Published: 20 September 2013

Bindura Nickel Corporation shareholders have approved the conversion of some of the mining group's liabilities into equity in a move that will see the company placing shares translating to a 10% stake with selected creditors, a top company official said.

Shareholders at an annual general meeting in the capital yesterday agreed that 100 million ordinary shares of the company be converted to equity at a subscription price of 0.03 cents per share in lieu of amounts owed to creditors.

The company currently has 1.2 billion shares on offer. BNC chairperson Kalaa Mpinga told shareholders at the meeting the move would give the company flexibility in dealing with it.
- newsday

You might also want to read this

• BNC disposes majority stake
• BNC records $5.8m profit
• BNC repays quarter of $20m smelter bond
• Zim, Bots agree on Bi-National Commission
• BNC seeks $6 million for Trojan smelter
• Bindura Nickel Corporation seeks toll deals
• Nickel price slump worries BNC
• Low prices affect BNC's smelter restart plans
• Kalaa Mpinga resigns as Mwana CE
• $26m for BNC smelter