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Shareholder Rights – Response from Kelly Tolhurst, BEIS Minister

There are continuing sign of progress on shareholder rights. The Law Commission Review is progressing and we have received the following letter from the Government. Corporate Responsibility Minister Kelly...

Sirius Update #8, 6 March 2020

The Anglo offer to acquire Sirius has been approved by shareholders. There is general disappointment due to the crystalisation of losses for many investors but, as the Chairman said at the meeting, this was the only deal on the table. 57% of shares were not voted. Georgeson, voting advisers to Anglo, are experts: they knew this would occur and Anglo could win the vote with their miserly 5.5p offer. In my opinion, Anglo would have had to offer more if the nominee system had ...

Yorkshire Post, 26 February 2020, Sirius shareholders face a stark choice

The ShareSoc Sirius Shareholders Group (SSSG), which is supporting small investors in Sirius Minerals, said they now face a stark choice between accepting Anglo American’s “unpalatable” 5.5p per share offer or “the very high probability” of losing everything if they reject it.  See https://www.yorkshirepost.co.uk/business/sirius-shareholders-face-stark-choice-ros-snowdon-1996010

Sirius Update #7, 24 Feb 2020

The GM and Court Meeting on 3 March are rushing towards us. If you hold your shares via nominee (i.e. by a platform or broker) you will need to give them your voting instructions very soon. It will depend on which platform/ broker you are with and what their specific terms and conditions say, but most likely their deadline will be 11.00am on Wed 26 Feb. If you want to go to the 3 March meetings, you will need a letter of ...

The Times, 25 February 2020, Sirius Investors must put aside emotions

The Times has published an article based on our vote recommendations paper. We stressed we do not give financial advice and were not making a recommendation. https://www.thetimes.co.uk/article/sirius-minerals-investors-must-put-aside-emotions-tx5r5h9j6

Daily Mail, 25 February 2020, Now Business Secretary is dragged into Sirius row amid fears ordinary shareholders will be shut out of vote

https://www.thisismoney.co.uk/money/markets/article-8044485/Now-Business-Secretary-Alok-Sharma-dragged-Sirius-row.html The Daily Mail reported that: In a letter to Sharma, Cliff Weight, director of investor lobby group Sharesoc, said: 'The events at Sirius Minerals highlight how complicated the system to vote shares is and the need to make it easier. 'Low rates of voting by individual investors will mean that opportunists can overly influence takeover outcomes.'

The Times, 22 Feb 2020, “Small investors plot to foil Anglo’s Sirius offer”

ShareSoc and SSSG team member Yasmin Ismael were mentioned in a long article in The Times on Saturday which highlighted the desire of some shareholders in Sirius Minerals to invest in a further fund raise rather than accept the current Anglo Takeover offer  in Sirius. https://www.thetimes.co.uk/edition/business/small-investors-plot-to-foil-anglo-s-sirius-offer-mvpxvvg55 The Times reported that: Ms Ismail ....  has joined forces with others through ShareSoc, the organisation that supports retail investors, which secured a meeting with management and broached the possibility of existing shareholders stumping up the $600 ...

MoneyWeek 20 Feb 2020, Do you own shares in Sirius Minerals? Here’s what you need to do now

ShareSoc member Michael Taylor looks at the situation and the options for shareholders. See https://moneyweek.com/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover Paul de Gruchy, a director of ShareSoc (the lobby group for individual investors), which has been approached for help by hundreds of investors in Sirius, said that “while ShareSoc cannot recommend whether investors should accept the offer or not, we can help them to get the information they need to make an informed decision and to hold the board to account, in particular in understanding what alternatives ...

Mail on Sunday, 16 Feb 2020, Probe into Sirius Share Push

Small investors in Sirius Minerals are compiling a dossier to hand to the City watchdog over fears they were misled when they bought shares in the troubled miner... https://www.thisismoney.co.uk/money/news/article-8007413/Probe-Sirius-share-push-lured-85-000-Investors-slam-derisory-Anglo-American-offer.html ...The pressure group ShareSoc has taken up the case on behalf of 1,000 Sirius investors and last week launched an investigation into how they were persuaded to invest... ...Chris Spencer-Phillips of ShareSoc said: 'If the investigation shows hard evidence the stock was oversold, we'll ask the Financial Conduct Authority to investigate. We're seeking to establish ...

Sirius Update #6, 15 Feb 2019

CLARIFICATION 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 ...