Stillwater Announces That Its Majority Stockholder Has Exited

Stillwater Mining  (NYSE:SWC) announced that two separate secondary offerings by its majority stockholder, Norimet Limited a wholly-owned subsidiary of Russian nickel producer, MMC Norilsk Nickel, has closed.

The press release is quoted as saying:

In total, Norimet has sold its entire 49.8 million share interest in Stillwater. The sale of 46.0 million shares of Stillwater common stock closed today, of which 37.0 million shares were sold to the public at a public offering price of $19.50 per share. Also in connection with this offering, today the underwriters exercised their over-allotment option in full to purchase an additional 3.8 million shares. Norimet sold the remaining 9.0 million shares to UBS Securities LLC in connection with the closing of a previously announced public offering by UBS AG of Mandatorily Exchangeable Notes due 2012. Upon the closing of the over-allotment option later this week, Norimet will no longer own any shares of Stillwater’s common stock. Stillwater Mining Company is not receiving proceeds from either of the offerings by Norimet.

To access the full release, click here.