pooled nominee account in the name of Hargreaves Lansdown, your shareholder vote will be amalgamated with those of other Hargreaves Lansdown clients. Each Share you vote on will count towards the criteria described above; however the Registrar will treat Hargreaves Lansdown as one Shareholder for the purpose of the vote. This criteria will be satisfied if majority of shareholders vote in favour.
If you would like to also use the option to vote as an individual shareholder then this can be facilitated. Please be aware that once shares have been removed into certificated form the onus is on you, the client, to submit a vote with the registrar.
"Please note that as this will now be out of Hargreaves Lansdown’s control, there is no guarantee that your vote will be submitted on time through Link Registrars, and we are also unclear as to how Link will collate these votes and whether you are able to do this via phone.
If you would still like to continue with the vote as an individual shareholder, you must complete the following steps:
- Have your shares withdrawn into certificated form, the shares will then be held in your name (You can withdraw a min. of 1 share which will still give you your shareholder voting right). Any instruction to do so can be processed by replying to this message with your wish to do so. The deadline for taking these instructions is close of business on Friday 21st February 2020. Hargreaves Lansdown will then instruct CREST (the UK settlement system) to withdraw your share(s) into certificated form within 48 hours of your instruction.
- Once the stock withdrawal message has settled in CREST (The UK Settlement System), you will be classed as an individual shareholder and will then be able to submit your vote with Link Registrars by calling (0371 664 0300).
- If you continue to hold shares with us then we still require an instruction through us, which can be submitted through the usual online election facility by logging in to your account www.hl.co.uk before our deadline of noon on Wednesday 26 February 2020.
If you still wish to attend the meeting we can appoint you as a proxy however you will still be attending on behalf of shares held in the name Hargreaves Lansdown Nominees Ltd and will not be counted as a separate individual holder."
So withdraw 1 share to get 2 x votes (as individual an
That a new gig Bob...........!
safety................. lol
All the best (old school :()
I thought it went, if you can't do, become an Inspector.............. Probably has more to do with my experiences.
Chesh I only asked Yorkshire a simple question.
No Idea about the squabble..........! :()
But if you can't do teach .............
All the best (rings a bell alarm here :)
Can you see any problem transporting 55000 tonnes of rock , at 45 degrees c at 7m/s in a 37km tunnel, full of transformers lightning and electric motors.
GERTFROBE/ YORKSHIREBRED,
I don't usually get involved in squabbles but, as the person who first posted on the matter of the tunnel spec., the following may assist.
I am a Civil Engineer, have been since 1972. I have two degrees in the subject and have been a Senior Engineer/Team Leader since then and more latterly a University Lecturer for 20 years.
I do know something about construction.
On it!!
Cheers for replying. Was sad to read about those people with huge losses like the man who put his pension in it....... I prey not all is lost for these!
JustMatt - see pedantics 10:36 post for full info.
I believe the certificate can be issued electronically the same day and Share Register will be aware within 48 hours at which point you can vote via them phone numbers etc in pedantics post - you should just have enough time to do it.
Razorfox phone Halifax they're really helpful and they've had loads of people phoning in absolutely loads just do it every vote counts
I sold up up here, and kept my word by not posting or even reading this chatroom.
I just resumed testing of my search engine and clicked on Scotman - 100% SXX posts of course.
He was replying to someone about whether CF and TS should go!
I agreed with his views about the effort put in by CF , but then I wondered if CF had tried to avoid a sell out by approaching the powers that be to pose a question from the position he is in?
Those bodies will be concious of the predicament many of their neighbours are in. They may even be included in their numbers.
So much of the project was determined because it is in a National Park.
At the time, it did not matter so much if it went ahead or not!
After permission was granted I reckon the heavy investment possibly started - it did in my case!
Faced with ruining so many folk, would they still be so precious about protecting the area?
Dumping the underground tunnel costs in favour of cheaper alternatives could save a fortune.
It could be temporary until the mine is making money.
The area could be more properous if the locals haven't already 'realised' their losses, plus some would get a job , and many others an uplift in fringe businesses. Maybe AAL will do the latter if they succeed -a big IF if they stick to the original Sirius plan.
I'll leave it there .... has this been considered?
Three years late .
Tech excellent advice, around three late.
Before choosing to invest in sxx, lol
https://www.fca.org.uk/scamsmart/how-avoid-investment-scams
Is anybody else having issues registering their vote through an IG nominee account? I emailed IG to ask for the procedure and was sent a link to a section of their own website which basically said go to the Sirius website and search for the AA proposal and download the proxy forms, fill in personal details etc etc and then send to them to us 7 days before the vote. On the Sirius website I could only find forms with Sample written across them. So emailed Sirius and asked where the forms are hidden only to get an email back directing me to Asset Link Services. Phoned Asset Link and they explained that because my shares are held in a nominee account my name is not on the register but counted under IG. They said get back onto IG and explain they need to do the voting on my behalf. Phoned them yesterday and was promised a call back today, call hadn't come by 1630 so I called them again. The lad tried to send me on the same loop but I soon stopped him, he said really it needs to be dealt with by their corporate actions team who finish at 1600hrs Arghhhhh! Now need to call back Monday. I this happening to anybody else?
On my other account the Halifax were sound, me and the wife have both voted No over the phone.
One more thing, is this Cutifani for real? he promotes the offer of 5.5p certainty as a positive, the only certain is most of us are losing substantial amounts of money. If certainty was why we invested then the building societies 1% would be the place. He then promotes the certainty of the project being good for the area - OK I accept this but not when so many locals get wiped out. The local economy deficit created by local investors losses by this deal will take years and years to recover. Got to be a better way.
Hi all, apologies in advance for amateurish question. I'd like to vote in the upcoming take over but not sure I even qualify to vote. I hold shares thru Halifax and can't see anything on my account that shows the upcoming vote. I may have read that I need to contact Halifax? Is this true or have I got the wrong end of the stick.
I'd be voting No and that's a no to Mr Frasers payout and cushdy plum job if deal goes thru.
Such a brilliant project, treated as a game. The short termism of these parasites still amazes me. To speed things along I'm sure the Chinese could finish the mine in about 6 months. That's including recovering from Coronavirus. and installing 5G.
There is a bigger picture but here, it's still greed today.
Yorkshire what type of construction background are you from?
There was absolutely no need for any change to the tunnel spec. Fraser didn't have a clue.