SXX : In the Saddle - Funding RNS'ssss

Benefitz Betty's picture

Two !!! No holds barred? 

"Conference call and webcast

Sirius Minerals' Chief Executive Officer, Chris Fraser, will host a conference call and webcast presentation for analysts at 9.30 a.m. today.  Any analysts wishing to access the call and presentation should email sirius@tavistock.co.uk to register before 9.00 a.m.

A replay of the conference call and presentation will be available on the Company's website from 2.00 p.m. "

"Chris Fraser, Managing Director and Chief Executive Officer, said:

"I am delighted to announce this proposed fully underwritten financing package which - together with our new strategic investor, Hancock, announced last week - provides the comprehensive Stage 1 financing required to start construction of our North Yorkshire polyhalite project.

"We thank existing shareholders for their continued support as well as the new institutional investors who recognise this unique opportunity to help develop what we believe to be the world's largest high-grade known polyhalite deposit into a major low cost multi-nutrient fertilizer business.

"We are also pleased to provide an opportunity for our existing shareholders to participate via the Open Offer which is designed to reduce the dilution of this proposed fundraising via subscribing for new shares.  In order for today's proposed financing to be implemented, we will be holding a General Meeting on 25 November 2016, at which point the Company will be seeking shareholder approval.

"This project will create jobs in North Yorkshire and Teesside, and represents a significant business investment in the UK.  It's been a long journey to this point, and we still have some way to go, but I want to thank everyone who has supported the Company in its efforts to reach this major milestone.  Once we have received shareholder approval, we want to get on with the job of delivering this compelling value proposition, not only for our shareholders but also for the North Yorkshire community."

Northern Powerhouse Minister Andrew Percy MP said:

"Today's launch of Stage 1 financing for Sirius Minerals' North Yorkshire polyhalite mining project is a very welcome sign of progress.  This project has the potential to create over 1,000 jobs, boost growth and generate billions of pounds of exports for the Northern Powerhouse.

"We support their efforts to help make the north a world leader in the multi-nutrient fertiliser industry.

"Already foreign direct investment projects are up nearly a quarter on the previous year and today's announcement is another vote of confidence in the Northern Powerhouse."

Source: http://otp.investis.com/clients/uk/sirius_minerals/rns/regulatory-story....

II "Sirius Minerals Plc (the "Company", the "Guarantor", and together with its subsidiaries, the "Group") today announces the launch of an offering (the "Offering") of US$400 million of Guaranteed Convertible Bonds due 2023 ..."

http://otp.investis.com/clients/uk/sirius_minerals/rns/regulatory-story....

https://www.youtube.com/watch?v=Aj7ty6sViiU

hey ... little monkeys had to get to skool first...

Awwwwwe ... pieces of eight :

"Concurrently with the Offering, a firm placing and placing and open offer of new ordinary shares in the capital of the Guarantor to raise approximately £330 - 400 million will be undertaken by the Sole Bookrunner and others on behalf of the Guarantor (the "Concurrent Equity Placement").  Additionally, the Company has secured a royalty financing agreement for a total of US$300 million with a subsidiary of Hancock Prospecting Pty Ltd, as announced on 25 October 2016 (the "Royalty Financing").

The Company intends to use the expected net proceeds of the Offering, the Concurrent Equity Placement and the Royalty Financing as part of the approximate US$1.2 billion first stage of the financing to begin the construction of its North Yorkshire polyhalite project.

The Bonds will be issued by Sirius Minerals Finance Limited (the "Issuer"), a wholly-owned subsidiary of the Company incorporated in Jersey, and will be guaranteed by the Company.

The Bonds will be issued at par and are expected to carry a coupon in the range of 8.0 - 8.5% per annum payable quarterly in arrear in equal instalments.  The Bonds will be convertible into fully paid ordinary shares of the Company (the "Ordinary Shares") with the initial conversion price expected to be set at a premium in the range of 25 - 30% above the clearing price of the Concurrent Equity Placement.

On the Closing Date (as defined below), the Issuer will transfer to an escrow account (which is to be secured for the benefit of the bond trustee for itself and the bondholders) a sum equal to the full amount of the first twelve interest payments on the Bonds, which can be released in certain circumstances as specified by the Terms and Conditions of the Bonds.

Unless previously converted or redeemed, or purchased and cancelled, the Bonds will be redeemed at par on 28 November 2023.

The Issuer will have the option to redeem all, but not some only, of the outstanding Bonds:

·     At any time on or after 19 December 2018 at par plus accrued interest if the Call Value of the Ordinary Shares underlying a Bond shall have been at least US$350,000;

·     At any time on or after 19 December 2021 at par plus accrued interest if the Call Value of the Ordinary Shares underlying a Bond shall have been at least US$300,000; and

·     At any time, if 85 per cent. or more of the aggregate Principal Amount of the Bonds originally issued shall have been previously converted or repurchased and cancelled (the "Clean-up Call"),

where the "Call Value" means the value of the Ordinary Shares (converted into U.S. dollars at the prevailing rate) underlying each Bond of US$200,000 in principal amount as calculated on each of at least 20 dealing days in any period of 30 consecutive dealing days ending not more than 7 days prior to the giving of the notice of redemption.

The final terms of the Bonds are expected to be announced on 3 November 2016, subject to acceleration. Settlement and delivery of the Bonds is expected to take place on or about 29 November 2016 (the "Closing Date")."

OK, slightly Frazzled .... Awwwesome !!!

The annoying bit : https://www.youtube.com/watch?v=gNGXcEP3lXI

Heads or tails ....

The Launch: 

"(ii)          an underwritten Firm Placing and Placing and Open Offer to raise approximately £330 - 400 million1; and

(iii)         an underwritten Convertible Bond Offering to raise approximately US$400 - 450 million. "

ii  =  a placement of new equity (shares, approx a third of Stage 1 finance) the placement price to be decided by the market on 3rd November.   Expected to be discounted by 25 - 30% ... this is the highest risk financing of the project so expect a freeforall ...  topsey turvey tumble.... tho has been eagerly anticipated for some time. 

iii = underwritten Bond 8% ish interest ... options kept open until Dec 2018 ... when the highest risk (shaft construction ) convertible or consumed on implementation of Stage II financing at a lower rate and mebbe guaranteed by IUK (Infrastructure UK)

https://www.youtube.com/watch?v=PT3_iunhi74

Ah, so .... http://www.proactiveinvestors.co.uk/companies/news/168390

"The company has lined up investment from three separate sources....

"Investors will be asked to fork out up to US$490mln (£330-£400mln) in a fully underwritten placing and open offer, while a convertible bond issue will bring in US$400-£450mln.

The raise is the first stage in a two-part programme that will take the North Yorkshire project into production at an initial 10mln tonnes of polyhalite fertiliser per year. After that there are plans to double output.

This first tranche of cash will finance the cost of all site preparation, mine shaft excavations, tunnel caverns and the money is expected to be spent in three years. The second round of fundraising will bring in a further US$1.8bn."

Eat ya Greens ....

https://www.youtube.com/watch?v=HXU5Rxc3vBQ

Yup,  tis like watching  'man' giving birth ...   Sirius the star is born?

Waiting for the dust to settle .... then lift off :-)

https://www.youtube.com/watch?v=DVc6bltUL1I

Now... about that Canal.  

https://www.youtube.com/watch?v=jBwynG1beCE

Tripples ...

Tags: 

13 Comments

Benefitz Betty's picture

SXX: Funding Feedback

Construction Enquirer:

"Fertiliser producer Sirius minerals has put together a funding deal to start construction of a massive potash mine in north Yorkshire....

The decision to press ahead with construction is a major success for contractors Murphy and Hochtief who have been involved in front-end engineering the project for several years.

Sirius revealed this morning that it would be launching an underwritten share issue to raise £1bn to fund the initial construction phase of the massive project. Part of the funding package also involves support from Australian mining giant Hancock Prospecting.

The stage 1 funding will cover the direct costs of all site preparation, mine shaft excavations, tunnel caverns, project management and owner costs as well as provide certain contingency funds for the project.

Cash will be released over the first three years after commencement of construction.

A further £1.5bn will be needed two years into initial construction to fund Murphy/Hochtief’s 23-mile tunnelling contract, mine fit-out and harbour facilities at Teesside.

The deal needs to be rubber stamped by Sirius shareholders later this month, but if agreed will pave the way for construction of the vast mining project.

Chris Fraser, Sirius chief executive officer, said: “I am delighted to announce this proposed fully underwritten financing package which – together with our new strategic investor, Hancock, announced last week – provides the comprehensive Stage 1 financing required to start construction of our North Yorkshire polyhalite project.

“This project will create jobs in North Yorkshire and Teesside, and represents a significant business investment in the UK.  

“It’s been a long journey to this point, and we still have some way to go, but I want to thank everyone who has supported the company in its efforts to reach this major milestone. 

“Once we have received shareholder approval, we want to get on with the job of delivering this compelling value proposition, not only for our shareholders but also for the North Yorkshire community.”

Specialist firms within the Thyseen and Redpath group have the job for shaft sinking at the mine site.

The Murphy/Hoctief jv will construct the 6m diameter TB-bored tunnel to transport minerals from the mine head site at Dove’s Nest Farm near Whitby to a portal near the town of Redcar...

"Designed by Arup, the plan is to use five hard rock TBMs, which will be lowered in at four intermediate staging shafts. The starting depth will be around 360m below the surface at the mine head...

"Northern Powerhouse Minister Andrew Percy MP said: “Today’s launch of Stage 1 financing for Sirius Minerals’ North Yorkshire polyhalite mining project is a very welcome sign of progress.

“This project has the potential to create over 1,000 jobs, boost growth and generate billions of pounds of exports for the Northern Powerhouse.

“We support their efforts to help make the north a world leader in the multi-nutrient fertiliser industry.

https://www.youtube.com/watch?v=gHf6lFvxcKo

“Already foreign direct investment projects are up nearly a quarter on the previous year and today’s announcement is another vote of confidence in the Northern Powerhouse.”

http://www.constructionenquirer.com/2016/11/02/2-5bn-yorkshire-potash-mi...

Benefitz Betty's picture

SXX: Feedaback 'Directors Talk'

Concurrent :

"1. Key Highlights

· Underwritten Firm Placing and Placing and Open Offer at a price between 20 and 30 pence per New Ordinary Share (the “Issue Price”) to be determined by the Bookbuild.

· The Issue Price represents a discount of between approximately 18.9 and 45.9 per cent to the closing price on 1 November 2016 (being the last Business Day prior to this announcement).

· The Company intends to raise approximately 90 per cent of the gross proceeds of the Firm Placing and Placing and Open Offer through the underwritten Firm Placing at the Issue Price to certain institutional investors.

· Approximately 10 per cent of the underwritten Firm Placing and Placing and Open Offer will be subject to clawback by existing shareholders by way of an Open Offer. The Joint Bookrunners and the Co-Lead Managers intend to conditionally place the Open Offer Shares with certain institutional investors at the Issue Price, subject to clawback to satisfy valid applications by Qualifying Shareholders under the Open Offer.

· Concurrently with the underwritten Firm Placing and Placing and Open Offer, the Company has also launched an underwritten offering of Convertible Bonds. Subject to certain limited exceptions, the Convertible Bonds are being offered outside the United States to non-US persons, pursuant to Regulation S under the U.S. Securities Act of 1933, as amended."

http://www.directorstalkinterviews.com/sirius-minerals-plc-launches-comp...

Benefitz Betty's picture

SXX: The Heart of the Matter

http://www.gazettelive.co.uk/news/teesside-news/sirius-minerals-massive-...

"The company behind a £2.3bn potash mine has unveiled a massive financing deal to kick-start construction.

Sirius Minerals today announced a £1bn funding package to drive forward the scheme, which will create jobs across Teesside and North Yorkshire.

The cash will fund the first stage of the multi-billion potash mine near Whitby and a processing facility on Teesside.

Sirius is raising cash by issuing new shares on the stock market, which will bring in up to £400m.

It will raise around a further £350m by issuing convertible bonds.

The package is also in addition to its deal last week with Australia’s richest woman Gina Rinehart, who’s mining firm Hancock has agreed £250m in financing.

Sirius managing director Chris Fraser said: “This project will create jobs in North Yorkshire and Teesside, and represents a significant business investment in the UK.

“It’s been a long journey to this point, and we still have some way to go, but I want to thank everyone who has supported the company in its efforts to reach this major milestone.

“Once we have received shareholder approval, we want to get on with the job of delivering this compelling value proposition, not only for our shareholders but also for the North Yorkshire community.”

 

Benefitz Betty's picture

SSX: Bucks n Books

http://www.sharesmagazine.co.uk/news/shares/how-to-get-cheap-sirius-mine...

"HOW IT WILL GET THE MONEY

Sirius has enlisted the help of several stockbrokers and banks to help find buyers for the bulk of the new shares via something called a ‘bookbuild’. This effectively involves an army of financial sales people calling their contacts to see at what price they would be willing to buy new stock.

Once the ‘book’ of orders is filled, Sirius can then announce the firm placing and open offer price. Traditionally these events are concluded in a matter of hours, but Sirius is planning for two days.

Approximately 90% of the money to be raised via equity (equal to £297m-£360m) is expected to come from institutional investors. For example, that might be pension funds or asset managers.

The remaining £33m-£40m is expected to come from existing shareholders - namely the general public who are already invested.

HOW YOU CAN APPLY FOR DISCOUNTED SHARES

The offer will be launched on Monday 7 November. Existing investors will be able to apply for new shares via their stockbroker or by calling Capita.

Exact details will be contained in a document to be published once the bookbuild has completed.

If the bookbuild finishes today, we’re told by Sirius’ advisers that the open offer could be launched for retail investors earlier than Monday.

Open offers tend to work on that basis that if you have 100 shares, for example, you can then apply for another 100 shares at the new discounted price.

Sirius’s offer will be different. You will be able to apply for more shares than you currently own – but there is no guarantee you will get everything you want.

The company intends to wrap this fundraise up very quickly as the new shares are targeted to start dealing on the stock market on 29 November.

HOW THE MARKET HAS REACTED

The discounted fundraising understandably pulls down the share price following the announcement. In early market trading, Sirius falls 5.4% to 35p.

It is important to note that the equity placing and bond offering are both fully underwritten by JP Morgan Cazenove. This means if Sirius is unable to sell enough new shares to meet its financing requirement, JP Morgan will buy the remaining stock."

Ah, so  ... rum !!!

pmsl ;-) https://www.youtube.com/watch?v=JImcvtJzIK8

tis like an Autumn 'Grande National' ...  

Liquidity ... 

Oh... https://www.youtube.com/watch?v=pDDwFjmQyq4

tis a rope thing.

Best underline that ...

'Fully underwritten'

"J.P. Morgan Cazenove is acting as Sole Bookrunner."

"The underwritten Firm Placing and conditional Placing of the Open Offer Shares (subject to clawback by existing shareholders by way of an Open Offer) are being conducted through an accelerated bookbuilding process (the "Bookbuild") which will be launched immediately following this announcement and which is expected to close on or around 3 November 2016, subject to acceleration.

J.P. Morgan Cazenove has agreed to fully underwrite the Firm Placing and Placing and Open Offer and Convertible Bond Offering. Further, J.P. Morgan Cazenove and Liberum have agreed to underwrite the settlement of the Firm Placed Shares and conditionally placed Open Offer Shares placed with Placees procured through the institutional Bookbuild, on the terms and subject to the conditions in the Placing and Open Offer Agreement. J.P. Morgan Cazenove and Liberum Capital Limited are acting as Joint Bookrunners and Shore Capital and WH Ireland are acting as Co-Lead Managers in connection with the Firm Placing and Placing and Open Offer.  J.P. Morgan Cazenove is acting as Sole Bookrunner in relation to the Convertible Bond Offering. "

Ah, so ... Underwritten.

Well thats blooming fantastic ...

http://otp.investis.com/clients/uk/sirius_minerals/rns/regulatory-story....

Must be the clouds in my eye

Yawwwwnnnn ...

Crawls back into cave. 

Long Johns On.

 

 

 

 

Benefitz Betty's picture

SXX: Telegraph 'Starts'

http://www.telegraph.co.uk/business/2016/11/02/sirius-to-start-work-on-n...

"Sirius Minerals plans to start the long-awaited construction of its $2.9bn potash mine under the North Yorkshire moors in January after raising about $900m through a share placing and bond issue.

The Aim-listed company on Wednesday announced a £300m-£400m ($400m-$490m) equity raise and $400m-$450m bond offering.

The new shares were priced at between 20p and 30p, sending Sirius's share price down about 8pc to 34p. 

Combined with a $300m investment it secured last week from Australian mining billionaire Gina Rinehart's Hancock Prospecting, the fundraising completes the $1.2bn Sirius needs for the first phase of construction of the project near Whitby. 

Chris Fraser, chief executive, said: "This is the major milestone that we have been working towards to actually have the funds to start construction and move from a development project into a construction project."...

"The fundraising has to be approved by shareholders on November 25. Mr Fraser said the company would then "start mobilising contractors basically as soon as the financing is settled".

"The first piece of works on ground will be in January on highways improvements," he said.

The timescale for construction to start has been delayed several times as Sirius, which got planning consent last year, worked to get its funding in place.

In September it announced it had lined up lenders to fund the second stage of the construction.

The proposed project would be one of Britain's biggest mines, producing polyhalite, a form of potash that can be used as a fertiliser.

A 23-mile underground tunnel would be bored to take the polyhalite from the mine via a conveyor belt for processing on Teesside. 

Sirius also confirmed it was planning a move to a main market listing."

Gazette updated : http://www.gazettelive.co.uk/news/teesside-news/sirius-minerals-massive-...

 

Captain Qahn's picture

SXX: FT 'UK's First in Decades'

https://www.ft.com/content/305dde6c-a0e4-11e6-86d5-4e36b35c3550

"The mine in North Yorkshire could be producing fertiliser by 2021, the AIM-listed business said on Wednesday.

The UK share placing and offer of between £330m-£400m is fully underwritten and should be completed within 48 hours. It is also issuing a convertible bond for between $400m-$450m.

The fundraising follows a $300m deal last month with Australia’s richest woman and would provide more of the $1.1bn necessary to build the first phase of the polyhalite mine under the moors near Whitby.

Gina Rinehart’s Hancock Prospecting will pay $250m for the rights to 5 per cent of the gross royalties on the first 13m tonnes of Sirius’s fertiliser sales every year, and 1 per cent above that level. Hancock is also putting $50m of equity into the project.

The Sirius shares are being placed between 20p and 30p, a discount of between 19 and 46 per cent to the closing price on November 1. Some 90 per cent will go to institutional investors. The rest will be made available to the company’s thousands of small shareholders who have long backed its dreams of building the largest mine in the UK since the Selby coalfield opened in the early 1980s.

To reduce its environmental impact, the mine’s entrance will be buried underground and a tunnel will take polyhalite north to Teesside to be shipped around the world. The project also includes a large polyhalite crushing plant at the Wilton site in Teesside and export facilities for the material’s export from Teesport. Several fertiliser companies have already agreed to buy the product.

Construction should begin next year and by 2024 it should be producing 10m tonnes a year, the company said. Sirius would need another $1.8bn to expand the mine. The fall in the pound has reduced costs slightly since the original estimates, Sirius said.

The fundraising needs to be agreed by shareholders at a meeting on November 25.

JPMorgan Cazenove is underwriting the financing. It and Liberum are acting as joint bookrunners and Shore Capital and WH Ireland are acting as co-lead managers for the share issue. JPMorgan Cazenove is sole bookrunner to the convertible bond offering.

The Sirius project is a bright spot for employment in the relatively isolated North York moors and in Teesside, where hundreds of jobs have been lost over the past year at ICL’s nearby Boulby potash mine, which mines in the same seam further north. The area has also suffered from the end of local iron and steelmaking, including the closure last year of SSI UK at Redcar which cost the area 3,000 steel jobs.

Redcar Labour MP Anna Turley welcomed the news of the financing. “Sirius can become a significant business for both the area and the UK for generations to come and the jobs and investment they are bringing to Teesside are very welcome,” she said.

Additional reporting by Chris Tighe"

 

Copy write ... Erm, no one reads this sh*t anyway...   tis just a local record... cough.

 

 

 

Benefitz Betty's picture

SXX: Frazer On the Form

http://www.proactiveinvestors.co.uk/companies/stocktube/6371/sirius-mine...

"We're delighted to have reached this point. We've got the shareholder vote to go but it's great to reach a major milestone like this. It's taken a long time but it's a pretty significant achievement for us and it's good that we've not only achieved a milestone for us but also set a few benchmarks in the process'', Fraser said.
''Our focus has always been on bringing this project into production - we've done everything we can all the way through to minimise dilution, which is a bit of dirty word in retail investment land, but ultimately you need capital to unlock the value and deliver a project like this. We believe the package we've put together here does the best job and is absolutely in the best interests of shareholders.''

https://www.youtube.com/watch?v=9UW4tbYazlk

https://www.youtube.com/watch?v=b6mjQusTyU4

Always liked them sugar coated delights me sen .. oh well never mind.... back to the drawing board

DATA, Rodney.....  erm,  Roddenberry '-)

https://www.youtube.com/watch?v=P3J9JHY0RT0

 

 

Benefitz Betty's picture

NE: Support for SXX

http://www.thenorthernecho.co.uk/business/14880803.Construction_at_Siriu...

WORK to build the UK’s first potash mine in more than 40 years is just weeks away from starting.

Sirius Minerals told The Northern Echo construction of its York Potash project could begin in the opening months of 2017.

Bosses also confirmed the company is closing in on new export deals.

The company aims to extract the fertiliser polyhalite from land near Whitby, with production planned to get underway in late 2021.

York Potash has already been backed by Australia’s richest woman and Sirius officials are just days away from approval for a £1bn finance plan to ignite construction in earnest.

Chris Fraser, Sirius’ managing director and chief executive, confirmed engineers were poised to start, saying backing at a shareholder meeting later this month would free up cash for construction.

He said: “We are getting ready to start mobilising (for construction).

“One of the first things will be the road network, little things we need to do to start bringing the materials onsite for preparation.

“We are now at the end of the beginning; we are now in the building phase.”

Sirius already has a number of supply agreements for York Potash, including a deal with a US-based firm to annually dispatch 1.5 million tonnes for seven years, which could be extended further across two five-year periods.

However, Mr Fraser said talks were ongoing with other international parties to further extend its reach.

He added: “We have got a lot of dialogue in various places around the world.”

If approved, Sirius’ funding proposals will see the issuing of new shares to raise up to By Steven Hugill Business Editor steven.hugill@nne.co.uk £400m and convertible bonds to bring in a further £350m.

Australia’s richest woman, Gina Rinehart, previously backed Sirius through her Hancock British Holdings enterprise to the tune of £250m.

Under the terms of the finance deal, Hancock will pay £205m for the rights to five per cent of gross revenue on the first 13 million tonnes of sales every year, and another one per cent for sales above the 13 million figure.

Hancock, a subsidiary of Hancock Prospecting, which has growing agriculture interests, will subscribe to ordinary shares in Sirius for another £41m.

York Potash could also receive support from China after it was included in a £5bn Government portfolio aimed at attracting fresh cash into British businesses.

Chancellor Philip Hammond said the mine, which is expected to create more than 1,000 direct jobs, could be pivotal in a new “golden era of UK-China relations”.

Sirius’ project was chosen as a potential Chinese investment by the Government alongside a scheme to regenerate parts of Sunderland, including the former Vaux Breweries site, into offices, leisure facilities and residential and retail space.

Mr Hammond said: “We have a major opportunity to open up investment.”

Sirius is continuing to finalise funding arrangements with other prospective lenders for a second stage of financing.

It has all major approvals to build its mine, including backing for an underground conveyor belt, which will transport potash to a Teesside handling site."

 

Captain Black's picture

SXX: The EGM

The EGM is expected at Londoninum.... 
 
"Notice of a General Meeting of the Company to be held at De Vere West One, 9-10 Portland Pl, Marylebone, London W1B 1PR, United Kingdom on 24 November 2016 at 11.00 a.m. is set out at the end of this Circular.
 
A  Form of Proxy for use at the General Meeting is enclosed which, if you wish to appoint a valid proxy, should be completed and signed in accordance with the instructions printed thereon, and returned by post to the Company’s Registrars, Capita Asset Services, PXS1 34 Beckenham Road, Beckenham, Kent BR3 4ZF or deposited by hand (during normal business hours only, being 9.00 a.m. to 5.30 p.m.) to Capita Asset Services, The Registry, 34  Beckenham Road, Beckenham, Kent BR3 4TU, in each such case as soon as possible but in any case so as to be received by the Company’s Registrars no later than 11.00 a.m. on 22 November 2016.
 
The completion and return of  a Form of Proxy will not preclude you from attending and voting in person at the General Meeting, or any  adjournment thereof, should you wish to do so."
"Each of the Directors is supportive of the Firm Placing and Placing and Open Offer. Each of the
Directors who is a Qualifying Shareholder (other than the Executive Director) has indicated that they
intend to participate in the Open Offer in respect of some or all of their respective Open Offer Entitlements, which amount to 2,749,827 New Ordinary Shares in aggregate."
 
"Accordingly, the Board unanimously recommends that you vote in favour of all of the Resolutions as, where eligible, they intend to do so in respect of their own beneficial entitlement amounting to, in aggregate 167,837,037 Ordinary Shares,  representing 7.3 per cent. of the Existing
Ordinary Shares."  
 
"You should be aware that if the Resolutions are not passed at the General Meeting and Admission does not take place, the Firm Placing and Placing and Open Offer and the other components of the Stage 1 Financing will not proceed and the Company will need to find alternative sources of finance to develop the Project which may or may not be available."
 
Appendix   "NOTICE OF A GENERAL MEETING OF SIRIUS MINERALS PLC. SIRIUS MINERALS PLC
(Incorporated and registered in England and Wales with registered number 4948435)
NOTICE IS GIVEN that a general meeting of Sirius Minerals Plc (the Company) will be held at De Vere West One, 9-10 Portland Pl, Marylebone, London W1B 1PR, United Kingdom on 24 November 2016 at 11.00 a.m. to consider and, if thought fit, pass the following resolutions, of which Resolution 1 will be proposed as an ordinary resolution and Resolution 2 will be proposed as a special resolution.
 
1. That, in addition to the powers and authorities conferred upon the Directors under resolution
7 passed at the last annual general meeting of the Company held on 24 June 2016, the Directors be and they are generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the Companies Act) to exercise all powers of the Company to allot ordinary shares in the Company (Ordinary Shares) and/or grant rights to subscribe for, or convert any security into, Ordinary Shares up to an aggregate nominal amount of £9,259,139 (being equivalent to 3,703,655,663 ordinary shares) in connection with the Firm Placing and Placing and Open Offer, the Royalty Financing Ordinary Shares in connection with the Royalty Financing, the issuance of the Convertible Bonds and upon each Convertible Bond  Conversion, if applicable (each as defined and further described in the circular dated 3 November 2016 of which this notice forms part); provided that the power granted by this resolution shall expire at the conclusion of the next annual general meeting of the Company  after the passing of this resolution or on the close of business on 30 June 2017, whichever is the earlier, unless and to the extent previously varied, revoked or renewed, and further provided that the Directors may before such expiry make an offer or agreement which would or might require Ordinary Shares to be allotted or rights to be granted after such expiry and the Directors may allot shares or grant rights to subscribe for or to convert any security into shares in pursuance of such offer or agreement as if the power conferred by this resolution had not expired.
 
2. That, subject to and conditional upon the passing of Resolution 1, in accordance with the Companies Act, the Directors be empowered to allot equity securities (within the meaning of section 560 of the Companies Act) for cash pursuant to the authority conferred by Resolution 1 above and/or by way of a sale of Ordinary Shares held by the Company as treasury shares for cash, as if section 561 of the Companies Act did not apply to any such allotment, provided this power shall be limited to the allotment of equity securities for cash and by way of the sale
of Ordinary Shares held by the Company as treasury shares for cash pursuant to the Firm Placing and Placing and Open Offer, the Royalty Financing Ordinary Shares in connection with the Royalty Financing, the issuance of the Convertible Bonds and upon each Convertible Bond Conversion, if  applicable up to an aggregate nominal amount of £9,259,139 (being equivalent to 3,703,655,663 Ordinary Shares), and provided that the power granted by this resolution shall expire at the conclusion of the next annual general meeting of the Company after the passing of this resolution or on the close of business 30 June 2017, whichever is the
earlier, unless and to the extent previously varied, revoked or renewed, and further provided that the Directors may before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of such offer or agreement as if the power conferred hereby had not expired.
 
By order of the Board of Directors of Sirius Minerals Plc
NA King
Company Secretary
Third Floor, Greener House
66-68 Haymarket
London SW1Y 4RF
Registered in England and Wales No. 4948435
3 November 2016"
 
The missing link :  at  The Circular : http://siriusminerals.com/investors/stage-1-financing/overview/
 
Blah blah ... wotever 'appened to Ms King? 
 
Welcome to the Borg:-))
 
https://www.youtube.com/watch?v=u0SDLR_CGVY

Captain Black's picture

SXX - Active

http://www.proactiveinvestors.co.uk/companies/news/169004/sirius-mineral...
 
"10:26 15 Nov 2016
 
Shore Capital says "Sirius has made its critics eat humble pie at every step".
 
The subtext, to use Low’s words, is that the “naysayers have been proved wrong”.
 
https://www.youtube.com/watch?v=EsUndkXAQ_8
 
“Sirius has attracted myriad detractors and doubting Thomases over the years, who have tried to find fault with the company and its paradigm-shifting North Yorkshire project from virtually any and all conceivable angles - for example that the global market for polyhalite would be a few hundred thousand tonnes at best, that permitting would be impossible, that the Stage 1 funding requirement was too large to be successfully raised,” said Low.
“To its credit, Sirius has made its critics eat humble pie at every step of the way thus far, systematically proving false their claims (which in our view range from simply unresearched to maliciously poisonous).”
 
Anyway, having moved the project into development, its net present value is now £7.4bn, according Low.
This equates to 129-166p a share fully diluted on the Shore analyst’s base case assumptions.
 
The risked NPV, which factors in all the potential hurdles between now and 2018, comes in at a more modest 65-82.5p a share. That lower figure is still roughly three-times the current share price.
 
“If all goes to plan hereafter, there would be no further need to raise equity,” said Low.
 
“The only significant source of dilution would be the convertible bonds, but the potential impact is easily calculable."
 
https://www.youtube.com/watch?v=MP63D6BCQ1E
 
"Analyst Yuen Low also doffs his cap to chief executive Chris Fraser and the team, who have sewn up just under £1bn of financing with investors agreeing to stump up £370mln of that.
The literal translation of that RAF motto mentioned earlier - per ardua ad astra - is ‘through adversity to the stars’. That’s quite apt given the long, sometimes difficult journey Sirius has endured. It also references the company’s ‘starry’ name."
 
https://www.youtube.com/watch?v=K5s8BqX3kok

Captain Black's picture

SXX: Open Offer & The Vote

Notifications to the 'Open Offer'  (an opportunity for qualifying shareholders to purchase more shares at a discounted rate) should have now been received by participating shareholders from  respective Brokers. 
 
"...Instructions to be receieved by 5pm on 16 November 2016"
 
You are also registered/entitled to VOTE.
 
Whilst this is a separate matter ... should you wish to VOTE you need to call your Broker. 
 
Other than security Q's you will be asked the time and date of the EGM and to express what you are voting for or against.
 
ALL RESOLUTIONS.
It takes two minutes ... if you can find the A's to the Q's ;-)
 
https://www.youtube.com/watch?v=AyenRCJ_4Ww
 
ALL RESOLUTIONS....
 
Quite.