Sirius minerals is an interesting business but somewhat like thomas cook is close to insolvency.
Their Stock Market code is SXX and Sirius Minerals Plc is fully listed and even with their bombed out share price is still valued at over £200m.
Basically they are building a large mine in the North east of england to exploit Polyhydride a type of fertiliser it is however heavily dependent on raising debt to build the mine as so far it has no sales at all.
This has left it very exposed to the bond market, their main fundraising round has collapsed leaving the group in a position whereby it is close to insolvency with between 3 and 6 months of cash only left.
The problem from current shareholders points of view is that probably financing will be arranged by one means or another, with for example the Qataris coming in, but that will likely dilute very significantly the existing shareholds.
Long term however it is a very interesting position and if funding can be secured there may be an opportunity to get in when the bottom is really reached.
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