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Announcing to the market the result of an unsecured $A6.3 million notes placement, Lakes said the majority of the issue had been taken up by Rinehart’s company, Hancock.
Roughly $4.25 million of the issue went to a wholly owned subsidiary of Hancock, representing an 18.6% diluted interest.
As part of the placement, Hancock director Ian Plimer will join the Lakes board as a non-executive director, effective immediately.
It is expected that another Hancock nominee will be appointed as a non-executive director.
