https://www.miningweekly.com

Northam raises R600m in equity through clawback deal

15th November 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

Font size: - +

Northam Platinum last week confirmed that it had raised R600-million in equity capital through the implementation of a renounceable clawback rights offer, which has been fully subscribed for by Coronation Asset Manage-ment.

The offer would make avail-able to shareholders 15-million new Northam ordinary shares at a subscription price of R40 per clawback share, in the ratio of 3.92 clawback shares for every 100 ordinary Northam shares held on November 15.

The clawback shares would be issued on December 9.

This followed an announcement by the platinum explorer in September that it would implement a restructured R1-billion funding programme to reinforce the group’s medium-term financial position.

The programme would comprise the R600-million claw-back equity capital raising and a new R400-million medium-term revolving credit facility, which would expire on March 31, 2015.

Besides depressed platinum-group metal basket prices, volatile exchange rates, rising costs and a complex industrial relations environment, Northam had been weighed down by excess capital costs at both its Zondereinde and Booysendal mines.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
Columbus Stainless
Columbus Stainless

Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.041 0.659s - 110pq - 2rq
Subscribe Now