Funding Raised Through Singapore Investment Company
The financing has been arranged through Ellington Investments Ltd, a subsidiary of Singapore-based Temasek Holdings. Temasek controls a portfolio of US$119 billion and has office in Asia and Latin America.
The placement will close at the end of April after which Ellington is to buy 9.25 million subscription receipts at $54.0049 each. The receipts can either be exchanged on a one-for-one basis for shares of Inmet, or about 14 per cent of its outstanding common stock.
Ellington has the option to nominate one member to Inmet's board of directors, as long as its or its affiliates own at least five per cent of Inmet.
Ellington has also agreed to hold its Inmet shares for at least a year, subject to certain conditions and the investing group will have the opportunity to maintain their proportional stake in Inmet if it issues more stock.
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