SIRIUS MINERALS PLC (SXX)

SIRIUS MINERALS PLC (SXX)

Blog posts

Update #13
ShareSoc Sirius Shareholders’ Group (SSSG)
SiriusClaim (www.SiriusClaim.com)
15th December 2020

On 8th of December we (ShareSoc and Sirius Claim Group) held a webinar to provide a progress update. The event was very well attended. There were 258 registrants and over 200 attended on the night. Links to the video of the webinar are here and copies of the slides here for those who were unable to attend. There were a good number of questions and answers at the end. If we were unable to answer your question during the event we will ...

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...

Social Media Etiquette

Ground rules and etiquette on social media ShareSoc is appalled that threats are being made towards Sirius’ senior management and their families on social media and otherwise. The SSSG leadership team (Chris Spencer Phillips, Yashmin Ismail, Mark Jones, Ian Martignetti, Paul De Gruchy and Cliff Weight) wish to make it totally clear that we do not condone such actions. ShareSoc will ensure any such comments are removed from ShareSoc’s website and Forums it operates. Please note that making threats and libel are offences in law. Cliff ...

Brexit and Why Shareholder Votes Matter

Last night Brexit got done. We exited the EU after 47 years. But we will need to resume the conversation to secure a trade deal. That still leaves room...

Shareholder Rights: Positive noises from Law Commission re nominees and Sirius problems

Our most important campaign is Shareholder Rights which relates to the current problems with nominee accounts. This is so important because it impacts all our other campaigns and work...

Events

ShareSoc Webinar – Sirius Minerals, 8 December 2020

Post takeover review, lessons learned and next steps Webinar Date: 8 December 2020 Start Time: 5pm Sirius Minerals grew from nothing via Yorkshire Potash into a billion-pound market cap company before it collapsed and was taken over by Anglo American, at what many felt was far too low a price. This webinar will review what happened, the potential for legal claims and the lessons learned.  The webinar will be 2 way with plenty of time for questions to be asked and answered. Questions can be ...

ShareSoc News

Sirius Minerals Update #16

We appreciate it has been a while since we have been able to provide an update regarding our investigation into the potential to make a claim or claims for legal redress for Sirius Shareholders. We are currently continuing to pursue a line of investigation, following legal advice, however, unfortunately, this is an extremely time-consuming process and at this stage, regrettably, there is nothing substantive that can be shared. We would, however, like to reassure you that we are working extremely hard in the ...

Sirius Minerals Update #15

Following the update in May, the Sirius Claim Group has been working with potential legal partners to consider potential claims. There are a number of different claims that are being considered but, in all cases, they must pass the significant challenge of not only being considered technically viable by both legal and financial partners but also, that any derived awards/damages/compensation must substantiate the time, effort and risk of pursuing.  It follows therefore, that reviewing potential claims is a time consuming and very detailed piece of ...

Policy and Campaigns – Progress Update to 12 October 2021

Since June 14 (see https://www.sharesoc.org/sharesoc-news/policy-and-campaigns-progress-update-14-june-2021/  for previous update), ShareSoc's Policy and Campaigns' team have worked on:   Woodford Campaign: Leigh Day have submitted their claim. They now have 11,000 claimants and another 3,000 registered, but yet to sign their Leigh Day agreement. We held a very successful webinar on 30 Sept with 942 registrants. ShareSoc’s Woodford Campaign now has over 1,500 members, which enables us to lobby strongly for regulatory change and to hold to account those who have done wrong.  ...

Policy and Campaigns – Progress Update 14 June 2021

ShareSoc News Item by Director Cliff Weight In May and early June, we worked on: Woodford Campaign: Leigh Day received their response from Clifford Chance to their LBA (Letter Before Action). It looks like the case will go to court but it could take 3 more years. Leigh Day remain the only claim with insurance and funding in place. Harcus Parker have funding but do not have ATE insurance. RGL have neither insurance nor funding (other than funding for an initial ...

Sirius Minerals Update #14

News Item Sirius Minerals: Following the update in December, the Sirius Claim Group has continued its work to collate and present information to support any potential claim(s). This reached an initial conclusion and since April we have been engaged with a legal firm to review the potential. This process involves a number of stages and will naturally take an amount of time. It may also require us to review the information with more than one legal firm to achieve the desired outcome which ...

Policy and Campaigns – Progress Update to 30 April 2021

In April 2021, we worked on: Woodford Campaign: Leigh Day are the only claim with insurance and funding in place. Harcus Parker have funding but do not have ATE insurance. RGL have neither insurance nor funding (other than funding for an initial step). Leigh Day (whose claim ShareSoc have endorsed) now have c 10,000 claimants registered and are the leading claim. Sirius Minerals Shareholder Group, Sirius Claim Group: A 20 page review of the evidence was finalised in April ...

Update #11, 5 Aug 2020 – Sirius Legal Judgment Published and Implications for Law Commission Review

The judgment of The Hon. Mr Justice Fancourt in the matter of Sirius Minerals plc Court Hearing of 13 March 2020 has now been published and makes reference to ShareSoc's submission, in several places, with paras 5 and 6 being the most important. 5. I have read letters from Mr Cliff Weight of the UK Individual Shareholders Society (ShareSoc). The concerns that he expresses are that the vote at the meeting that agreed to accept the offer of 5.5 pence per share ...

Sirius Claim Group – The Work Continues – Sirius Update 10, 29 May 2020

Since the completion of the takeover of Sirius Minerals PLC by Anglo American in March, the number of unanswered questions and the search for answers, and the consideration of possible legal action has continued.  The Sirius Claim group has been busy collating and reviewing nearly 2000 documents, videos, reviews etc. relating to Sirius Minerals and its decisions and actions over the course of the last few years leading to the takeover by Anglo American. At this stage there is still much work ...

Sirius Update #9, 14 March 2020

The general disappointment and in many cases anger due to the crystallisation of losses for many investors remains. We reiterate the overall unfairness of the deal, but in the end, this was the only deal on the table. So, what next? The Court Hearing on 13th March approved the scheme and it will become effective on 16th March. After this comes the question of legal redress. Here, the process changes gear: time is no longer of the essence, and it is important to ...

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 ...

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 ...

Sirius Minerals Voting Considerations

This document can be downloaded at: Sirius Voting Considerations 20200220 It is issued by ShareSoc and by the ShareSoc Sirius Shareholders Group (SSSG) to set out some of the main considerations for shareholders in relation to the proposed takeover of Sirius. It is based on our current understanding and does not constitute investment advice. With only a few days left until shareholders will need to cast their votes on the Anglo American offer, it is worth reviewing the position dispassionately and objectively. The Anglo ...

Sirius Minerals – Call with Anglo American

The ShareSoc Sirius Shrareholders Group (SSSG) held a call with Anglo America last Wednesday, 12th February. The purpose of the call was to facilitate contact between the representative shareholders and the company, allowing the shareholder view to be expressed. The discussion focused on two areas of shareholder concern: firstly price and secondly the desire for continued economic involvement. As regards price, we underlined the difference between the offer price and the intrinsic value of the mine with financing in place. Anglo's involvement transforms the ...

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 ...

Sirius Update #5, 9 Feb 2020

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 ...

Sirius Update #4  5 Feb 2020

Over 700 Sirius shareholders have now joined the ShareSoc Sirius Shareholder Group (SSSG) and more are joining at a rapid rate. Please join ShareSoc and SSSG. The more members of SSSG we have, the more influential we will be. We have successfully lobbied Sirius and they agreed to meet. We have sent them a 5 page letter and they sent a detailed response. The Sirius meeting was with CEO Chris Fraser, Chairman Russell Schrimshaw and others, and happened on 4 Feb. A note ...

Sirius Update #3 30 Jan 2020

586 Sirius shareholders have now joined the ShareSoc Sirius Shareholder Group (SSSG) and more are joining at a rapid rate. Pressure is mounting from the Daily Mail, with our input, for Anglo to consider options that keep shareholders engaged https://www.thisismoney.co.uk/money/comment/article-7922163/ALEX-BRUMMER-Sirius-Minerals-backers-shares.html and I can now report two more major press stories in the Telegraph and Yorkshire Post: https://www.telegraph.co.uk/business/2020/01/27/fca-bearing-may-adios-amigo/ - It is the second article on this link and you need to register to see it. https://www.yorkshirepost.co.uk/business/sirius-shareholders-get-much-needed-investor-forum-ros-snowdon-1-10223498 We have had a terrific response from the Law Commission, ...

Sirius Update #2 28 Jan 2020

As of today, 28 Jan,  274 Sirius shareholders representing at least 150m shares have joined the ShareSoc Sirius Shareholder Group (SSSG) and more are joining at a rapid rate. These figures do not include a backlog of registrations still to process. The more members we have, the more people will have to listen to us. We are merging Paul Anscombe's data into ShareSoc's database thus ensuring that the data is held securely and confidentially. This work is currently underway. I would like ...

Sirius Update #1 24 Jan 2020

As of last night 235 Sirius shareholders have joined the ShareSoc Sirius Shareholder Group (SSSG) and more are joining at a rapid rate. Pressure is mounting from the Daily Mail, with our input, for Anglo to consider options that keep shareholders engaged https://www.thisismoney.co.uk/money/comment/article-7922163/ALEX-BRUMMER-Sirius-Minerals-backers-shares.html The SSSG committee have sent a letter the Sirius Board of Directors requesting a meeting and further information. To see the 5 page letter go to the ShareSoc Sirius Forum page https://www.sharesoc.org/forums/topic/letter-requesting-disclosure/ – sorry, but you will have to be ...

ShareSoc Sirius Shareholder Group (SSSG)

by Cliff Weight, ShareSoc Director for Policy and Campaigns ShareSoc has agreed to help individual shareholders in Sirius Minerals. We are seeking shareholders to collectively work together to get the best outcome for all shareholders. ShareSoc have launched the ShareSoc Sirius Shareholder Group to provide whatever support we can. This group is being run by Yashmin Ismail, Chris Spencer Phillips, Paul de Gruchy, Cliff Weight, Mark Jones and Ian Martignetti. We are not opining at this stage on the merits of the proposed Anglo ...

Campaigns

ShareSoc Sirius Shareholders’ Group (SSSG)

Latest News Campaign Halted - 14/11/2023 Campaign members will be aware that there has been little reportable progress over the past year. This has not been due to lack of effort on the part of the volunteer team, who have continued to press for further information to support a legal redress claim. The team’s efforts have been consistently hampered by certain parties, most notably the Infrastructure and Projects Authority who have resolutely refused to comply with requests for information. Three years have passed since the acquisition ...

Media Mentions

The Northern Echo, 8 Dec 2020, Sirius Shareholders to Discuss Possible Legal Redress

https://www.thenorthernecho.co.uk/business/18927140.sirius-shareholders-discuss-possible-legal-redress/

Daily Mail, 8 Dec 2020, Sirius Minerals Faces Legal Bid From Shareholder Group After Anglo’s ‘Daylight Robbery’ Rescue Deal

https://www.thisismoney.co.uk/money/markets/article-9027621/Sirius-Minerals-faces-legal-bid-shareholder-group-rescue.html Daily Mail quotes ShareSoc extensively.

Whitby Gazette, 7 Dec 2020, Sirius Campaigners to Hold Next Steps Meeting Online Following Anglo American Takeover

https://www.whitbygazette.co.uk/business/sirius-campaigners-hold-next-steps-meeting-online-following-anglo-american-takeover-3059672

The Scarborough News, 7 Dec 2020, Sirius Campaigners to Hold Next Steps Meeting Online Following Anglo American Takeover

https://www.thescarboroughnews.co.uk/business/sirius-campaigners-hold-next-steps-meeting-online-following-anglo-american-takeover-3059672

Teesside Gazette, 28 Nov 2020, Sirius Minerals campaigners hold ‘next steps’ meeting for shareholders

The 8 Dec 5pm Virtual Meet for  Sirius (ex) shareholders and others interested was highlighted by the Teesside Gazette in an article in its business pages on 28 Nov, see https://www.gazettelive.co.uk/news/teesside-news/sirius-minerals-campaigners-hold-next-19345400 ShareSoc was extensively quoted.

Teesside Gazette, 1 July 2020, Sirius Minerals Shareholders Call for Inquiry

https://www.gazettelive.co.uk/news/teesside-news/sirius-minerals-shareholders-call-inquiry-18519344 quotes SiriusClaim Chairman Paul Anscombe in an article headed "Sirius Minerals shareholders call for inquiry after reports of minister's meeting with rival boss - Investors say they are still waiting for answers over why the Government refused to provide life-saving support" Paul Anscombe, chairman of the Sirius claim group, which is considering legal action on behalf of shareholders, said: “We would like to see a proper select committee inquiry into the process of Government support for Sirius Minerals and their application ...

Daily Mail, 7 March 2020, Small shareholders set for power boost

Small shareholders set for power boost as shake-up may give ... This is Money, 7 Mar 2020: ...Cliff Weight, a director at ShareSoc, another group representing small investors, said: ‘Low rates of voting by individual investors mean opportunists can overly influence takeovers.’...

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

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, 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

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 ...

Daily Mail, 9 Feb 2020, Sirius Minerals stand-off with investors

The Daily Mail reports that "crunch talks have been held with small shareholders": https://www.thisismoney.co.uk/money/markets/article-7984611/Sirius-Minerals-bosses-hold-crunch-talks-shareholders-seek-backing-405m-takeover.html ...Sirius chief executive Chris Fraser and chairman Russell Scrimshaw met with ShareSoc, which is representing hundreds of individual investors, in a bid to drum up support for the deal last week... ...according to ShareSoc, Fraser and Russell dashed these hopes during the 'frank' talks. ShareSoc said: 'The board has not closed down discussions on alternative solutions and will continue to review all viable alternatives to the Anglo bid until the ...

Teesside Gazette, 5 Feb 2020, Sirius top shareholder urges mining firm to ‘pursue other options’

TeessideLive reports that Jupiter Asset Management is seeking an alternative to current proposals. https://www.gazettelive.co.uk/news/teesside-news/sirius-minerals-top-shareholder-urges-17687829 ShareSoc Director and ShareSoc Sirius Shareholder Group (SSSG) Co-ordinator, Chris Spencer-Phillips is quoted extensively: In a letter to Sharesoc, a not-for-profit organisation representing shareholders' interests, Sirius said there was a "very real risk" that the funding package would not be secured by the end of March 2020. It had therefore concluded there was "not likely to be an alternative to the Anglo offer" other than liquidation. Chris Spencer-Phillips, from ShareSoc, was speaking ...

Investors Chronicle, 30 Jan 2020, Why shareholders votes matter – Sirius Minerals

Cliff Weight, director at campaign group ShareSoc, highlights that this is currently a frustration for Sirius Minerals (SXX), which is unable to directly contact investors held in nominee accounts regarding the takeover bid from Anglo American (AAL). See https://www.investorschronicle.co.uk/managing-your-money/2020/01/30/why-shareholders-votes-matter/ which is a fairly comprehensive review of the issues. “Individual shareholders can greatly assist in corporate governance, effective company engagement and holding directors to account,” says Mr Weight. Mr Weight says that private investors also tend to be “better than so-called professionals” at ...

Yorkshire Post, 27 Jan 2020, Sirius Shareholders Get Much Needed Forum

Ros Snowdon reports on the ShareSoc Sirius Shareholder Group: https://www.yorkshirepost.co.uk/business/sirius-shareholders-get-much-needed-investor-forum-ros-snowdon-1-10223498

Investors Chronicle, 20 Jan 2020, Sirius to be acquired by Anglo

https://www.investorschronicle.co.uk/shares/2020/01/20/anglo-to-snap-up-sirius-for-405m/ ShareSoc director Paul de Gruchy quoted saying “some shareholders had lost money they could not afford to lose” and “ShareSoc would look at whether shareholders were misled by Sirius marketing materials”.