Sirius Minerals to leave the stock market after £405m takeover
Shareholders should receive 5.5p per share in cash by early April and Sirius will delist from the stock market.
The £405m takeover also required a majority from individual voting investors, and despite a fractious meeting in which the Anglo offer was called an ‘insult’ by one shareholder, the deal was approved by 62% of shareholders by number.
While many shareholders might have incurred big losses on their investments, given that the Sirius share price had gone as high as 45p at one point, the company’s board of directors insisted if the deal wasn’t accepted the company would’ve gone into administration with shareholders losing all of their investment.
Russell Scrimshaw, chairman of Sirius, says: ‘The positive outcome secures a return for shareholders, and provides greater certainty in terms of safeguarding the project, protecting the jobs of our employees, and allowing the community, region and the UK to continue to benefit from the project.’