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Lonmin PLC Announces USD817 million Rights Issue


Friday, 9 Nov 2012 02:00am EST 

Lonmin PLC announced an underwritten Rights Issue to raise gross proceeds of approximately USD817million. The Rights Issue will result in the issue of up to 365,503,264 New Shares (representing up to 64.3 per cent. of the enlarged issued share capital of Lonmin) at a price of 140 pence per New Share, in respect of Qualifying Shareholders (other than Qualifying South African Shareholders) or, in the case of Qualifying South African Shareholders, ZAR 19.4872 per New Share, payable in full on acceptance. The Rights Issue will be on the basis of nine New Shares for every five Existing Shares. The net proceeds of the Rights Issue will be used to reduce indebtedness and substantially strengthen the Company's overall financial position at a time of weak margins in the platinum mining industry. 

Company Quote

3088.0
-112.0 -3.50%
6:42am EDT