Sibanye-Stillwater tapped shareholders again to raise capital this week, in the event that it becomes embroiled in a labour standoff at its platinum mines, as workers belonging to trade union Association of Mineworkers and Construction Union (Amcu) enter their fifth month of strike at its gold operations. While the bookbuild was well supported, Sibanye’s shares sank 19% on the day of the cash call. Business Day asked CEO Neal Froneman how he viewed the market’s response. Investors would not participate if they thought that there were balance sheet issues. I think what you’re seeing after a capital raise, especially when a significant proportion are hedge funds, you’re actually seeing some of those shares wash out into the market as they take short and long positions, that’s almost to be expected. So the fall didn’t dismay you? Not at all. We issued 5% of our share capital so you would expect the price to go down. I think in a week or two … we’ll be back to normal. In terms of … the ...

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