Kenmare places 120m shares to fund expansion
Kenmare, a FTSE 250 miner, has successfully completed the placing of 120m new shares at Stg32p each, representing around five per cent of the ordinary capital of the company.
Kenmare, a FTSE 250 miner, has successfully completed the placing of 120m new shares at Stg32p each, representing around five per cent of the ordinary capital of the company.
The placing has raised £38.4m before expenses, which will be used, together with cash flow from operations, primarily to ensure that the Phase II Expansion is completed on schedule. Up to $30m of the placing proceeds is expected to be applied to meet the expansion costs.
Remaining proceeds will be retained as contingency funding or be used to finance initial payments associated with the procurement of a new upgraded dredge, and to continue to progress the preliminary initiatives relating to the Phase III Expansion.
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 share price fell 2.55% to 33.95p by 08:30.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Landlords ordered to make rental properties more energy efficient by 2030
The government has said rental properties must have a minimum EPC rating of C by 2030. We explain how much it will cost landlords to upgrade their buy-to-let portfolio
By Marc Shoffman Published
-
Primark owner Associated British Foods is an overlooked gem going cheap — should you buy shares?
Associated British Foods, the owner of Primark, is a family-owned business, which means it is passed over by the increasingly popular passive investment funds. That spells opportunity for private investors, says Jamie Ward.
By Jamie Ward Published