L1 Capital sell Hastings sharesHastings had launched a 9 for 20...

L1 Capital sell Hastings shares

Hastings had launched a 9 for 20 rights issue at A$0.36 plus a free option entitlement of 1 for 3 at exercise price A$0.50, the launch prospectus dating 27 March 2024.

According to the prospectus, cornerstone investor L1 Capital held 10,932,690 shares (8%) at the time of of the prospectus.

Post prospectus launch date L1 Capital sold 4,534,000 Hastings shares, reducing the balance to 6,398,690, plus/minus 4.7% before assignment of shares/options from the rights issue.

Hastings’ shares issued under the recent 9 for 20 rights issue at A$0.36 start trading on 1. May 2024 (working day in Australia), according to the original schedule.

Project financials

According to Hastings’ quarterly report, the capex increased to A$503 mio.

In the time-honored tradition of Hastings mathematical acrobatics, Lew has a fantasticnew financial model, under which he only needs to achieve US$10.63/kg for a 29% concentrate.

Even if 100% the 29% concentrate contents were NdPr (it is 12%) and there were zero deductibles, this price would not be possible.

The whole Hastings story would be mildly amusing, if it was not so sad, even tragic, that one person is wasting so many people’s time and money.

Will it be over soon?

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