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.
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.
-
Jared Isaacman: SpaceX astronaut and Trump's pick for NASAJared Isaacman is a close ally of Elon Musk and the first non-professional astronaut to walk in space. Now, he is in charge of NASA
-
Three solid British stocks going cheapOpinion Ian Lance and Nick Purves, fund managers at Temple Bar Investment Trust, highlight three British stocks with strong cash flows and robust balance sheets
