Home » Business » LIVE: Sirius Minerals shareholders vote £ 405 million takeover offer during hostile meeting

LIVE: Sirius Minerals shareholders vote £ 405 million takeover offer during hostile meeting

Sirius Minerals shareholders will decide whether the world-class mining project should be taken over by Anglo American, with a critical vote on Tuesday.

The board of Sirius Minerals said it had to face a “clear choice” between recommending the £ 405 million Anglo American cash offer or seeing the cash-strapped project collapse in the administration within a few weeks.

At its peak, the mine is slated to create around 2,000 jobs for Teesside and North Yorkshire.

The controversial 5.5p share offer angered thousands of private investors, many of whom bought shares at a much higher price.

Shares peaked at over 45 p in 2016, but now stand at just above 4 p

There are believed to be around 85,000 small investors, including many living locally, who have sunk money into the company and whose vote will be crucial in deciding the company’s future.

Sirius was forced to seek rescue to continue work on his £ 2.8 billion polyalite mine south of Whitby and a processing plant in Wilton after not getting viable funding last year.

Teesside Live reporter Kelley Price traveled to London for the meeting and will provide real-time updates and reactions.

.

Leave a Comment