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.
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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.
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