Liontown taps UBS for equity raising as Albemarle walks
Lithium explorer Liontown Resources is expected to tap both debt and equity capital markets to fund its flagship Kathleen Valley project, after its NYSE-listed suitor Albemarle folded its cards on Monday morning.
Liontown Resources chairman Tim Goyder. Trevor Collens
Street Talk understands Liontown has brought in UBS to stitch together the equity raising. Fund managers were yet to receive terms.
Albemarle yanked its $3 a share bid on Monday morning citing deal “complexities”, a nod to Gina Rinehart’s 19.9 per cent stake built over the past month and a half.
Greenhills and law firm Allens are advising Liontown. JPMorgan, Barrenjoey and Corrs Chambers Westgarth were on the Albemarle side.
On September 11, the NYSE-listed giant finally won a look at the books with a $3 a share non-binding bid after months of radio silence between the two camps. It has previously been turned back at $2.50 in late March, $2.35 earlier that month and $2.20 a share in October last year.
It sought an extension to due diligence last week – which was widely understood to be a way to buy more time to find a way past Rinehart’s blocking stake.
More to come
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