| Wed 12 Mar 2008, 13:00 | | LAF - Lonrho Plc - Update on Lonzim PLC |
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LAF
LOLAF
LAF - Lonrho Plc - Update on Lonzim PLC
Lonrho Plc
(Formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho Africa" or "the Company")
UPDATE ON LONZIM PLC
Lonrho Plc ("Lonrho" or "the Company") (AIM: LONR) the expanding conglomerate
with a structured portfolio of African investments is pleased to provide an
update on LonZim Plc ("LonZim").
LonZim (AIM: LZM) was admitted to trading on AIM on 11 December 2007 and was
established for the principal purpose of making investments in Zimbabwe and the
Beira corridor in Mozambique. Lonrho owns 20% of LonZim and provides management
services to LonZim.
Paynet Limited
LonZim announced on 5 March 2008 that it has signed an agreement to acquire a
100 per cent shareholding in Paynet Limited, which in turn is the beneficiary of
Lanuarna Trust Zimbabwe ("Lanuarna"). The consideration was US$3,187,000.
Included in the acquisition is the newly built, modern commercial property in
Harare from which Paynet Zimbabwe operates, valued at US$1,025,000
Based on the Zimbabwe Dollar monthly earnings for Lanuarna for 2007, converted
to US Dollar figures using the Old Mutual Implied Rate, the profit before tax
for 2007, after removing non-realised exchange rate losses and non-recurring
expenses, was US$569,000, giving a PBT multiple of 3.15.
Lanuarna wholly owns three operating companies in Zimbabwe - Paynet Zimbabwe,
Paywell and Autopay - and holds 100 per cent of the property holding company, Le
Har. It also has a 51 per cent stake in a joint venture company, Tradanet.
Blueberry International Services Limited
LonZim announced on 6 March 2008 that it has exercised its call option to
acquire the final 20 per cent of Blueberry International Services Limited
("Blueberry") for $1,362,500 from Coast2Coast Communications Investments (Pty)
Limited. This follows LonZim`s acquisition of an initial 80 per cent.
shareholding in Blueberry in January 2008.
Blueberry is an offshore company incorporated in the British Virgin Islands that
controls 60 per cent. of Celsys Limited ( "Celsys" ), a Zimbabwean publicly
listed company operating in the telecommunications and security printing sector;
Blueberry also owns 100 per cent. of Gardoserve (Private) Limited
("Gardoserve"), a Zimbabwean private industrial chemical manufacturer and
distributer trading under the "Millpal" brand.
Since LonZim`s acquisition of its initial 80 per cent stake in Blueberry,
Celsys`s share price has risen 325 per cent. in US$ terms, on the Harare Stock
Exchange.
Blueberry will change its name to LonZim Investments Limited.
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
James MacFarlane +44 (0) 20 7743 6375
+44 (0) 7841 672831
Collins Stewart Europe : NOMAD to
Lonrho
Hugh Field / Jonny Sloan +44 (0) 20 7523 8350
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
- Lonrho Mining - www.lonrhomining.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 - www.saliners.com
- Bytes and Pieces
- Kwikbuild - www.kwikbuild.co.za
12 March 2008
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 12/03/2008 13:00:40 Produced by the JSE SENS Department.
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