For a few hours it appeared as whether JP Morgan,HSBC and Standard Bank might end up with meaningful stakes in the companyThe banks who underwrote a life-saving rights issue in Lonmin, the beleaguered platinum miner, or contain managed to offload most of the shares they were left with as part of the group’s $407m (£268m) fundraising deal.
Lonmin announced on Friday that almost 30% of the shares issued at only 1p in the issue remained unsold by the deadline. Because the deal was underwritten by JP Morgan,HSBC and Standard Bank, the beleaguered miner was always going to get its much-needed funds and for a few hours it appeared as whether the banks themselves might end up with meaningful stakes in the company.[br]Continue reading...
Source: theguardian.com