JOHANNESBURG (miningweekly.com) – Delivering the beleaguered platinum miner a market lifeline, the Public Investment Corporation of South Africa has taken up the unsold shares offered under Lonmin’s Friday rights issue, leaving the pension fund a 29.99% shareholder in the company.
Dual-listed Lonmin’s shares were trading lower on the JSE and LSE on Friday morning, after it announced that its $407-million rights issue had been undersubscribed.
The platinum miner had received valid acceptances in respect of 19.15-billion new shares, representing 70.93% of the total number of new shares offered to qualifying shareholders pursuant to the rights issue announced by the company on November 9.
“The Lonmin board and management thank all shareholders and appreciate the valuable additional support from the PIC and all the other existing and new international shareholders. That support now allows Lonmin to focus on the delivery of its strategy and business plan,” the group said on Monday.