US Investor Group Taps Glencore in Bid for Sherritt
The funded plan would give eligible shareholders rights to buy new stock at C$0.12 a share and leave the consortium with at least 55% ownership.
- On Monday, a consortium led by Glencore Ltd., Kyma Capital, Trifon Natsis, and a U.S. anchor investor submitted a recapitalization proposal to Sherritt International Corporation, offering new equity at C$0.12 per share.
- Sherritt requires significant new capital to restart its Fort Saskatchewan refinery and Moa joint venture, which were paused earlier this year due to fuel shortages and U.S. sanctions on Cuba.
- The fully-funded plan grants the consortium at least 55 per cent stake in the company, with U.S. regulatory authorities confirming they do not object to the group engaging in negotiations.
- Last Friday, an ad hoc group of noteholders disclosed the proposal's terms, calling on the board to compare this offer against a competing recapitalization plan from Gillon Capital.
- Kyma Capital, Sherritt's largest shareholder, is separately seeking to remove chairman Peter Hancock and other directors, arguing the company needs new leadership to resolve ongoing financial uncertainty.
15 Articles
15 Articles
Amid sanctions against Cuba, investor group provides potential lifeline to Toronto-based Sherritt
A consortium including an unnamed U.S. anchor investor, Kyma Capital Ltd., Trifon Natsis and Glencore Ltd. say they submitted a non-binding recapitalization proposal to Sherritt International Corp. after U.S. sanctions against Cuba hampered the Canadian mining company.
US investor group taps Glencore in bid for Sherritt
A U.S. investor group that includes Glencore (LSE: GLEN) is offering to recapitalize Sherritt International (TSX: S) and acquire control of the beleaguered miner whose survival is in doubt following... The post US investor group taps Glencore in bid for Sherritt appeared first on The Northern Miner.
Sherritt received a recapitalization proposal from a consortium supported by Glencore, which aims to assume a controlling stake of 55% in the mining company in difficulty. The consortium's public offer, composed of a prominent US anchor investor, the Glencore mining company, the activist manager Kyma Capital and the investor Trifon Natsis, would give the group a minimum controlling share of 55% in Sherrittt. Exclusive material for subscribers. T…
Glencore Consortium Offers Rival Bid for Troubled Canadian Miner
A consortium including Glencore Plc proposed a rescue deal for troubled Canadian miner Sherritt International Corp., offering a potential alternative to an earlier plan from an ally of US President Donald Trump.
A group of investors offered a possible lifeline to Sherritt International, while the US sanctions against Cuba had undermined the Canadian mining company.
PR Newswire
NewswireUNITED STATES CONSORTIUM CONFIRMS FULLY-FUNDED RECAPITALIZATION PROPOSAL FOR SHERRITT INTERNATIONAL AT C$0.12 PER SHARE -- WITH PARTICIPATION RIGHTS FOR ELIGIBLE EXISTING SHAREHOLDERS
/PRNewswire/ -- The United States Consortium (the "Consortium") — now comprising a prominent United States anchor investor ("US anchor"), Kyma Capital Limited...
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