- ASX 200-lister Lynas Corporation (LYC) has completed the $114 million retail component of its one-for-7.7 non-renounceable entitlement offer
- Now, Lynas has raised a total of $425 million from the retail and institutional components of the offer and from a recent placement
- The placement and institutional component of the offer was completed last month and raised a combined total of $311 million
- Lynas plans to use the money to fund its planned Kalgoorlie Rare Earth Processing Facility and complete upgrades at the Lynas Malaysia Plant
- Company shares have dropped a slight 0.21 per cent to trade for $2.39
Lynas Corporation (LYC) has completed the retail component of its one-for-7.7 pro-rata accelerated non-renounceable entitlement offer.
The retail entitlement offer closed on September 7 and raised roughly $114 million at $2.30 per new share.
Now, including the institutional placement and institutional component of the entitlement offer, Lynas has raised a total of $425 million.
The placement detailed the issue of approximately 92 million new fully paid ordinary shares to new and existing investors to raise up to $211.6 million. The institutional entitlement offer included the issue of 44 million shares to raise approximately $100 million.
The placement and institutional component of the offer was completed last month.
When the $311 million was raised, the ASX 200-lister claimed it would use the money from the placement and the entitlement offers to fund its planned Kalgoorlie Rare Earth Processing Facility and complete upgrades at the Lynas Malaysia Plant.
The retail entitlement offer received a total of 7697 applications for approximately 22 million shares totalling $50 million. This represents a 44 per cent take-up rate by eligible shareholders.
Additionally, applications totalling $10 million were accepted which increased the total take-up to around $60 million.
The shortfall of roughly 23 million new shares that weren’t taken up will be allocated to sub-underwriters of the retail entitlement offer.
Around 49 million new shares will be allocated on Monday, September 14 are expected to trade normally on the ASX on the following day.
Company shares have dropped a slight 0.21 per cent to trade for $2.39 at 1:47 pm AEST.