The boss of Sirius Minerals PLC (LON:SXX) has criticised online shareholder forums and called on regulators to investigate and potentially shut down the sites.
Chris Fraser, chief executive of the troubled North Yorkshire potash mine developer, said in an interview with The Sunday Times that the forums, where shareholders can post comments on their investments, were a “disgrace” and that it was concerning that “unregulated, unlicensed” individuals were able to give out investment advice online.
READ: Sirius Minerals aims to finish strategic review by end of October[hhmc]
“Go and speak to a professional, otherwise it is gambling”, Fraser said, adding that the Financial Conduct Authority (FCA) should be investigating forums such as London South East and ADVFN, two of the most popular shareholder bulletin boards on the web.
Sirius, which has around 85,000 retail investors owning close to half its shares, has seen the stock lose around 60% of its value since mid-September after plans for a US$500mln bond issue were scrapped amid market uncertainty, with the URead More – Source
