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LAF
LOLAF
LAF - Lonrho Africa Plc - Specialised Zimbabwe Focused Investment Vehicle
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho Africa" or "the Company")
SPECIALISED ZIMBABWE FOCUSED INVESTMENT VEHICLE
Lonrho Plc ("Lonrho"), the African conglomerate with a diverse portfolio of
investments ranging from infrastructure, transportation, support services and
natural resources, announces today that it intends to create a specialist UK
listed investment company named LonZim ("LonZim" or the "Company") whose
principal focus will be to acquire a portfolio of commercial property projects
and investments in assets and companies in Zimbabwe which have significant
opportunity for future growth.
It is intended that LonZim, with Lonrho`s brokers Collins Stewart, will seek to
raise a minimum of GBP50 million. Lonrho will manage and hold a sizeable stake
in the Company
Lonrho`s management team and consultants offer an in-depth understanding of
business and investment in Africa, including Zimbabwe. The team brings
significant experience in brokering deals in difficult parts of the continent
with a successful track record.
The Company will adhere to all laws applying to foreign investment in Zimbabwe,
at both international and national levels.
David Lenigas, Lonrho`s Executive Chairman and Chief Executive, commented:
"Whilst there are clearly risks associated with investing in Zimbabwe, I believe
that the opportunities for economic growth in the country are enormous and the
intended establishment of LonZim offers Lonrho shareholders an opportunity to
participate in this. However, the risk exposure for Lonrho shareholders is
minimized by the nature of the investment through a separate listed vehicle.
"It is intended that LonZim will invest 80% in commercial property opportunities
but will also look to identify Zimbabwean assets and companies with the
potential to grow rapidly with the benefit of investment and international
management expertise. Lonrho has the people in place to offer support and advice
to LonZim and the projects it invests in.
"Lonrho believes that there is a significant opportunity in the Zimbabwean
market, which has suffered from severe underinvestment. This potentially offers
significant upside. Lonrho is committed to investing in Africa to develop
infrastructure and projects that support the growth of African business. As such
I believe that cautious and well informed investment in Zimbabwe will serve
these purposes and offer returns not only to Lonrho and Lonzim shareholders but
also Zimbabwean business and the Zimbabwean economy.
"I strongly believe that the best way to encourage economic growth within a
country and nurture the development of a strong infrastructure and business
culture is through private, foreign direct investment and this vehicle fits with
that principle."
4 June 2007
For further information, please contact:
Lonrho Plc +44 (0) 20 7016 5105
David Lenigas, Chief Executive +44 (0)7881 825 378
Emma Priestley, Executive Director +44 (0)7867 785 177
Pelham PR
Charles Vivian +44 (0) 20 7743 6672
+44 (0) 7977 297 903
Alisdair Haythornthwaite +44 (0) 20 7743 6676
+44 (0) 771 472 1379
Collins Stewart Europe
Paul Compton +44 (0) 20 7523 8000
Simon Atkinson +44 (0) 20 7523 8000
Ellen Francis +44 (0) 20 7523 8000
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 04/06/2007 15:27:00 Produced by the JSE SENS Department.
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