Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Dublin 4, Ireland, Sep 30, 2010 (Thomson Reuters ONE via COMTEX) -- Allied Irish Banks, p.l.c. ("AIB") [NYSE: AIB] is making this announcement following a review of its capital requirements by the Irish Financial Regulator (the "Financial Regulator"). The Financial Regulator has updated its assessment of AIB's capital requirement and has increased the amount of equity capital required under the Prudential Capital Assessment Review ("PCAR") from EUR7.4 billion to EUR10.4 billion. The increased PCAR requirement for AIB has been set following an assessment by the Financial Regulator of AIB's potential losses on NAMA loans. This PCAR capital requirement is to be met as follows: EUR billion - equity capital raising 5.4 - disposals and other capital generating measures 5.0 Total 10.4 Equity Capital Raising 2010 A EUR5.4 billion equity capital raising will be launched during November which will be completed before 31 December 2010. This equity capital raising will be fully underwritten by the National Pensions Reserve Fund Commission ("NPRFC") at a fixed price of EUR0.50 per new ordinary share, which represents a discount of approximately 9.4 per cent to the official closing price of an ordinary share on the Irish Stock Exchange on 29 September 2010. The capital raising will be structured as a placing and open offer and existing shareholders will be invited to subscribe for all or part of their pro rata entitlements. New institutional shareholders may also be permitted to subscribe for new shares under the offer. If necessary, the NPRFC's underwriting commitment will be met through a new cash contribution of up to EUR3.7 billion for new ordinary shares from existing cash resources of the NPRFC and by the conversion of up to EUR1.7 billion of the existing 2009 Preferences Shares held by the NPRFC. Following this conversion of 2009 Preference Shares the NPRFC would hold EUR1.8 billion of 2009 Preference Shares. On completion of the equity capital raising it is possible that the NPRFC will own a significant majority stake in AIB. It is intended to structure the transaction in a manner which optimises the ability of AIB to retain its existing stock exchange listings, including appropriate structuring of voting rights, (subject to agreement with the relevant exchanges) even in circumstances where the NPRFC purchases all or substantially all of the underwritten new ordinary shares. The mechanics of implementation will be subject to discussion with relevant listing authorities. It is anticipated that the existing warrants issued to the NPRFC in 2009 will be repurchased on terms to be agreed. The terms of the capital raising are subject to the approval, inter alia, of the European Commission, AIB shareholders and other regulatory consents. A prospec