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Sirius Minerals directors top up shareholding as development approaches

Published: 07:51 01 Dec 2016 GMT

POLY4, the polyhalite product that will be made from the the new mine in North Yorkshire.
With stage 1 funding in place Sirius is on track to build the mine

Sirius Minerals PLC (LON:SXX) has confirmed that directors of the company have bought shares through the recent funding initiatives.

Some 2.9mln new shares were acquired by directors in the group’s open offer share sale, which allowed shareholders to buy two new shares for every 25 existing shares they owned.

Chairman Russel Scrimshaw took the majority, acquiring 2.55mln shares to increase his holding to 43.52mln shares or 1.04% of the company.

Meanwhile, chief financial officer Thomas Staley picked up 42,400 shares taking his holding to 572,400 shares.

Non-executive directors Keith Clarke, Elizabeth Noel Harwerth, Lord John Hutton, Jane Lodge and general counsel Nicholas King all also took up new shares in the open offer.

Existing investors wholeheartedly backed Sirius Minerals' financing plans taking up their full allocation in the open offer portion of the mine developer’s fundraising. In total the North Yorkshire-focused group said it received acceptances for just over 185mln shares.

The open offer to existing backers of Sirius was part of a wider fundraising that has brought in just under £1bn to fund the first phase of the development of a giant fertiliser mine.

It is likely to be the last time equity holders are asked to dig in their pockets as the project drives forward towards production.

The company has put together a package that includes a convertible bond issue and a production royalty, which is being bought by a mining investment firm backed by the billionaire Gina Rinehart.

The remainder of Sirius’ capital requirements are expected to be sourced from the debt market.

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