Calling all UKSA members who hold shares in Sirius Minerals
As members who bought shares in Sirius Minerals will know, in early January the Company received a takeover offer of 5.5p a share from Anglo American, valuing Sirius at almost £386m. However, many Sirius investors who originally paid more than 20p for their shares feel the offer is too low. ShareSoc is running a campaign to try and get a better deal for private shareholders. UKSA is supportive of the campaign and, although both UKSA and ShareSoc believe that it may be a long-shot, we also believe that it is better than standing by and doing nothing.
ShareSoc met with Sirius CEO, Chris Fraser, Chairman, Russell Schrimshaw, and others, on 4 Feb. A note of the key points from the meeting is shown below.
A meeting with Anglo and representatives of ShareSoc's Sirius campaign has been agreed and is likely to take place Monday 10th February at 11.30am.
Sirius investors who wish to play an active part in the campaign can do so by writing to their MPs urging action. You can download a template letter by clicking here. Please add your personal details and feel free to add your personal concerns then email or post the letter your MP. You can use Google “find my MPs email” to get his/her address or use this link.There has been good press coverage of the campaign which has helped to raise the profile. Good links have also been established with several journalists.
In the meantime, we shall keep you updated as the campaign progresses.
Finally, the Sirius takeover also highlights the way in which those who hold their shares through a nominee are disadvantaged by the inability to receive communications about the takeover from both Sirius and Anglo and to vote. UKSA and ShareSoc have written to the Law Commission about this in connection with the Commission’s review of intermediated securities. Copies of our letter to the Law Commission and the prompt and positive response we received can be found here and here.