JOHANNESBURG, Dec 11 (Reuters) - Beleagured platinumproducer Lonmin said on Friday its deeply discounted$400 million share issue was undersubscribed with about 71percent taken up.
The company, which is seeking cash to stay afloat, said ithad received acceptances for 19 billion new shares as of Dec. 10out of 27 billion shares it is selling to shareholders at 1pence each.
The rights issue was underwritten by HSBC, J.P. MorganCazenove and Standard Bank. Lonmin said they now need to findsubscribers for the balance of nearly 8 billion new shares by nolater than Dec. 14. (Reporting by Olivia Kumwenda-Mtambo; editing by David Clarke)