Thread by @EdClowes

Never seen this much security for a shareholder meeting.

Fair to say that emotions are running high ahead of a vote this morning to decide the fate of Sirius Minerals.

Some background:

Sirius shareholders wobble ahead of crunch vote on Anglo American takeover telegraph.co.uk/business/2020/…

Interesting mix of people here. Lots of individuals investors who’ve taken the day off to come to the meeting, and some guys in suits looking uncomfortable.

Shareholder now accusing the board of being a “disgrace” and asking why the CEO and CFO haven’t been fired for incompetence.

Already getting quite heated.

CEO Chris Fraser tells the shareholder to “stick to the facts”.

Shareholder responds: “You too Mr Fraser.”

I can see why they have chairman Russell Scrimshaw holding this meeting.

When Chris Fraser gets on the mic he’s a lot more punchy, telling this shareholder he doesn’t really know what he’s talking about.

“You are stupid, in my opinion,” says Gavin Palmer, from ShareSoc, a shareholder interest group.

Palmer has held the floor for about 15 minutes now, waxing lyrical on the company’s accounts.

Fraser accuses Palmer of having an suspicious agenda, and being on his high horse.

“What have you raised in your career?” Fraser fires back at Palmer.

Disdain dripping from every word.

“You need to be removed,” Palmer says as his parting shot.

Round of applause ripples around the room.

A new shareholder, whose name I didn’t catch, is now appealing to the board to try and convince Anglo to up their offer, from £405m to about a £1bn.

Seems a little bit late in the day for that.

“Is there anyway we can go back to Anglo and get more value for the shareholders?”

Round of applause.

Quite a bit of commotion in the hall outside the meeting. Shouting.

Back to the meeting.

Fraser says that no higher offer is coming from Anglo American.

“We’ve failed, and we’re incredibly sorry for the outcome. But this offer is the only way forward.”

CEO confirms that if vote fails today, Anglo could still buy Sirius from administrators when it collapses (likely before the end of this month, according to chairman).

“There’s no point hypothesizing about vain hopes of what might happen. This is the offer on the table today. If shareholders vote against this, the most likely outcome is that Sirius collapses,” says Fraser.

“I will not be voting for this deal,” declares a shareholder.

Big round of applause - but are the people who’ve come to London today for this meeting representative of the entire shareholder base?

Sirius and Anglo are betting that they aren’t, and silent majority want a deal.

Chris Fraser concedes that the offer from Anglo isn’t a great price, but it’s the only price they’ve got.

“It would be even harder for us to raise money now given the coronavirus situation,” he says.

A man is now talking incomprehensibly about Priti Patel.

I will say this: the meeting so far has been pretty orderly with reasonably well informed questions.

It has gone completely off the rails in the last five minutes with this particular shareholder.

“Close the company for 12 months and then start again” he is repeatedly shouting, despite no longer having a microphone.

Ah yes, the old frozen computer trick applied to a collapsing mining company.

Finally the man has sat down, promising to deliver a letter to the company’s board.

A new, elderly shareholder has just discovered Anglo American is a UK-headquartered company.

“Well, that’s one complaint I don’t have about this deal anymore.”

Being shafted by a foreign company would just be too much for this chap. Fortunately, this one’s a good old British shafting.

More desperate questions about why Anglo won’t come back with a better offer.

Fraser repeating the same points over and over: This isn’t a great offer. It is the only offer. We don’t think Anglo will revise its offer if the deal fails. Why would they?

“We all invested for different reasons, but we all had a dream. Some of us wanted to feed the world, others wanted to back a great British success story,” says one shareholder.

That might be the first time I’ve heard someone say they invested in a stock to “feed the world.”

“I’m finding it hard to let go,” he continues. “I am emotionally attached to this stock. I don’t want the dream to end.”

This is like a breakup. I wasn’t prepared for this kind of emotional labour.

“It’s a horrible, shitty situation. But it is what it is.”

The shareholder concludes by asking if Anglo has been playing the long game, waiting for Sirius to run out of money.

Fraser says seeing the passion of shareholders is the greatest success of his career.

He adds that not raising the money is the biggest failure of his career.

“Shit happens,” responds the jolly shareholder.

Oh dear. Priti Patel man is back on the mic saying he’s going to the Sunday Times with his “letter”.

Gutted he hasn’t chosen the Telegraph for that bombshell.

He’s talking about eating Cadbury’s chocolate, somehow linking it to British Steel, and ending with an inaudible question.

“Remember my name. Ernest Redgrave. Thanks for putting up with me.”

*pauses*

“More than my wife does.”

🚨 Vote coming up now (result to come later)🚨

First vote done. Second vote imminent.

Chairman Russell Scrimshaw confirms they will try to announce the result at some point today.

🚨 Voting closes 🚨

Next update will be with the result later on today @Telegraph. Thanks for following along.

Breaking: Sirius shareholders have voted to approve the deal. Results are in.