Sirius Crispin Odey has upped its stake in Sirius to 1.4% from 1.3% with the deadline for proxy votes looming on Wednesday. Odey Asset fund has accused Anglo American and the Sirius board of undervaluing the company and pledged to oppose the 5.5p a share cash offer unless it was declared final.
Sirius Feb 25th news item Odey Asset Management told they should make its own offer for Sirius Minerals PLC if it thinks Anglo American is not offering enough, according to serial entrepreneur David Lenigas.
Sirius It would certainly cost AA quite a lot of money to start again, if all the present staff were laid off anf sites mothballed.
Sirius I’ve been wondering why Anglo American made a bid instead of waiting for Sirius to go bankrupt. My only thought is that perhaps Sirius would go into liquidation rather than administration and AA wanted to buy Sirius as a running company and not just its assets.
Sirius Indeed. I think the no-voting private investors will mess up at the Court Meeting. I’m long at 5.19.
Sirius I find it amazing that a bid came in from anyone. Will AA follow the SXX business plan or do they have one of their own. I would expect a slow measured approach to development
Sirius The Sirius story gets more intriguing. Just announced that Crispin Odeys wife has been appointed head of Jupitor Assets and now controlled their 7.8% investment in the company. That means the power couple could vote with a 9.1% stake, whilst Odey Asset still says they might buy more shares before the vote deadline. Interesting times for the next 10 days . IB
Merger Frenzy MIG_MHughB: Although NetApp shares rallied briefly on the 3PAR news, both stocks are well off their highs for the year. No stranger to volatility
Sirius ODEY convert to shares for vote. Odey Asset Management has reinforced its push for Anglo American to bid more for Sirius Minerals by converting its derivative position in Sirius into shares. The hedge fund said it had swapped contract for difference derivatives in Sirius for ordinary shares, giving it a 1.3% stake in the company.
Sirius Hi Will, “Bumpitrage” is certainly what Odey are doing, but they are only joining the multitude of shareholders shouting about the low bid made by AA. I didn’t realise till now that AA offer was not “final”, so open to increase in the need arises. Interesting times. But I have already sold most of my holding and reinvested elsewhere. Just a few left to see what happens next. It wasn’t worth waiting a few months for a settlement from AA. Start re-building now. IB
Sirius Sirius receives a mention in today’s FT Alphaville (registration but not subscription required) and the word of the day is “bumpitrage”.
Sirius Thanks for making me laugh out loud
Sirius 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.
Sirius Chris Fraser finally appears for interview with Yorkshire Post, it was reported Monday 17th Three line summary, as he is not my fav person at the moment. No direct apology to shareholders. Funding problems caused by external factors not BoD. Anglo American only firm offer on table after many discussions.
Sirius ODEY Hedge Fund wade in and hit out at unfair Angle American offer, see new FT article. [link] Odey believe that Anglo-American’s current offer does not represent fair value for shareholders in Sirius, advised Mr Steel from Odey