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.