Strike-battered Sibanye-Stillwater’s share price slumped as much as 18.8% on Wednesday, bigger than any daily fall on record, after it raised R1.7bn in a share placement on Tuesday that analysts said may indicate a further need to tap capital markets. Sibanye raised the money, slightly less than expected, in an oversubscribed share placement in which it sold new equity at a discount to Tuesday’s closing price of about 9%. Shareholders never like to be diluted through equity issues, especially at low equity price levels, said Hurbey Geldenhuys, head of research at Vunani Securities, adding that risks facing the company could lead to larger and cheaper rights offer later in 2019. Sibanye is clearly worried about its ability to manage its debt obligations in the near term, but the amount raised will not move them significantly into the black, Geldenhuys said. The miner had planned to raise R1.8bn in a share placement to position itself for platinum-sector wage talks and to restructure ...

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