Brief: Lonmin says subsidiary WPL to lend about $22 mln to Incwala

Eastern Platinum

18/09/2014 14:35

Sept 18 (Reuters) - Lonmin Plc  LMI.L :  
    * Western Platinum Limited, a subsidiary of company, has 
today entered into certain commitments with Incwala Platinum 
(Proprietary) Limited ("Incwala") 
    * WPL will advance a non-interest bearing loan to Incwala, 
and commits to make a further such loan in March 2015 
    * WPL will advance sum of 242 million rand (circa $22 
million at current exchange rates) to Incwala on or before 30 
September 2014 
    * Loans will be repaid over time by relevant subsidiary of 
Lonmin withholding sums that would otherwise be payable to 
incwala by way of dividend 
    * Loans will enable Incwala to meet covenants and other 
obligations 
 
Source text for Eikon:  ID:nRSR0586Sa  
Further company coverage:  LMI.L  
 
 ((Bangalore Newsroom; +91 806 749 1130)) 
 
Keywords: LONMIN/BRIEF