Lonmin unveils $457m rights issue
Lonmin Plc, the world's third largest platinum producer, has unveiled a $457m rights issue on Monday in order to bolster its balance sheet after it reported a first-half loss and scrapped its dividend.
Lonmin PLC, a producer of platinum-group metals, Tuesday urged shareholders to vote for a rights issue to reduce its debt, saying the company may otherwise be unable to comply with its financial covenants and adding that failure to proceed would leave the company in a vulnerable position in talks with its banking group.