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Sirius Minerals could be handed Government lifeline for cashflow problems


TheGuru12

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On 05/09/2019 at 13:45, dmedin said:

BoJo the Clown wants to use taxpayer money to bail out private investors?

The 'talk' of the government bailing out Sirius is just wishful thinking.

TeesideLive: Sirius Minerals 'may offer investor incentive' to solve cashflow problems

Buy bonds and receive free warrants which will convertible to shares.

DOI:  I'm short Sirius at 10.404.

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1 hour ago, dmedin said:

Ah yes, to be an 'insider' with that information to hand before it is released publicly.

The information was released before market open today, as soon as the auction period ended you can see that price movement. It's dropped a little but still up from market close yesterday: 

image.png

But the question is, will this continue to rise off the back of the news or was this a short lived bull movement?

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16 minutes ago, CharlotteIG said:

The information was released before market open today, as soon as the auction period ended you can see that price movement

 

From what I've seen such huge gaps are permanent and never get filled (most recently example was when Red Hat shares skyrocketed after the company got acquired by IBM), but retail traders never get to enjoy the big gains after the news is released.  Fortunate are those who were holding long positions overnight though :D

Edited by dmedin
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2 minutes ago, dmedin said:

 

From what I've seen such huge gaps are permanent and never get filled (most recently example was when Red Hat shares skyrocketed after the company got acquired by IBM), but retail traders never get to enjoy the big gains after the news is released.  Fortunate are those who were holding long positions overnight though :D

This is true. When trying to buy this morning, due to the large amount of buy orders and limited sell orders, you more than likely wouldn't have been getting last nights close :( 

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24 minutes ago, dmedin said:

 

From what I've seen such huge gaps are permanent and never get filled (most recently example was when Red Hat shares skyrocketed after the company got acquired by IBM), but retail traders never get to enjoy the big gains after the news is released.  Fortunate are those who were holding long positions overnight though :D

...unless AAL pull their offer

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Jeremy Naylor has done a short piece this morning speaking about the potential deal and what it can mean for Sirius Minerals: 

If you have Twitter, you can find the piece there. 

Alternatively, click here.

We also have a news and analysis piece with the video included. Sirius Minerals share price soars after Anglo American weighs £386 million rescue deal.

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  • 3 weeks later...

From 20th January:

Investegate: Recommended cash acquisition for Sirius Minerals

This part caught my eye.

Quote

The Acquisition shall be put to Sirius Shareholders at the Court Meeting and at the General Meeting. In order to become Effective, the Scheme must be approved by a majority in number of the Sirius Shareholders voting at the Court Meeting, either in person or by proxy, representing at least 75 per cent. in value of the Sirius Shares voted. In addition, a special resolution implementing the Scheme must be passed by Sirius Shareholders representing at least 75 per cent. of votes cast at the General Meeting.

Sirius supposedly has a large number of small private investors.  On other discussion forums there are some very vocal and angry shareholders who say that they are going to vote against the acquisition in the belief that a better offer is forthcoming.

I'm wondering whether more than 25% of shareholders will vote against the acquisition.   If that happens then I think Sirius will go into liquidation.  I'm considering another short just before the meeting.

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It appears that a few institutional investors are buying Sirius shares, so much so that they've bid the share price above Anglo American's offer price.  Presumably these institutional investors are bondholders who want to be sure the vote for the takeover goes through and liquidation is avoided.

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The share price is now below Anglo American’s bid price of 5.5p. This looks like an opportunity for bondholders to buy below the bid price, vote yes and even make a small profit on the share price.

If anyone's interested, here is the part of the Scheme Document regarding the shareholders' vote:

Quote

As detailed further in the Scheme Document, in order to become effective, the Scheme requires, among other things, that a majority in number of the Scheme Shareholders present and voting (and entitled to vote) either in person or by proxy, representing not less than 75 per cent. in value of the Scheme Shares held by such Scheme Shareholders, vote in favour of the Scheme at the Court Meeting, and that the requisite majority of Sirius Shareholders approve the Scheme Resolution at the General Meeting. The Scheme is also subject to the satisfaction or (where applicable) waiver of the Conditions and further terms set out in the Scheme Document.

Notices convening the Court Meeting and the General Meeting, to be held at Honourable Artillery Company, Armoury House, City Road, London, EC1Y 2BQ, on 3 March 2020, are set out in the Scheme Document. The Court Meeting is scheduled to commence at 11.00 a.m. and the General Meeting is scheduled to commence at 11.15 a.m. (or as soon thereafter as the Court Meeting is concluded or adjourned).

 

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On 07/02/2020 at 13:51, dmedin said:

You're very brave for going anywhere near it.

Looking at another share dealing forum there seem to be quite a few very vocal Sirius shareholders who want to vote no to the Anglo American bid but are too stupid to work out how to vote.  I'm thinking carefully about that short.

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The vote went through and Sirius receives another mention in today’s FT Alphaville (registration but not subscription required).

Looking at another share dealing forum there seem to be some Sirius shareholders who gambled far more than they could afford to lose.

Edited by wjw22
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