Hastings listens to overseas shareholders

PRESSURE from overseas shareholders has prompted rare earths contender Hastings Technology Metals change a A$12 million capital raising from a share purchase plan to a $12.2 million non-renounceable rights issue.

Hastings listens to overseas shareholders Hastings listens to overseas shareholders Hastings listens to overseas shareholders Hastings listens to overseas shareholders Hastings listens to overseas shareholders

Only Hastings shareholders who were Australian residents were eligible for the previous share purchase plan.

Hastings says its overseas shareholder base increased by 55% in 2017.

The new capital raising plan is fully underwritten and priced at 31c per share, the same price pegged for the earlier mooted SPP.

The fund raising comes in a year Hastings needs to find $335 million to get its Yangibana project in Western Australia into production.

Hastings said it is exploring “specific and innovative approaches to securing funding for the capex”.

Yangibana has an initial operating life of eight years provides net present value of $466 million, an interna...