|Bid||5.22 x 0|
|Ask||5.24 x 0|
|Day's Range||5.12 - 5.39|
|52 Week Range||2.10 - 8,389.00|
|Beta (5Y Monthly)||0.69|
|PE Ratio (TTM)||6.56|
|Earnings Date||Aug 17, 2018 - Aug 20, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||45.00|
Odey Asset Management has increased its stake in Sirius Minerals to 1.4 per cent and will vote against the rescue takeover bid from Anglo American. Odey portfolio manager Henry Steel confirmed the submission of his proxy vote and said he was bound by the decision unless Anglo raises its bid or declares its offer final by 7pm this evening. Sirius, the developer of a giant potash mine in North Yorkshire, has recommended a 5.5p a share cash offer from Anglo that values the company at £404m excluding debt.
Odey Asset Management has converted its derivative position in Sirius Minerals into shares, as the London-based hedge fund pushes for an improved takeover offer. a bid from Anglo American that values the company at £405m excluding debt. Odey said it would vote against the 5.5p a share cash offer unless it is declared final.
The following are the top stories on the business pages of British newspapers. - Anglo American has insisted that its 405 million pound ($521.68 million) bid for Sirius Minerals is "fair and reasonable" after hedge fund Odey Asset Management joined small shareholders in pushing for a higher offer. - Royal Dutch Shell will not "get into an arms race" with BP over carbon targets, a senior executive has said, in a sign that Europe's biggest oil group will not rush to match its rival's "net zero" pledge.
Anglo American’s chief executive has defended its rescue bid for Sirius Minerals as pressure intensifies on the miner to increase its £524m offer for the UK group. Mark Cutifani said its 5.5p-a-share cash offer reflected the “future investment needs” of Sirius, which has been struggling to find more than $3bn to complete the development of a huge fertiliser mine in North Yorkshire. “I believe our offer is fair and reasonable,” Mr Cutifani said.
Sirius Minerals presented a more attractive investment opportunity than buying a stake in BHP’s giant Canadian potash project, according to the chief executive of Anglo American. Anglo, a diversified miner that produces diamonds, platinum group metals, copper and iron ore, surprised investors in January when it announced a £524m offer for Sirius, a cash-strapped UK company trying to develop a giant fertiliser mine. Mark Cutifani said polyhalite, the commercially unproven fertiliser Sirius is planning to produce from a mine in North Yorkshire, was a “very differentiated” product to potash.
Sirius Minerals’ retail investors, meet bumpitrage. Hedge fund Odey Asset Management has lashed out at Anglo American’s £524m rescue bid for Sirius Minerals, saying it does not represent fair value for the company’s shareholders. In an open letter to Chris Fraser, the chief executive of Sirius, and Anglo boss Mark Cutifani, Odey also said it would vote against any offer that is not designated “final”.
Anglo American is under pressure from a hedge fund to increase its £524m rescue bid for Sirius Minerals, the UK group developing a giant fertiliser mine in North Yorkshire. Odey Asset Management, which announced it had a 1.29 per cent holding in Sirius on Wednesday, said the 5.5p-per-share cash offer was not enough and that Anglo could afford to pay more without damaging its investment case. “It is Odey’s belief that Anglo American’s current offer does not represent fair value for shareholders in Sirius,” the London-based hedge fund said in a letter sent to Anglo and Sirius.
The demise of Sirius Minerals has been predicted almost as often as that of hedge funds. Fittingly, Crispin Odey’s business has invested in the eccentric Yorkshire mining venture. It is easier to support the contention that capital outflows spell trouble for the hedge fund industry, as they have for Sirius.
The new chief executive of BHP, the world’s biggest natural resources group, has brushed aside concerns about the re-entry of Anglo American to the fertiliser market. Sirius Minerals, a UK-listed company that has been struggling to develop a giant potash deposit under a national park in North Yorkshire. Mike Henry, who took the helm of BHP at the turn of the year, said the 10m tonne a year Sirius mine would be producing a completely different commodity to potash.
The following bids, mergers, acquisitions and disposals were reported by 1300 GMT on Friday: ** Kirin Holdings Co Ltd decided to oppose an UK-based activist's proposal to buy treasury shares worth 600 billion yen ($5.47 billion), the Japanese brewer and conglomerate said in a statement. ** Sirius Minerals said talks with a consortium of financial investors on an alternate debt financing proposal to raise $680 million has fallen through, putting the company at the risk of going under administration or liquidation. ** Malaysia's FGV Holdings has bought a 60% equity interest in RedAgri Farm for 10 million Malaysian ringgit ($2.42 million), marking its entry into dairy farming and fresh milk processing, the world's largest crude palm oil producer said.