It has been brought to our attention by Sirius that our original MP Template Letter contained certain inaccuracies.
At the time of drafting the template, we had received the impression that Sirius had been negotiating the takeover with Anglo American for a year and a half, including the period covering the 15p open offer and placing. The company confirms, and we accept, that this was not the case.
We would also like to clarify that our reference to a protracted marketing campaign by the company was not intended to imply any breach by Sirius of FCA rules in relation to any open offers.
If you have written to your MP on the basis of the original Template Letter you will need to correct it in order to ensure you do not unintentionally libel Sirius and/or its directors. We would suggest that you do so by using the text of this notice.
Thank you, and apologies.
ShareSoc Sirius Shareholders’ Group (SSSG) and SiriusClaim (www.SiriusClaim.com)
ShareSoc invites individual shareholders in Sirius Minerals Plc (SXX) to register your interest with the ShareSoc Sirius Shareholders’ Group (SSSG) and SiriusClaim.
Many individual investors have lost money through their investment in Sirius. An offer has now been made for the company, which will crystallise the losses and which leaves shareholders with limited options.
ShareSoc has agreed to create the SSSG to help individual Sirius shareholders to communicate and work together for the best collective outcome. Some 200 Sirius shareholders have already joined as ShareSoc members and the more we have the more we hope to achieve on your behalf.
The SSSG has the following objectives:
- facilitating shareholder communication (both between themselves and with relevant parties)
- helping shareholders to review and evaluate their current situation and options
- acting as a shareholder voice to involved parties, to relevant bodies and to the press where appropriate.
The choices facing shareholders when it was formed were limited, and the SSSG can make no promises that its activities will improve or expand those choices.
SiriusClaim has the objective of investigating the potential to make a claim or claims for legal redress for Sirius Shareholders.
It is important to take time to properly review the events leading up to the failure of the company to progress the Woodsmith mine independently.
We will do this with a panel of legal funders to establish whether there is support for a no-win-no-fee approach. This has the dual benefit of weeding out claims without merit or without reasonable chance of success while removing the need for ex-shareholders to throw further money at the Sirius debacle.
Warning and a note of caution
ShareSoc is very nervous about suggesting there may be a viable claim before establishing whether that is indeed the case. ShareSoc has to careful not only to avoid making libellous claims, but also not to over-promise to shareholders about what might be achieved. It would be very wrong of ShareSoc to encourage irrational exuberance amongst shareholders. ShareSoc will do its best, but we will also continue to feed back to you our view of what we think can reasonably be achieved. In the past few weeks, ShareSoc’s views have not been what some shareholders have wanted to hear and there has been some criticism of ShareSoc’s role; however, ShareSoc’s role is not to raise expectations and we will not do so, even if some of our comments may not be what you want to hear. ShareSoc, SSSG and SiriusClaim wish to be able to attract the best lawyers and legal funders (if there is a viable case), but making unprofessional claims at this stage will prejudice our ability to do that.
If you are not already a member of the ShareSoc Sirius Shareholder Group, it would be helpful if you are interested to potentially join a claims process, would you please register your interest and join SiriusClaim using the form below. This will also give you free membership of ShareSoc (unless you request to opt-out of this). We would, of course, prefer if you join ShareSoc as a full member which costs only £45 a year.
The SSSG and SiriusClaim is run by Chris Spencer Phillips, Paul de Gruchy and Cliff Weight from ShareSoc and by Paul Anscombe, Yashmin Ismail, Mark Jones.Ian Martignetti, Nigel Hodder and Phil Jinks who are Sirius shareholders.
We would like to welcome all Sirius shareholders to ShareSoc and to thank those who have joined already.
Introduction to the SSSG: ShareSoc Sirius Shareholder Group (SSSG)
Update #1 24th January 2020 – Letter Sent to the Sirius Board and Meetings Requested
Update #2 28th January 2020 – Shareholder Register Analysis
Update #3 30th January 2020 – Pressure from the Press and Support from the Law Commission
Update #4 5th February 2020 – Meeting with Sirius and Writing to MPs
Update #5 10th February 2020 – Scheme of Arrangement Published
Update #6 15th February 2020 – Clarification to MP Letter. More Meetings and Press Coverage
Update #7 25th February 2020 – Crucial Meetings, Funding Initiative and Latest Press Coverage
Update #8 6th March 2020 – Offer approved, voting issues and next steps.
Update #9 14th March 2020 – Launch of SiriusClaim Group
ShareSoc is a not-for-profit organisation with a Board of Directors who are all unpaid, working to improve the rights of retail shareholders and working with companies, regulators and the Government with this objective.
ShareSoc is reliant on our members’ subscriptions and donations to cover our operating costs, including our office costs and the cost of hosting, maintaining and enhancing this website.
Full members can also access our dedicated SSSG Forum, to discuss matters related to Sirius (as well as all our other forums and proprietary content). Details of full member benefits can be found here.
If you wish to make a voluntary contribution to support the activities of ShareSoc please go to this page of our web site: Donations.
Chris Spencer-Phillips – SSSG Co-ordinator tel: 0791 868 1366