[miningmx.com] – MORE than half of Northam Platinum’s shareholders opted not to take up a rights offer, said Bloomberg News citing an announcement by the platinum company to the Johannesburg Stock Exchange.
This was in terms of a R600m rights offer for 15 million shares at R40/share which some 44% of shareholders accepted. Northam was able to raise the full R600m as Coronation Asset Management had already paid Northam the cash on the premise that it would buy up any shortfall.
Northam Platinum is currently suffering the effects of a strike over wages by members of the National Union of Mineworkers at the firm’s only operating asset, the Zondereinde mine. The strike is now more than a month old with no end in sight.
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