| Wed 5 Sep 2007, 14:56 | | LAF - Lonrho Plc - Lonrho increases equity stake i |
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LAF
LOLAF
LAF - Lonrho Plc - Lonrho increases equity stake in Norse Air to 51%
Lonrho Plc
(Formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho Plc" or "the Company")
LONRHO INCREASES EQUITY STAKE IN NORSE AIR TO 51%
Lonrho (AIM: LONR), the conglomerate with a diverse portfolio of African
investments, is pleased to announce that it has acquired a further 8% of Norse
Air Limited. This brings Lonrho`s holding in Norse Air to 51% of the company.
This move is in consideration of the Lonrho Board`s agreed mandate that Lonrho
should, whenever possible, maintain equity and Board control of all subsidiary
companies.
Lonrho had a convertible loan in place secured with the 8% option and, following
a review of the business, opted to convert the outstanding loan and increase its
equity participation.
David Lenigas, Lonrho Chairman and CEO commented:
"Lonrho`s increased equity in Norse Air is another example of the Company`s
objective to hold a majority stake in each of its subsidiaries. Lonrho is
developing businesses across Africa within infrastructure, transport and related
sectors that have strong potential for growth. Norse Air, like other Lonrho
subsidiaries benefits from our experience of Africa, Lonrho`s ability to
transact larger deals and our ability to provide access to funds for expansion."
ENQUIRIES
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
Nare Diamonds Limited
Charles Mostert +61 407196129
+27 722869288
Pelham PR
Charles Vivian +44 (0) 20 7743 6672
+44 (0) 7977 297903
Alisdair Haythornthwaite +44 (0) 20 7743 6676
+44 (0) 7714 721379
Collins Stewart Europe
Hugh Field +44 (0) 20 7523 8350
Jonny Sloan
NOTES TO EDITORS
About LONRHO:
Lonrho Plc is an expanding conglomerate that is rapidly growing a successful
business throughout Africa. The Company is listed on the London AIM stock
exchange (LONR). Lonrho is strategically focused on the development of business
opportunities in infrastructure, transportation, support services and natural
resources. The Company has over 20,000 shareholders and substantial
institutional backing to support its mandate to build a profitable business that
plays a fundamental role in the development of the African economy.
Since 2006, the Company has invested in or acquired control of:
Hotel Cardoso - www.hotelcardoso.co.mz (retained)
Nare Diamonds - www.narediamonds.com
Brinkley Mining - www.brinkley-mining.com
Luba Freeport - www.lubafreeport.com
Fly540 - www.fly540.com
Norse Air - www.norseair.co.za
Swissta Holdings - www.swissta.com
Countermine - www.countermine.com
SA Independent Liner Services
About NORSE AIR:
Norse Air is a well-established private aviation business whose activities
include Charter and Freight Services, Leasing, Sales and Maintenance. Its
operations are based primarily in Mauritius and South Africa and also extend to
Afghanistan, Ivory Coast, Ghana, Madagascar, Mali, Mozambique and Singapore. The
Company has long-standing relationships with Governmental and Non-Governmental
Organisations, as well as international businesses. It has successfully operated
aircraft for the United Nations, the World Food Programme, the International Red
Cross and other Non-Governmental Organisations, often under hostile
environmental conditions.
5 September 2007
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 05/09/2007 14:56:01 Produced by the JSE SENS Department.
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