LONDON (Alliance News) - Struggling platinum miner Lonmin PLC Friday said members of its board took up their rights entitlement in full resulting from the allotment and issue of new shares following the company's rights issue and the subsequent share consolidation.
In December Lonmin completed its one-for-100 share consolidation after a heavily discounted and costly rights issue almost doubled its share capital. Lonmin completed a 46-for-one rights issue which was heavily discounted at only 1.0 pence per share, 94% less than Lonmin's closing price the day before the rights issue was announced.
The rights issue saw a disappointing take-up, with only 70% of the shares available being purchased by shareholders. However, it was fully underwritten.
Chief Executive Officer Ben Magara acquired 2.5 million shares, taking his shareholding to 25,213 after the share consolidation.
Chief Financial Officer Simon Scott acquired 2.4 million shares, and now holds 24,056 shares after the consolidation.
Chairman Brian Beamish acquired 1.4 million shares, and now holds 14,100 shares after the consolidation.
The company also said a group of non-executives also acquired shares. Ben Moolman acquired 840,512 shares, Len Konar 653,200 shares, Jonathan Leslie 670,496 shares, and Jim Sutcliffe 768,246 shares. They now hold 8,588 shares, 6,674 shares, 6,851 shares, and 7,849 shares respectively after the consolidation.
The mining stock was down 7.3% at 60.75p Friday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
Copyright 2016 Alliance News Limited. All Rights Reserved.
