Shareholders in platinum miner Lonmin have voted in favour of a 817m-dollar rights issue to repair its balance sheet.
Investors representing 77.7% of the issued share capital voted, with 91.1% in favour and 8.9% against.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The nine-for-five rights issue of up to 365.5m shares at a UK issue price of 140p per new share will raise about $777m net.
The proceeds from the rights issue will be used to permanently reduce the company's available US dollar-denominated borrowing facilities from $700m to $400m and partially pay down outstanding amounts on its remaining facilities.
-
73% of savers plan to rely on partner’s pension in retirementA new survey suggests the majority of people may lack financial independence in retirement, with almost three-quarters set to rely on their partner’s pension
-
How much you need to follow the 25x retirement rule – will you have enough to be financially independent?We explain what the 25x retirement rule is and the amount you would need to be financially independent in retirement.
