..............gibt es bei der die Altaktionäre in die Röhre gucken?
Möglich wäre auch eine weitere Verwässerung :-(((
Hier einige Meinungen aus HC
http://www.hotcopper.com.au/...fid=1&tid=883957&msgid=4911564
I'm not sure if it is an equity issue.
The company has enough money to last a while and the SP is currently blatantly undervalued, so why do an equity issue now, especially considering a) how bullish the SP has been of late and b) the long term outlook for REE's.
Surely the announcement of some sort of financial support from the Malaysian government or something would give the SP a boost in the short to medium term, and this can open the door for some equity raising in the future
I am tipping Malaysin govt assistance in some form + either large malaysian investment or loan. Let's hope it is the loan so no dilution.
Yep, let's hope so.
I can handle some dilution but we need 200m USD to complete funding and current market cap is under 200m AUD, so I don't see what partial equity raising is going do.
This may only be a small loan to cover them whilst they arrange full finance.
Maybe this article, albeit a few months old, provides a clue as to where LYC is heading re 'additional financing'. The article gives me some good degree of confidence that the news will be good - heres hoping.
19-02-2009: 19-02-2009: Lynas to tap US$200m locally for Gebeng project
by Siow Chen Ming
Email us your feedback at fd@bizedge.com
KUALA LUMPUR: Lynas Corp Ltd, an Australia-based lanthanide producer, seeks local banks? participation to raise US$200 million (RM730 million) in funding to help finance its RM1.2 billion lanthanide processing plant project in Gebeng, Pahang.
?We want to realign our funding structure for the project with long term interest, especially with local banks? participation,? said Nicholas Curtis, executive chairman of Lynas at a lunch briefing yesterday.
Lynas, listed on the Australian Stock Exchange and has a current market value of A$91 million (RM213 million), suspended the construction of the processing plant in Gebeng a week ago, after a group of bondholders, including hedge funds, pulled out from a US$95 million subordinated debt issue meant to finance the project.
Main Board-listed Hexagon Holdings Bhd has a RM53 million contract from Lynas to construct certain components of the Gebeng plant. The contract has been suspended temporarily.
?The suspension of the Gebeng project is due to the disruption in the global capital market, not a function of the viability of the project, which remains intact,? said Curtis.
He explained that the funding for the Gebeng project is divided into three stages. The first part involves the equity financing by Lynas of US$100 million, followed by the US$95 million subordinated debt issue and a US$120 million senior loan provided by Germany?s second largest bank HypoVereinsbank (HVB).
?We have put in the equity funding of US$100 million. At this stage, we are supposed to draw from the US$95 million subordinated debt to continue the project, but this is where we are facing the problem now. Nevertheless, this does not affect the US$120 million senior loan from HypoVereinsbank,? said Curtis.
?The fact that HypoVereinsbank is still with us is a strong testament to the project?s viability,? he added.
Lynas is in the midst of negotiating with local as well as foreign banks to collaborate with HypoVereinsbank to raise about US$200 million, to replace the subordinated debt and the senior loan. Curtis believes banks will come in due to the high margin of lanthanide of over 100% and its growing demand.
The current cost of lanthanide is US$5 per kg, while the selling price is US$10 per kg or more, according to Curtis. Lanthanide is mainly used for the production of lightweight and high power magnet for use in electric motors. The material is also used for the production of batteries especially for hybrid vehicles, LCD TVs and so on.
On the financing of the Gebeng plant, Curtis said negotiations with banks are expected to be finalised within six months, after which the project will resume and take another ten months to complete.
On why Lynas is seeking financing from local banks, Curtis said the Malaysian banking system has remained intact despite the global credit squeeze and it has ample liquidity.
The initial production capacity of the Gebeng plant is targeted at 10,500 tonnes per year upon its completion. The capacity will increase to 21,000 tonnes per year by 2011, making the Gebeng plant the single largest production site in the world for lanthanide.
Hence, based on the selling price of US$10 per kg, the Gebeng plant could potentially generate US$210 million in annual revenue if it runs at full capacity.
Lynas sources its lanthanide from Australia, where it has a mining operation that ensures steady source of supply.
True, but the company does have enough money for the next ~12 months, and would that sort of announcement get a trading halt? The standby equity facility didn't get a trading halt last year, so it leads me to believe it is substancial news.
Any chance of it being re-nogiation of terms with senior loan facility and/or some of the bond holders?
I agee Sheyrab - looks extremely promising particularly given the consistent rise in the SP over the last few months.
Time will tell
Dont worry about the bondholders getting another look in
Will be Malaysian funding
Sellers are thinning out at the low end. Buyers getting on board. **fingers crossed** -----------
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