Monday, 12 November 2012

Lynas shares drop 6% Monday after capital raising for M'sian plant

SYDNEY: Shares in Australia's Lynas Corp dropped 6.2 percent on Monday after the company said it raised A$150 million ($156 million) to help fund the start-up of its controversial Malaysian rare earths plant through a placement to institutional investors.
A further A$50 million will be sought from retail investors.
Shares in Lynas surged 12 percent on Thursday after a court lifted a suspension on its licence to operate the processing plant. The shares were suspended on Friday after it announced the capital raising.
The stock was down 5 percent at A$0.76 at 1110 GMT. ($1 = 0.9635 Australian dollars)

No comments:

Post a Comment

Get widget