Shareholder Q&A

The Company recognises that it has a very large shareholder base, as well as people who have not previously invested in shares. This section is intended to provide a range of information and respond to the broad range of queries the Company receives on a regular basis.

IMPORTANT – The Company does not provide investment advice and does not offer commentary on the share price. Individuals should take their own independent and appropriately qualified advice before making any investment decisions, as well as being extremely vigilant to possible scams. The Financial Conduct Authority has a range of useful tools.


Latest news – strategic review

What is the latest news on your strategic review?

On 11 November 2019 the Company provided an update on its strategic review process that is currently underway. The update explained how the Company has re-phased its development plan to reduce the upfront funding required to progress certain aspects of construction. The update also outlined certain optimisations that will be made to the development plan to reduce the total amount of capital required to develop the Project.

As a result, the Company is now seeking ~US$600M of initial funding to progress a scope of work which includes shaft sinking to achieve first polyhalite and progressing the first drive of the Company’s mineral transport system tunnel (“MTS”).

The initial scope of work has been selected to deliver the elements of the Project perceived to be higher construction risks (e.g. shaft sinking) and / or of having the greatest de-risking benefit (e.g. establishing clear track-record on tunnelling by completing MTS Drive 1). The construction of remaining infrastructure to achieve commercial production would be financed separately from debt providers.

Why didn’t you do this before?

The Company’s previous strategy was to achieve first polyhalite as soon as possible and then ramp up to full production as quickly as possible to generate maximum returns for shareholders. This strategy required the Company’s previously proposed Stage 2 Financing to be in place, however this was not able to be delivered because of market conditions.

This revised strategy is about establishing a pathway to the important milestone of first polyhalite and opening up access to senior debt for the rest of the infrastructure needed to take the Project to commercial production levels.

How will you raise the ~US$600 million?

The Company is seeking to have the initial scope funded from the proceeds of either the strategic investor process or through a structured debt financing package, either of which may incorporate the issue of new equity or an equity-like component to the financing package.

One benefit of a strategic investor supporting the initial scope funding is that, depending on the nature of the investment, it could reduce the overall perceived credit risk for the Project for potential financiers of the additional financing required for the remaining scope of works. 

Which strategic investors are you talking to?

We cannot comment on commercially sensitive matters. The Company is in discussions with potential strategic partners and debt investors with the aim of securing the best route to finance its revised initial scope of work and will update the market and its stakeholders on the progress of those when appropriate.

Previous stage 2 financing plan

What happened to the Company’s previous stage 2 financing?

On 17 September 2019 the Company announced that due to market conditions it did not believe its proposed US$500 million high yield bond offering could be issued. As a result the previously issued convertible bonds totalling US$400M, of which the proceeds had been held in escrow, were cancelled and the funds returned to investors.  A revolving credit facility commitment with JP Morgan for up to US$2.5 billion was also cancelled.

The Company subsequently adjusted the scope of construction activities on its North Yorkshire polyhalite project and focused its efforts on conducting a comprehensive strategic review process up until the end of March 2020.

What did you ask the UK Government for?

On 17 September 2019, the Company announced that following a previous postponement of the proposed high yield bond offering in August 2019, it had re-engaged with the UK Government to seek assistance to help improve the liquidity of the financial markets, via a potential future guarantee. The Government reviewed the case for the provision of the support requested and decided not to provide the support requested. 

Will Government play a role in any future financing options?

The Company is not currently in active conversations with Government over any specific financing support. As a normal course of business, the Company maintains an ongoing dialogue with various government departments and believes the Government to be supportive of Sirius’ endeavours.

Why can't the Company approach private investors to help with financing?

Following the announcement, we have received offers of support from across the investment community including many emails from private investors suggesting we may be able to secure significant proceeds from the retail sector.  

Despite having a significant and very supportive retail shareholder base, the Company does not believe there is sufficient depth from this sector alone to secure the capital necessary to fund the balance of capital funding requirement. This has been demonstrated in previous Open Offers which proved that retail support exists but in a limited capacity. 

Will the Company get taken over?

The Company is focussed on the delivery of its strategic review process and, ultimately, securing a route to complete the development of its Project, where it believes the greatest value to shareholder lies.  

Any approach to take over the Company would need to be made in accordance with relevant laws and regulations governing such an approach and would be dealt with appropriately by the Board at any such future time. Ultimately it would be for shareholders to decide should an offer be made.

Financial calendar

When does the Company announce its financial results?

The Company’s accounting reference date is 31 December. Interim and annual reports will be published each year for the six months to 30 June and 12 months to 31 December. These will be published on our website.  

When is the next Company AGM?

The Company’s 2020 Annual General Meeting is yet to be announced but will be held before the end of June 2020. AGMs are typically held in York.

How can I be notified of Company announcements?

It is possible to subscribe to Sirius's email alert system by registering via “Subscribe to Company News” located on the Company homepage.

My shares

How can I change my address if I’m a shareholder?

For any queries relating to your shareholding in Sirius Minerals plc (including changing your address or in relation to a lost share certificate), you need to contact Sirius Minerals’ registrars, Link Asset Services*:

By phone – UK 0871 664 0300, from overseas call +44 (0) 371 664 0300. Calls cost 12p per minute plus your phone company's access charge. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00–17:30, Monday to Friday excluding public holidays in England and Wales

By email – Enable JavaScript to view protected content.

By post – Link Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.

Shareholders can also update their personal details using the shareholder portal.

*Capita Asset Services has changed its name to Link Asset Services following the purchase of Capita Asset Services by Link Group of Australia in November 2017.  

I have lost my share certificate?

For any queries relating to your shareholding in Sirius Minerals plc (including changing your address or in relation to a lost share certificate), you need to contact Sirius Minerals’ registrars, Link Asset Services*:

By phone – UK 0871 664 0300, from overseas call +44 (0) 371 664 0300. Calls cost 12p per minute plus your phone company's access charge. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00–17:30, Monday to Friday excluding public holidays in England and Wales

By email – Enable JavaScript to view protected content.

By post – Link Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.

Shareholders can also update their personal details using the shareholder portal.

*Capita Asset Services has changed its name to Link Asset Services following the purchase of Capita Asset Services by Link Group of Australia in November 2017.  

Investor basics

What is a share?

Buying shares in a Company like Sirius Minerals Plc means you are buying a share in the ownership of the Company. Your money goes to the person who is selling that share – it does not go to the Company (unless you buy shares through an equity raise or rights issue).

How can I buy shares in a Company?

You cannot buy shares directly from the Company. You need to go through a stockbroker or bank to buy shares in any listed company.

Before making any investment decision individuals should always seek independent financial and other necessary advice.

What does ‘listed’ mean?

A listed security is a financial instrument that is traded through an exchange, such as the London Stock Exchange “LSE”. Sirius is Listed on the Main Market of the London Stock Exchange.

The Company has an obligation to disclose material information about its business and operations formally to the market via the RNS system in accordance with the listing rules.

Where else can I find out information about the Company?

Aside from the Company’s disclosures through RNS, it also publishes a detailed Annual Report, which can be found on the Company’s website. The website itself has a range of useful information about the Company. 

Before making any investment decision individuals should always seek independent financial and other necessary advice.

What is an RNS?

Regulatory News Service or “RNS” is both a regulatory and financial communication channel for companies to communicate with professional and retail investors.

Does the Company respond to rumours or speculation?

The Company is very well followed in the mainstream and trade press, as well as industry publications and investor commentary blogs and sites. 

The Company never offers commentary on its ongoing confidential or commercially sensitive conversations and, as a general rule, does not respond to market rumours. The Company abides by its disclosure obligations to the stock market and announces material updates or news to all investors at the same time via the RNS system.

Why are the shares going up / down?

The Company does not comment on the performance of the share price. The share price is determined by market sentiment and the level of buys against the levels of sells. The Company abides by its disclosure obligations to the stock market and announces material updates or news to all investors at the same time via the RNS system.

How can I protect myself against share scams?

Always exercise caution when making financing decisions. The Company or its advisers will never contact you directly offering investment opportunities. Always seek independent advice and utilise the tools available from the Financial Conduct Authority.

What is a retail shareholder?

A retail investor, also known as an individual investor or private investor, is a non-professional investor who buys and sells securities, mutual funds, or exchange traded funds (ETFs) through traditional or online brokerage firms or other types of investment accounts.

What is an institutional shareholder?

An institutional investor is an investor is usually an organisation that invests other people’s money on their behalf. They range from pension funds to hedge funds and because they move significant numbers of shares they can influence stock markets movements.


Follow us on Social Media

  • Sirius Minerals on Twitter
  • Sirius Minerals on Facebook
  • Sirius Minerals on Youtube
  • Sirius Minerals on LinkedIn