16 Dec 2015 09:50
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Don't have an account? Click here to register.Lonmin paints bleak picture as it calls on shareholders to back takeover
Mon, 25th Mar 2019 13:23
(Sharecast News) - Lonmin issued a stark warning on Monday, telling investors it does not have the funds needed to sustain the business long-term, and urged them to back a takeover offer from rival miner Sibanye-Stillwater.Updating on trading ahead of the annual general meeting, the platinum specialist said it had returned to profitability in 2018. It also hailed a successful refinancing during the period.But the group, which is dual-listed in London and Johannesburg, warned that the first half of the current year had been weaker, with "poor production and correspondingly high unit costs" offsetting the benefits of improved prices for platinum group metals. The price of platinum has dropped around 45% over the last five years.It said: "We continue to be financially constrained and unable to fund the significant investment required to sustain our business and associated employment in the future."The challenges facing Lonmin and the industry persist. The company is a single asset producer in a single asset geography and remains exposed to inflationary cost pressures as well as volatility in pricing and exchange rates."This, together with our current year performance, continues to underscore the vulnerability of our business the importance of a sustainable long-term solution for the company. This is why your board recommends the all-share offer from Sibanye-Stillwater."South Africa's Sibanye-Stillwater made the £285m all-stock offer for Lonmin in December. Lonmin said the combination of the two businesses would create a "larger, more diversified and resilient company better able to withstand market volatility and business disruptions".However, the deal has been held up because of legal proceedings over industrial action at platinum mines operated by Sibanye-Stillwater.Shares in Lonmin perked up on the update, and were ahead 11% at 1400 GMT at 78.95p.
More News
14 Dec 2015 08:58
South Africa's PIC lifts stake in Lonmin to just under 30%
(ShareCast News) - The Public Investment Corporation of South Africa has upped its stake in beleaguered platinum miner Lonmin to 29.9% from 7% after it purchased shares in the company's heavily-discounted rights issue. "The Lonmin board and management thank all shareholders and appreciate the valuab
Read more14 Dec 2015 08:37
South Africa's PIC increases stake in platinum miner Lonmin
JOHANNESBURG, Dec 14 (Reuters) - South Africa's Public Investment Corporation (PIC) has increased its stake in platinum producer Lonmin to almost 30 percent after buying more shares via the company's rights issue. The PIC, which manages South African government employee retirement funds, no
Read more13 Dec 2015 19:42
Sunday newspaper round-up: Debenhams, Buy-to-Let boom, Lonmin
(ShareCast News) - Debenhams has watered down the targets its bosses need to hit to receive multimillion-pound paydays, saying the lower hurdles reflect "ongoing challenges in the UK retail sector". The struggling department store chain, whose chief executive resigned in October after a wave of shar
Read more11 Dec 2015 18:08
UPDATE 3-Lonmin shareholders shun crucial $400 mln rights issue
* Lonmin says 71 pct of shares on offer sold * Underwriters to find more buyers or take up shares * Shares fall more than 7 percent (Adds results of rump placing, analyst comment; updates shares) By Olivia Kumwenda-Mtambo JOHANNESBURG, Dec 11 (Reuters) - Platinum produce
Read more11 Dec 2015 09:44
Crucial Lonmin rights issue sees 71% take-up
(ShareCast News) - Beleaguered platinum miner Lonmin reported a 71% take-up of its heavily-discounted $407m (£269m) right issue. The company said on Friday that it had received acceptances in respect of 19bn new shares out of the 27bn it was selling. The shares were priced at 1p each, which is a 94
Read more11 Dec 2015 07:28
Lonmin says $400 million rights issue undersubscribed
JOHANNESBURG, Dec 11 (Reuters) - Beleagured platinum producer Lonmin said on Friday its deeply discounted $400 million share issue was undersubscribed with about 71 percent taken up. The company, which is seeking cash to stay afloat, said it had received acceptances for 19 billion new share
Read more10 Dec 2015 14:04
UPDATE 3-Glencore shares jump on debt reduction, spending cuts
* Targets net debt of $18 bln-$19 bln by end 2016 * Trading adjusted earnings seen at $2.5 bln in 2015 * Trading earnings seen at $2.4 bln to $2.7 bln in 2016 * Shares up 12 percent (Adds CEO, CFO comments, updates shares) By Olivia Kumwenda-Mtambo JOHANNESBURG, De
Read more19 Nov 2015 16:25
UPDATE 3-Lonmin shareholders approve crucial cut-price rights issue
* Lonmin seeks $400 million to survive low prices * Priced the rights issue at 1 pence a share * Majority of shareholders approve the share sale * Concerns over viability of business remain (Adds Old Mutual, Investec stakes) By Atul Prakash and Clara Denina LONDON,
Read more19 Nov 2015 10:56
RPT-Lonmin shareholders provisionally approve rights issue
(Repeats to attach to news alerts) LONDON, Nov 19 (Reuters) - Lonmin shareholders on Thursday provisionally approved the company's proposal to raise $407 million in a share issue. The final results of the votes will be announced later in the day, the company's Chairman Brian Beamish
Read more19 Nov 2015 10:50
Lonmin shareholders provisionally approve rights issue
LONDON, Nov 19 (Reuters) - Lonmin shareholders on Thursday provisionally approved the company's proposal to raise $407 million in a share issue. The final results of the votes will be announced later in the day, the company's Chairman Brian Beamish said after the shareholder meeting in Lo
Read more19 Nov 2015 07:00
RPT-Lonmin shareholders to vote on cut-price rescue rights issue
(Repeats earlier story. No change to text.) By Olivia Kumwenda-Mtambo JOHANNESBURG, Nov 19 (Reuters) - Lonmin shareholders will on Thursday decide whether to approve a deeply-discounted $407 million share issue, as the beleaguered platinum producer seeks cash to stay afloat. Bat
Read more