Northam Platinum Investors Dilute Holdings as Strike Persists
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Holders of more than half of Northam Platinum Ltd.’s shares opted not to take up stock offered to them by the company as a strike over pay at its sole operating asset entered a sixth week.
Shareholders owning 44 percent of the Johannesburg-based company’s stock took up their rights as Northam raised 600 million rand ($58 million) at 40 rand per share, it said in a statement today. Coronation Asset Management Pty Ltd. agreed in September to subscribe for shares not taken up by other holders in the so called clawback offer.