Blumont to seek nod for new share issue mandate

BLUMONT Group intends to seek a new share issue mandate from its shareholders.

The group said yesterday that this would enable it to tap equity markets this year to repay loans under a recently secured US$30 million loan facility and to allow it to "capitalise on fund raising opportunities as and when they might occur".

Blumont had last month announced the US$30 million facility agreement with Wintercrest Advisors, a wholly owned unit of multi-strategy hedge fund Platinum Partners Value Arbitrage Fund.