Mount Kellett are at face value lenders to Lynas, but in reality investors in the co. once the conversion takes place.
Currently we have circa 1.7b shares with 80-85% held by the top 20 or fewer shareholders. At $1.25 Mount Kellett would end up with 180m shares (to be added to the 1.7b) Assuming the 30 day VWAP is 75c then they would be paying 90c per share and thus hold 250m shares in Lynas, so about 12.5% of the co.
