PIC backs Lonmin’s $400m rights issue

Fund to take up its entitlement in full in the proposed rights issue.

JOHANNESBURG – South Africa’s Public Investment Corporation, its state pension fund, supports Lonmin’s $400 million equity cash call, the platinum company said on Wednesday as it unveiled a survival plan that also included debt refinancing.

“The Public Investment Corporation (PIC) has indicated to the board its intention to take up its entitlement in full in the proposed rights issue,” Lonmin said.

The PIC is the third largest shareholder in the embattled platinum mining company, with a 7% stake. 

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