@Viktor @adam Please can we have some clarity on the situation?
Mainly, will we get to vote (if they have one) and will our shares be transferred to Anglo American if the deal goes through? Thanks.
It’s an all cash deal. So I can answer that part for you!
2 Likes
Thanks, I missed that!
If you were lucky enough like me to make a profit from the 5.5p bid and are keen to maintain your investment in this venture through Anglo American can I suggest you just sell your Sirius shares now and then buy Anglo stocks?
I got out at 5.5p because I felt there was no upside (it isn’t like someone else is going to make a better counter offer - I really Hope I don’t eat my words 
) but there IS a lot of downside (ie bankruptcy) if the deal falls through.
For those that are going to make a loss I don’t really see what the alternative is. Sorry 
.
1 Like
Looks like Anglo is the only option left for Sirius.
Ooo looking forward to my 5.5p - solid 60% loss. Not bad for a rookie 
2 Likes
Of course they will say that as they want shareholders to vote yes!
This is a terrible deal, glad I got out when I did, even if it was with a three figure loss, could have been a lot worse!
1 Like
Henry Steel, manager of Odey Concentrated Natural Resources Fund, talked about the possibility of an “interloper” appearing to save the day for the 85,000 retail shareholders (who by the way own about half of the company).
Sirius explored a possible £523m loan offer in January, but they could not find an institutional investor to back the equity raise required.
There is no indication anyone wants to serve as a white knight here.
Is anyone still holding?
I’m holding just as an experiment. I want to see the process to my shares if they get bought out or if they go bust.
4 Likes
5 pence for a learning experience. That’s an interesting way to look at it
1 Like
SXX now less than 4p, tomorrow is the meeting where the buy out could go ahead.
If that happens, all shares worth 5.5p.
Good opportunity to make some gains (assuming the deal goes through…).
I’m not brave enough to invest in Sirius, but I don’t understand why the majority of shareholders would vote against the deal. There does not appear to be a queue of other investors lining up to invest if the takeover fails. In which case Anglo American could then potentially buy it out of administration for a lot less than the current offer.
1 Like
The vote needs 75% in favour to approve the offer, so it will take only a minority of voters to reject it. Odey has been rather vocal about rejecting the offer and has increased its stake for voting rights.
It is very tempting since the offer price is now almost 40% more than the current share price, but still very risky.
1 Like
Just had a message in-app about Sirius, essentially confirming what’s been mentioned above. Meeting tomorrow to approve takeover.
Just spent my leftovers on more shares.
1 Like
Haha, that is the exact same as me. I think I even wrote that on the forum as well. It seems that I lose 65% of my investment if they get bought out as opposed to 100% if they went bust.
I bought 1 x Kier share as well as I thought there’s a decent chance of them going bust and it would be fun to have something go to zero 
So who is voting on my behalf in this meeting? Are Freetrade making a vote or do they just do nothing? I’m sure this has been asked many times already on the forum 
.
2 Likes
I assume as a shareholder you can just turn up and vote. Not sure the broker would be involved.
I asked about voting on the app last week. I was asked how I wanted them to vote.
I then asked if they planned on opening this up to ALL Freetrade shareholders, but didn’t get a response.
Freetrade, what was the plan for this?
2 Likes