logo-loader
viewSirius Minerals PLC

Sirius Minerals confirms long goodbye, shareholders start countdown to pay day

Payment to mostly disappointed shareholders will be released before the end of the month.

Sirius Minerals PLC - Sirius Minerals confirms long goodbye as it lays out timeline to takeover completion

Sirius Minerals PLC (LON:SXX) shareholders, those that have yet to exit in the market, will now endure the long goodbye – as the controversial UK mine firm confirmed the timeline to the completion of its acquisition by Anglo American Plc (LON:AAL).

Yesterday it was confirmed that Tuesday’s shareholder meeting greenlighted Anglo’s £400mln takeover. Over 1,300 investors cast their vote, with 80.28% in favour to surpass the required 75% threshold for the deal to go ahead.

The share price rallied in recent days, closing a discount that opened amid uncertainty before the vote.

READ: Sirius Minerals white elephant dies with a whimper

“The positive outcome from today’s meeting secures a return for shareholders, and provides greater certainty in terms of safeguarding the project, protecting the jobs of our employees, and allowing the community, region and the UK to continue to benefit from the project,” chairman Russell Scrimshaw said in a statement.

The offer remains subject to approval by the competition authorities.

Today, Sirius confirmed that a court meeting will take place on 13 March and that same day will also be the deadline for last share transactions via London’s CREST system for trade settlement.

The effect date will be 16 March, and the formal delisting of the share from the London Stock Exchange will take place that day as well.

Payment of the takeover consideration will be dispatched before 30 March.

There is a ‘long stop’ date of 30 April, though it would be possible for parties to seek an extension if needed.

Quick facts: Sirius Minerals PLC

Price: 5.49 GBX

LSE:SXX
Market: LSE
Market Cap: £385.41 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Bango PLC's Ray Anderson details expanded strategic partnership with NHN Corp

Bango PLC's (LON:BGO) Ray Anderson speaks to Proactive London's Andrew Scott after announcing they've expanded its global data partnership as well as receiving a strategic investment from NHN Corp - a South Korean big data business. NHN will invest £6.5mln into the Audiens data platform,...

1 hour, 51 minutes ago

2 min read