StockMarketWire.com - Sirius Minerals said it had not been able to find a potential anchor investor to help it develop its flagship fertilizer project in Yorkshire, meaning the company may collapse if shareholders didn't accept a takeover bid from Anglo American.

Anglo American last month agreed to acquire Sirius Minerals for £405m, or 5.5p per share, but the company had still been exploring a potential, though optimistic, 'alternative proposal'.

The alternative involved raising $680m to cover initial work on the project, before raising another $2.5bn to reach production capacity of 10m tonnes per annum of fertilizer.

'The board confirms that the company has not been able to secure an institutional anchor investor willing to provide sufficient support,' Sirius Minerals said.

The company reiterated that if the Anglo American bid was rejected by shareholders, there was a 'high probability' the company would go into administration or liquidation.

Sirius Minerals said it was therefore recommending its shareholders accept the Anglo American bid at a meeting scheduled for 3 March.



At 1:25pm: [LON:SXX] Sirius Minerals PLC share price was -0.14p at 5.26p



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