Shareholders approve Cape Lambert’s IPO of Q Copper * CITY...

Shareholders approve Cape Lambert’s IPO of Q Copper

* CITY BEAT: Michael Bennet
* From: The Australian
* January 25, 2010 1:41PM

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CAPE Lambert shareholders approved the disposal of the Lady Annie copper mine via the delayed initial public offering of Q Copper, at a general meeting in Perth today.

The float was set to be the biggest resources IPO of 2009 before it hit the skids in December after about 25 per cent of investors brought into the IPO by Cape Lambert failed to meet their settlement obligations.

The IPO was revised to raise a maximum of $174.5 million from the original $214m, with Cape Lambert to receive $137.5m, down from $169m.

A proposed 10 cent dividend to shareholders post-listing of Q Copper is unaffected, as is Cape Lamberts 15 per cent stake in the new miner.

The British institutions that failed to stump up their obligations were believed to have been brought in by a UK broker acting for Cape Lambert.

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Lead manager Patersons said in December that its 75 per cent of the float came in over-subscribed.

We hear shareholders today also cleared the way for Cape Lambert to increase its stake in the Marampa iron ore project in Sierra Leone to 100 per cent from 35 per cent.

The Q Copper IPO, which closes on February 3, has been priced at $1 and is not underwritten.

Q Copper is expected to list on February 15.

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