| Mon 15 Oct 2007, 9:42 | | LAF - Lonrho Plc - Lonrho increases equity stake i |
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LAF
LOLAF
LAF - Lonrho Plc - Lonrho increases equity stake in Container Shipping Company
sails 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 or the `Company`)
LONRHO INCREASES EQUITY STAKE IN CONTAINER SHIPPING COMPANY SAILS TO 51%
Lonrho (AIM: LONR), the conglomerate with a structured portfolio of African
investments, is pleased to announce that it has acquired a further 6% of SA
Liners Limited ( "SAILS" ) for US$500,000, taking Lonrho`s holding in SA Liners
to 51% of the company.
This increase reflects the Board of Lonrho`s strategy that Lonrho should,
whenever possible, maintain a majority shareholding and Board control of all
group companies.
Lonrho acquired 45% of SAILS and Board control in July 2007 for an investment of
US$ 6 million. Since Lonrho`s investment, SAIL`s operations have expanded and
the fleet has grown from two to five vessels in service, which will be increased
to seven vessels by early December.
Lonrho increased its shareholding in SAILS under the terms of a convertible
working capital facility that had been put in place.
David Lenigas, Lonrho`s Executive Chairman commented:
"SAILS is a core Lonrho business with significant potential. Strong demand from
customers has led to the recent increase in vessels in service and we also
expect there to be further expansion of the SAILS fleet next year.
"Lonrho`s increased equity in SAILS is another example of the Company`s
objective to hold a majority stake in each of its subsidiaries."
ENQUIRIES
Lonrho Plc +44 (0)20 7016 5105
David Lenigas, Executive Chairman +44 (0)7881 825 378
Geoffrey White, Chief Executive Officer +44 (0)7717 307 308
Emma Priestley, Executive Director +44 (0)7867 785 177
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
- Luba Freeport - www.lubafreeport.com
- Fly540 - www.fly540.com
- Norse Air - www.norseair.co.za
- Swissta Holdings - www.swissta.com
- SA Independent Liner Services
- Bytes and Pieces
- Celsys Limited - www.celsys.co.zw
15th October 2007
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 15/10/2007 09:42:01 Produced by the JSE SENS Department.
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