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Article: APAC SHAREHOLDERS APPROVE PURCHASE OF MOUNT GIBSON IRON SHARES.
- Article from:
- AsiaPulse News
- Article date:
- December 29, 2008
CopyrightCOPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PERTH, Dec 29 Asia Pulse - Mount Gibson Iron Ltd's (ASX:MGX) largest shareholder, Chinese resources investment house APAC, has been given the nod to buy new shares in the ailing iron ore miner under a rights issue that is part of a $A162.5 million ($US111.56 million) rescue package.
The bail-out became necessary in October after several of Mount Gibson's steel mill customers defaulted on sales agreements, leaving it cash strapped.
APAC shareholders have approved the company subscribing for 32.8 million shares in Mount Gibson under a rights issue that it is underwriting.
APAC has also been given the green light to subscribe for up to a total of ...