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Sirius Minerals sets up shareholder helpline as it confirms Anglo American takeover timetable

Tens of thousands of individual private shareholders invested in the British mine development story, and many may be unfamiliar with the regulatory processes in the completion of a takeover

Sirius Minerals PLC - Sirius Minerals sets up shareholder helpline as it confirms Anglo American takeover timetable

Sirius Minerals PLC (LON:SXX) said it has set up a shareholder helpline as it also laid out the process and timetable towards the anticipated completion of the company’s takeover by Anglo American plc (LON:AAL).

At the peak, more than 80,000 individual private shareholders had shares in the Yorkshire mine developer, and many of those were believed to be either first time or relatively inexperienced investors.

Anglo American last month agreed a recommended takeover offer with Sirius’s board. The deal terms reflect the challenging position that Sirius was left in after its financing plans collapsed with the mine development project only partially complete.

Pitched at 5.5p per share, the offer price values the troubled British firm at just over £400mln.

READ: Sirius Minerals faces liquidation if shareholders snub Anglo American

Anglo was the only interested party identified as Sirius explored options during a strategic review process and Sirius chairman Russell Scrimshaw last month also cautioned that the company would fall into administration or liquidation within weeks if the Anglo takeover is snubbed at the shareholder vote.

In Friday’s stock market statement, the company said shareholders could call the helpline if they had questions about the offer documents, the pending court meeting, general meeting or how to complete proxy voting forms.

The helpline is provided by registrar and shareholder services group Link Asset Services, and it is: 0371 664 0321.

Additionally, Sirius said shareholders can also call Georgeson (a trading name of Computershare), on 00 800 3742 6163 if they have questions about the acquisition.

The company noted, however, that: “for legal reasons, Georgeson will only be able to provide you with information contained in this announcement and will be unable to give advice on the merits of the acquisition or to provide legal, financial or taxation advice on the contents of this announcement or the acquisition.”

Takeover timetable

Sirius has now submitted the scheme document for the proposed takeover, detailing key elements of the process.

The company said it is now expected that the scheme will become effective before the end of the first quarter of 2020.

Key items in the timetable are as follows:

  • 28 February, Deadline for lodging shareholder proxy forms
  • 11:00am 3 March, Court meeting
  • 11:15am 3 March, General meeting
  • 20 March (on or before), Court hearing
  • 21 March**, effective date of the scheme
  • 21 March**, delisting of Sirius shares

** The effective date and delisting date is expected to be one business day after the court hearing date.

Quick facts: Sirius Minerals PLC

Price: 5.2 GBX

LSE:SXX
Market: LSE
Market Cap: £365.05 m
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