AIRLINK 198.95 Increased By ▲ 0.98 (0.5%)
BOP 9.92 Decreased By ▼ -0.12 (-1.2%)
CNERGY 7.51 Increased By ▲ 0.22 (3.02%)
FCCL 38.90 Increased By ▲ 2.90 (8.06%)
FFL 16.79 Decreased By ▼ -0.12 (-0.71%)
FLYNG 27.54 Increased By ▲ 2.50 (9.98%)
HUBC 135.02 Increased By ▲ 0.99 (0.74%)
HUMNL 14.23 Increased By ▲ 0.09 (0.64%)
KEL 4.79 Increased By ▲ 0.01 (0.21%)
KOSM 6.73 Decreased By ▼ -0.21 (-3.03%)
MLCF 46.28 Increased By ▲ 1.30 (2.89%)
OGDC 216.70 Decreased By ▼ -1.53 (-0.7%)
PACE 6.96 Increased By ▲ 0.02 (0.29%)
PAEL 40.95 Decreased By ▼ -0.47 (-1.13%)
PIAHCLA 16.94 Increased By ▲ 0.08 (0.47%)
PIBTL 8.48 Increased By ▲ 0.02 (0.24%)
POWER 9.76 Increased By ▲ 0.37 (3.94%)
PPL 183.60 Decreased By ▼ -2.33 (-1.25%)
PRL 42.40 Increased By ▲ 1.13 (2.74%)
PTC 25.00 Increased By ▲ 0.23 (0.93%)
SEARL 104.20 Decreased By ▼ -0.45 (-0.43%)
SILK 1.01 No Change ▼ 0.00 (0%)
SSGC 40.44 Decreased By ▼ -0.47 (-1.15%)
SYM 17.84 Decreased By ▼ -0.21 (-1.16%)
TELE 8.91 No Change ▼ 0.00 (0%)
TPLP 13.02 Increased By ▲ 0.18 (1.4%)
TRG 65.90 Decreased By ▼ -0.70 (-1.05%)
WAVESAPP 11.30 No Change ▼ 0.00 (0%)
WTL 1.76 Decreased By ▼ -0.02 (-1.12%)
YOUW 3.98 Decreased By ▼ -0.02 (-0.5%)
AIRLINK 198.95 Increased By ▲ 0.98 (0.5%)
BOP 9.92 Decreased By ▼ -0.12 (-1.2%)
CNERGY 7.51 Increased By ▲ 0.22 (3.02%)
FCCL 38.90 Increased By ▲ 2.90 (8.06%)
FFL 16.79 Decreased By ▼ -0.12 (-0.71%)
FLYNG 27.54 Increased By ▲ 2.50 (9.98%)
HUBC 135.02 Increased By ▲ 0.99 (0.74%)
HUMNL 14.23 Increased By ▲ 0.09 (0.64%)
KEL 4.79 Increased By ▲ 0.01 (0.21%)
KOSM 6.73 Decreased By ▼ -0.21 (-3.03%)
MLCF 46.28 Increased By ▲ 1.30 (2.89%)
OGDC 216.70 Decreased By ▼ -1.53 (-0.7%)
PACE 6.96 Increased By ▲ 0.02 (0.29%)
PAEL 40.95 Decreased By ▼ -0.47 (-1.13%)
PIAHCLA 16.94 Increased By ▲ 0.08 (0.47%)
PIBTL 8.48 Increased By ▲ 0.02 (0.24%)
POWER 9.76 Increased By ▲ 0.37 (3.94%)
PPL 183.60 Decreased By ▼ -2.33 (-1.25%)
PRL 42.40 Increased By ▲ 1.13 (2.74%)
PTC 25.00 Increased By ▲ 0.23 (0.93%)
SEARL 104.20 Decreased By ▼ -0.45 (-0.43%)
SILK 1.01 No Change ▼ 0.00 (0%)
SSGC 40.44 Decreased By ▼ -0.47 (-1.15%)
SYM 17.84 Decreased By ▼ -0.21 (-1.16%)
TELE 8.91 No Change ▼ 0.00 (0%)
TPLP 13.02 Increased By ▲ 0.18 (1.4%)
TRG 65.90 Decreased By ▼ -0.70 (-1.05%)
WAVESAPP 11.30 No Change ▼ 0.00 (0%)
WTL 1.76 Decreased By ▼ -0.02 (-1.12%)
YOUW 3.98 Decreased By ▼ -0.02 (-0.5%)
BR100 12,116 Increased By 6.1 (0.05%)
BR30 36,730 Increased By 132.1 (0.36%)
KSE100 114,966 Decreased By -76.7 (-0.07%)
KSE30 36,134 Decreased By -65.4 (-0.18%)

imageJOHANNESBURG: Platinum producer Lonmin on Monday priced its $407 million rights issue at a 94 percent discount as the firm fights for survival in the face of depressed commodity prices.

Lonmin said it would sell 27 billion shares at 1.00 pence each to its shareholders, compared to the stock's last trading price of 16.25 pence on the London Stock Exchange on Friday.

The company had flagged that the equity cash call would be issued at a "significant discount", underscoring a 90 percent tumble in its stock price this year.

Battered by strikes, rising costs and weak platinum prices, Lonmin said last month it planned to raise the money and another $370 million in bank loans to refinance debt due in May 2016.

Lonmin has urged shareholders to approve the equity cash call at a meeting on Nov. 19, saying the injection was crucial to its survival.

Greenhill advised Lonmin on the rights issue.

Copyright Reuters, 2015

Comments

Comments are closed.