Lynas Corporation has shown some fancy footwork in trying to shore up its balance sheet, opting for a $30 million share purchase plan and a $10 million placement.
Broker Patersons Securities has underwritten the $30 million SPP and was seeking sub-underwriters on Thursday morning.
According to a termsheet sent to fund managers, the SPP would be put to Lynas’s 38,500 existing shareholders and priced at a 17.5 per cent discount to the five-day average price leading into May 26.
It would be followed by a $10 million top-up placement at the same price, the broker said. Funds would be put towards working capital and to pay for the raising.
Patersons was calling for bids by 10am Perth-time (12 noon AEDT) on Friday.
Lynas shares are also in a trading halt until Friday.
$40 million spp and placement?, page-2
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