Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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The investor support group enlisted to help retail shareholders in Sirius Minerals has urged them to put aside their emotions and recognise the “very high probability” that they will lose everything if they reject Anglo American’s takeover bid.
Sharesoc was approached by investors in the North Yorkshire fertiliser mine developer last year. More than 900 individual investors have signed up to a group that it established to help them to “work together for the best collective outcome” after Anglo’s £405 million bid last month.
Sharesoc says that Anglo’s 5.5p-a-share offer is “undoubtedly opportunistic and takes advantage of the distressed financial position of Sirius”. It notes that “some shareholders have suggested that they will allow their emotions to dictate their vote, preferring to risk everything rather than to accept what they see as an unfair outcome”.
However, it says “investment decisions should be made on objective, not emotional grounds . . . Shareholders are faced with a choice between the certainty of an unpalatable outcome at 5.5p per share by accepting the Anglo offer or the very high probability of a total loss by declining it.”
Sirius Minerals has spent more than $1 billion developing its mine near Whitby where it plans to tap polyhalite beneath the North York Moors. It recommended the Anglo takeover after failing to raise more than $3 billion needed to complete the project. It faces running out of cash by next month and has warned it is likely it will be placed into administration if the takeover fails.
The deal will crystallise heavy losses for many investors in Sirius, whose shares were worth 37p less than two years ago. The vote on Tuesday needs approval by 75 per cent of shareholders voting by value and 50 per cent by volume.
The outcome is uncertain partly because of Sirius’s retail investors, who numbered 85,000 holding close to half the stock as of December 2018. It has been further complicated after Odey Asset Management acquired a 1.4 per cent stake and committed to vote against the takeover offer unless it was declared “final” or was increased.
Henry Steel, portfolio manager at the hedge fund, said yesterday it had cast its “no” vote and would not change it unless the conditions it had demanded were met.
It is understood that there is nothing in the Takeover Panel’s code that would prevent Mr Steel changing his vote, as long as he did so publicly, although this would be highly embarrassing for the fund. Odey stands to lose about £5 million if the deal fails and Sirius collapses into administration.