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.