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SWC Announces Secondary Offering

By Market News Video Staff, Monday, November 29, 11:33 AM ET
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Stillwater Mining Company (NYSE:SWC) shares are falling today after it announced a secondary offering a total of nearly 45 million shares of common stock by majority shareholder Norimet Limited.

If the offering is successful, Norimetís ownership of Stillwater will be less than 10%, or reduced to zero if the underwriters purchase additional shares to cover over-allotments.

Stillwater is the only U.S. producer of palladium and platinum.

Shares are trading down 6% Monday.

Stillwater is among the top ten holdings in the SPDR S&P Metals & Mining ETF (AMEX:XME), at 4.31% of the portfolio.

Top stock Massey Energy (MEE) us 5.23% of the fund, followed by Hecla Mining (NYSE:HL), at 5.09%, Walter Energy (NYSE:WLT), at 4.64%, and Patriot Coal (PCX), at 4.62%.


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This Article's Word Cloud:   AMEX   Average   Coal   Definition   Definitions   ETFs   Energy   Exchange   Fund   Hecla   Jones   Market   Metals   Mining   NYSE   Norimet   SPDR   Stillwater   Traded   Walter   allotments   among   announced   common   cover   down   followed   holdings   less   majority   million   offering   only   over   ownership   palladium   platinum   portfolio   producer   purchase   reduced   secondary   shares   stock   today   total   trading   underwriters   will   zero
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