Lonmin chairman buys after cash-call

Lonmin chairman Roger Phillimore has raised his stake in the platinum miner on the same day the group announced a rights issue to raise $457m.

Phillimore bought 15,000 ordinary shares at an average price of £14.38 to raise his stake to 18,614 shares.

The firm said today it will issue just over 35m shares at 900p a time in a 2 for 9 rights issue. Net proceeds of the issue will be used to reduce its drawn borrowings under its existing credit facilities, which will remain available to be re-drawn, otherwise reduce its indebtedness, and/or be held as cash.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

It also announced an interim loss of $196m compared with a profit of $396m over the same period previously, as revenue slumped to $436m from $907m.

The results were affected by a sharp fall in platinum prices, which averaged $699 an ounce during the period, compared with $1,558 last year.

Top Director Buys

Value: £250,000

Value: £215,775

Value: £184,776

Value: $75,000

Value: £34,493

Value: £30,112

Value: $28,756

Value: £27,375

Value: £24,817

Value: £18,300

Top Director Sells

Value: £4,343,183

Value: £868,653

Value: £19,800