Pike River Coal Ltd said it has successfully placed $10 million worth of shares with institutions as part of previously announced plans to raise $50 million.

The company today amended the timetable for the capital raising it detailed yesterday, which also consists of a $40 million renounce able pro-rata rights issue.

The placement, which has closed fully subscribed, settles on April 23 when the new shares will be issued.

Chinese company Haier will take a 20% cornerstone shareholding in Fisher & Paykel Appliances products as part of a dramatic restructure announced today.

After posting an annual loss of $95.2 million, F&P Appliances confirmed Chinese company Haier will take a 20% stake worth up to $82.2 million and announced plans for a $143 million rights issue from investors.

The equity raising, flagged in a shock trading update in February, is hoped to reduce debt by approximately $306 million.