The PIC wants Lonmin board seats and the JSE to be the miner’s main listing
London — The Public Investment Corporation (PIC) is planning to ask for two seats on the board of Lonmin by the end of 2017 and has suggested the platinum miner move its main listing to Johannesburg, its CEO said. Lonmin, 30% owned by the PIC and listed in London since 1961, has been hobbled by persistently low platinum prices, rising costs and strikes, forcing it to tap investors three times in the last eight years. The PIC, which manages $150bn of government employee pensions, raised its stake in Lonmin to 30% from 7% in 2015 after a rights issue was under-subscribed. "We are a 30% shareholder, so we can ask for at least two board seats. We will do it soon. It has become an urgent matter now," CEO Daniel Matjila told Reuters in an interview in London, adding: "They may put [in] conditions, like asking for more money. We are more concerned about leadership. The chairman and the board should understand the challenges the company is facing and the role of the board and the executive ...
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