| Wed 13 Oct 2010, 8:05 | | LAF - Lonrho Plc - Notice of General Meeting of shareholders to approve USD70 |
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LAF
LOLAF
LAF - Lonrho Plc - Notice of General Meeting of shareholders to approve USD70
million convertible bonds
LONRHO PLC
(Incorporated and registered in England and Wales)
(Registration number 2805337)
Share code: LAF; ISIN number: GB0002568813
("Lonrho" or "the Company")
Notice of General Meeting of shareholders to approve USD70 million convertible
bonds
Lonrho Plc is pleased to give notice of a General Meeting following the
successful completion of an offering (the "Offering") of USD70 million
Guaranteed Convertible Bonds due 2015 by the Company`s wholly-owned direct
subsidiary, LAH Jersey Limited (the "Bonds"), subject to shareholder approval.
The General Meeting of the Company will be held at 11.00 a.m. on Friday 29th
October 2010 for the purposes of considering the passing of the resolution to
give the directors the power on the exercise of conversion rights attaching to
the Bonds to settle those conversion rights by delivery of new ordinary shares
of 1p each in the Company in exchange for LAH Jersey preference shares arising
on the exercise of the conversion rights. A copy of the Shareholder Circular and
Notice of Meeting is available on the Company`s website: www.lonrho.com.
Operationally, the net proceeds of the USD70 million offering will be used to
allow the Company and its subsidiaries to repay certain existing indebtedness,
to fund general working capital and to accelerate growth in its operations.
David Lenigas, Lonrho`s Executive Chairman, commented:
"The primary use of funds will focus on developing additional processing
capabilities and working capital requirements to meet the growth projections for
the Agricultural division. Lonrho is well established as a fruit, vegetable and
fish processor and packer for the African, European and Middle Eastern retail
supermarkets.
The USA currently sources a fraction of its fresh produce from Southern Africa
and, following extensive trials, the level of interest from the USA supermarket
sector to source produce from Southern Africa appears to be substantial. Lonrho
is focused on developing this potentially key market and introducing more
Southern African lines into the USA.
The Company is seeing strong demand for its Southern African wild caught,
sustainable, fish product lines into this market and sees the general USA market
for fish, fruit and vegetables as an exciting and expansive new opportunity for
the Company."
Enquiries:
Lonrho Plc
David Lenigas, Chairman +44 (0)20 7016 5105
Geoffrey White, Chief Executive Officer +44 (0)20 7016 5105
David Armstrong, Finance Director +44 (0)20 7016 5105
Pelham Bell Pottinger
Charles Vivian +44 (0) 20 7861 3126
+44 (0) 7977 297903
James MacFarlane +44 (0) 20 7861 3864
+44 (0) 7841 672831
Beaumont Cornish Limited (Nomad)
Rosalind Hill Abrahams +44 (0) 20 7628 3396
Roland Cornish
Panmure Gordon (UK) Limited
Tim Linacre +44 (0) 20 7614 8388
Dominic Morley
South African Sponsor
Java Capital
12th October 2010
Date: 13/10/2010 08:05:02 Produced by the JSE SENS Department.
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