Reading at the results of the placing I have reached a conclusion and is not good for shareholders .....

1 - Firm Placees have agreed to subscribe for 1,665,805,761 Firm Placed Shares at an issue price of 20 pence ( 40.0 per cent of the Company's issued Ordinary Shares )

2 - Have placed 185,089,529 Open Offer Shares ( 4.4 per cent )

3 - Qualifying Shareholders will be given the opportunity to apply for the Open Offer Shares at the Issue Price 20p

4- On the following basis: 2 New Ordinary Shares for every 25 Existing Ordinary Shares

Conclusion
Diluting current investors to high heaven, as they are given only 11.11% of the total subscription on a very low share price 20p (185K : 1,665K x 100 = 11.11% ).

Capital Research with 10% at the moment, has been well awarded on the participation in the Firm Placing and the Placing so shareholder got not much to say on the open offer.

That is quite brutal actually!!!

Publication of Prospectus and Circular

bought some @ 22.2145p

why?
Is on a open offer placing situation @ 20p that soon will be over, has moved down a big thing since and should now start moving higher from this point. Order book looking strong now.
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Reality strikes at Sirius Minerals - By John Cornford 04 November 2016
Shares in Sirius Minerals have rightly suffered a major pullback over the past few days, and many private-investor enthusiasts for the stock have been badly burned. The trouble with Sirius is that there is a lot of questionable analysis out there in the public domain right now. Here’s my attempt at setting the record straight…
https://masterinvestor.co.uk/equities/reality-strikes-sirius-minerals/

21.125p =

Very level today on the share price but slowly the buys are taking over the order book, still plenty of shares for sell on the offer side, so I do not expect to change YET.

Now there was a post on III giving a good detail of the stock from "1328745" ......

I'd just like to make it clear that I'm not an employee of Sirius Minerals as some have assumed.

I'd also like to answer your question in relation to why I believe that the current share price doesn't reflect the 'shovel ready project' value. The share price immediately before the launch of stage 1 financing (37p) in some part factored in the expectation of successful financing. The 20p placing price of course doesn't include any element of 'shovel readiness' as the institutional investors aren't funding a shovel ready project.
They're funding a great idea with mineral rights, planning consents, project plans etc. Without that funding it's not going to be shovel ready. Of course the share price was going to converge with the placing price as private investors sold shares to take up their open offer allocations. Institutional investors aren't going to be picking any shares up in the low 20's though until those two resolutions are passed and the project is genuinely shovel ready. Now it isn't. If those resolutions aren't voted through then they get their placing money back – no additional risk due to the uncertainty of private investor behaviour.

Buying shares on the open market now at a similar price to the placement price is a risk too far until that vote goes through (even though the placing was oversubscribed at 20p). Once it does, the re-rate starts. In theory, based on the 37p share price immediately before stage 1 financing launch and the 20p placing price, the share price should be 29.5p when the new shares start trading. This was detailed in the circular. That's still very much on the low side though as the 37p only partly reflected the shovel ready value so I'd expect it to climb quite quickly beyond that.

Remember that figures of 15p – 20p/share have been forecast for a long time for the equity raise. The link below shows the figures from Sirius Mineral's DFS and Liberum's own figures – albeit before the capital funding reduction was announced. The model's most optimistic setting allowed for 30p/share but the default was 15p. Shore Capital's research note on the 27th May used 20p/share.

http://liberum.com/models/sxxj79vi8n502m

And no, I don't work for Liberum either!

Bought some more @ 21.475p

Looks like the roller coaster is now ready to go much faster as the order book on the bid side is weakening on size

The chart below is showing the bounce for the last couple days, once was marked down heavily last Friday and bounce back more than half the fall.

Serious worries on Sirius Minerals chart? - By Alistair Strang | Tue, 22nd November 2016

A chartist's take on Sirius Minerals polyhalite mine project share technical We last viewed this a couple of months ago and speculated a scenario where weakness toward 19.5p was possible. At time of production, Sirius (SXX) was trading at 39p and thus, it appeared a silly prospect. Needless to say, the AIM market has obliged!
Currently trading at 21p, it's sufficiently close to our 19.5p and in a region where we'd hope for a bounce if some strength remains. Unfortunately, share prices sometimes almost insist on bonking against trend lines and currently, 'red' on the chart is a nuisance 19.5p!

This is where things risk getting seriously nasty. Should this share price actually manage to close below 'red', it opens the first chapter in a magical tale called Fantastic Bottoms and Where to Find Them.

Or, in plain English, it starts a cycle toward an initial 12.7p with secondary a hopefully trampoline level of 8p.

However, at this point in the game, it's probably worth keeping an eye open if any spike downward at the start of trading breaches 19.5p. We'd tend to look favourably on such a ploy.

Near-term, in the event of the share bettering 22.25p, we're able to calculate an initial expectation of 25p. While in the great scheme of things such a small movement is useless, if 25p is beaten, it sends the first signal of the price actually having experienced a bottom.

In such an instance, we're able to calculate a longer-term secondary at 31.75p and a need for us to update our projections.

For now, we hope it bounces. Soon.

21.875p +0.375p

Sirius Minerals set for the stars? This is what our chart guru says

Cautious investors might look for Sirius to break the 200-day moving average of 23.75p before jumping on board.

Sirius Minerals set for the stars? This is what our chart guru says
The charts are predicting a brighter future for Sirius investors.

Shares in Sirius Minerals PLC (LON:SXX) should move to “better levels” in the trading range, according to a well-followed technical analyst.

Zak Mir, in his regular slot for Proactive Investors, said he is expecting a spring back following a fundraising round that hit the price.

WATCH: The 'king of charts' in his own words

He is also hoping there won’t be any “sustained action” below 20p.

“There is an uptrend line there from the beginning of the year running through the twenty-one pence level,” he said.

“That at least appears to have temporarily halted the pullback from forty pence-plus that we’ve had since the summer. Ideally there won’t be any sustained price action back below twenty pence.”

Cautious investors might look for Sirius to break the 200-day moving average of 23.75p before jumping on board.

“If that breaks relatively soon we should see the shares back towards the better levels of the range,” said Mir.

Shore Capital on the fundamentals
Sirius owns a giant polyhalite fertiliser deposit in North Yorkshire and recently completed the first round of funding to build the mine.

In a recent note City broker Shore Capital provided some insight into the worth of the mine once the first phase of development is complete in 2018.

Analyst Yuen Low also doffed his cap to chief executive Chris Fraser and the team, who have sewn up just under £1bn of financing with investors agreeing to stump up £370mln of that.

“Sirius has attracted myriad detractors and doubting Thomases over the years, who have tried to find fault with the company and its paradigm-shifting North Yorkshire project from virtually any and all conceivable angles,” he said.

“For example, [the detractors said] the global market for polyhalite would be a few hundred thousand tonnes at best, that permitting would be impossible, that the Stage 1 funding requirement was too large to be successfully raised.”

“To its credit, Sirius has made its critics eat humble pie at every step of the way thus far, systematically proving false their claims (which in our view range from simply unresearched to maliciously poisonous).”

Worth £7.4bn?
Anyway, having moved the project into development, its net present value is now £7.4bn, according Low.

This equates to 129-166p a share fully diluted on the Shore analyst’s base case assumptions.

The risked NPV, which factors in all the potential hurdles between now and 2018, comes in at a more modest 65-82.5p a share. That lower figure is still roughly three-times the current share price.

As ramps go, not bad. However, development costs highly likely to exceed current estimates.

Results of open Offer

Sirius Minerals Plc (the "Company") announced on 2 November 2016 the details of a proposed Firm Placing and Placing and Open Offer to raise gross proceeds of £370 million (approximately £352 million, net of expenses), in connection with its Stage 1 financing requirements to begin the construction of its North Yorkshire polyhalite project. On 3 November 2016, it announced the results of the Firm Placing and the Placing.

Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's announcement of 2 November 2016.

The Open Offer closed for acceptances at 11.00 am on 23 November 2016 in accordance with its terms and was modestly oversubscribed. The Company therefore announces that it has received valid acceptances under the Open Offer in respect of 185,089,529 Open Offer Shares representing 100 per cent of the Open Offer Shares available pursuant to the Open Offer.

Chris Fraser, Managing Director and Chief Executive Officer, said:

"I would like to thank our shareholders for their continuing support and playing their part in this important moment in the Company's history. It has always been our intention to make this provision available and it's good to see so many existing shareholders taking part."

The Firm Placing and Placing and Open Offer are conditional on (i) the Resolutions being passed at the General Meeting and (ii) the Placing and Open Offer Agreement otherwise becoming unconditional in all respects and not having been terminated in accordance with its terms prior to Admission. The conditions contained in the Placing and Open Offer Agreement include, inter alia, (i) the Royalty Financing Agreement (which comprises a US$250 million royalty purchase amount and a US$50 million equity subscription) not having been terminated prior to Admission, (ii) the subscription agreement in connection with the Convertible Bond Offering having been entered into and not having been terminated prior to Admission, and (iii) Admission becoming effective by not later than 8.00 am on 29 November 2016 (or such later time and/or date as the Company and the Joint Bookrunners may agree).

An application will be made to the London Stock Exchange for the New Ordinary Shares issued in connection with the Firm Placing and Placing and Open Offer to be admitted to trading on AIM. It is expected that Admission will become effective, and that dealings in the New Ordinary Shares will commence on AIM, at 8.00 am on 28 November 2016.

New Ordinary Shares issued under the Firm Placing and Placing and Open Offer in uncertificated form are expected to be credited to CREST accounts on 28 November 2016, and definitive share certificates for the New Ordinary Shares issued under the Firm Placing and Placing and Open Offer in certificated form are expected to be dispatched within five Business Days of Admission.

The Enlarged Share Capital of the Company following Admission will be 4,164,514,405 Ordinary Shares in aggregate. This figure may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Sirius Minerals Plc under the FCA's Disclosure Guidance and Transparency Rules.

A General Meeting is to be held today at 11.00 am for the purpose of passing certain Resolutions in relation to the proposed Firm Placing and Placing and Open Offer, the Convertible Bond Offering and the Royalty Financing Ordinary Shares. The results of the General Meeting will be announced later today.

This announcement is released by Sirius Minerals Plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the Firm Placing and Placing and Open Offer and the Stage 1 Financing described above, and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Tristan Pottas, Investor Relations Manager.

Results of General Meeting

Admission of New Ordinary Shares

Liberum Capital today reaffirms its buy investment rating on Sirius Minerals PLC (LON:SXX) and set its price target at 60p

An increase of 10p.

Yes, but no guidance when the sp will get to 60p. Lets hope it is within our lifetime!!!

I'll have a word with Santa! :o)

Well according to post #757 'Serious worries on Sirius Minerals chart? ', 19.5p has been breached, which is not a good sign.

The listed trades suggest a lot more buying than selling! Surely something is amiss.

sold @ 37p will buy back in @ 12p to many ords in circulation to be worth any more. BB

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