Keep the fighting fund growing - if we can’t force a rethink, the vote goes ahead and is no, and SXX goes in to administration, who is going to start/ head up a company with this promised cash to engineer a bid ?
"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;
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- Have your shares withdrawn into certificated form, the shares will then be held in your name (You can withdraw a min.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
Just been on the phone to HL.
As far as I can understand from the call, on which the agent also seemed at times unsure of the answers I was seeking on the voting process:
I hold SXX shares in a nominee account.
I have one vote, regardless of number of shares.
HL will invite all individual nominee holders to give their yes or no vote.
Regardless of how many shares an individual owns, you only have one vote.
HL then take the majority decision of either YES or NO as their ONE vote (yes, they only have one vote at the meeting,regardless of whether they represent a huge number of shareholders) and that ONE vote will be cast at the meeting.
If then at the meeting there is a 75% YES vote, then then they go back and actually count the number of shares that actually were in the YES pool to see if it crosses the 75% threshold..... or something like that ...
From my ignorant PI view, this looks overly complicated .SXX could just ask HL to ask for their nominee investors to cast a vote and then multiply that by the number of shares they own.
A quick sum of each could be presented at the meeting....
I was told by HL today that the current takeover vote methodology, proposed by SXX and AAL, is specifically designed to protect and respect all shareholders opinion rather than lessen it.
Having been left confused by the call, I asked HL to make a further announcement to their clients on how exactly this methodology would play out in reality.
I was advised it is also now likely too late to buy shares independently to have the certificates registered in time to act individually.
Please correct me if I have completely misunderstood this process!
Well it was always going to be a big risk. But do I regret putting £500 on the table yesterday? No. 260,000 shares… What will they be worth in five years? I could lose it all and not worry, or i might strike gold.
Some people put a considerable amount of money in the lottery every week, this is just my way of doing it and suspect the odds are even to or better than playing with numbers.
I never invest more than you can afford to lose when playing on a M, or even the FTSE. Just ask the investors in SXX.
Interesting a day......
Technically it was too early to enter on signs of reversal (on the indicators I use) but given the volume I decided it was worth a punt at 0.18 (with an amount I am comfortable to lose) when we had a plus-62% retrace from the days high movement.
High risk so obviously took on a small position. Happy to accept a small loss vs a possible large gain.
So currently in the red, but lets see what tomorrow morning brings....
Lets wait and see. I originally posted at just after 11am at what now appears to be the current high of the day at 0.27. Less than hour later price is down to 0.18. That's 33% down and dropping.
Just saying be cautious.
Great post. I think your reasons for investing reflect that of many of the PIs.
Makes you feel like a mug, doesn't it? No comfort at all, but don't take it personally - many experienced professional investors have also been caught out by this. Remarkable state of affairs.
Not saying this is definitely the case, but always best to be mindful of a sudden rise which may be caused by someone posting a recommendation on another "hot topic" company chat forum where people are trying to recoup losses.....
@bluelight - very true.
SXX could be seen as a distressed seller with only 6 months to go before running out of cash. If they only get one interested party then yes, the offer could be very low and investors forced to accept whatever they can get (rather than wiped out completely)
But IF they have multiple interested parties then a bidding war is possible.
Fingers crossed then.....
If I was looking to acquire SXX would I be showing my hand now? Of course not. Wait until the eleventh hour . It’s likely going to be a painful wait for shareholders... but wait you must. I suspect that there will not be a significant RNS for several weeks/months.