The equity raise would follow Andrew Forrest’s Wyloo Metals lending $150 million to Hastings via secured, redeemable, exchangeable notes on August 26. At the time, Wyloo’s investment represented about 34 per cent of the $435 million market capitalisation that Hastings. (Shares have rallied strongly since and Hastings was up to $550 million market capitalisation before the halt).
Hastings used Wyloo’s investment to buy a 22 per cent stake in Toronto Stock Exchange listed Neo Performance Materials, which makes permanent magnets and owns the only operating commercial rare earth separation facility in Europe.
The Neo investment was to take Hastings from just an upstream miner of rare earths to a vertically integrated play with downstream processing.
Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years’ experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at [email protected]
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at [email protected]
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