|
LAF
LOLAF
LAF - Lonrho Plc - Lonrho completes acquisition of South African Seafood
Wholesaler fish on line
Lonrho Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF ISIN number: GB0002568813)
("Lonrho" or "the Company")
LONRHO COMPLETES ACQUISITION OF SOUTH AFRICAN SEAFOOD WHOLESALER FISH ON LINE
Lonrho is pleased to announce that it has completed a share purchase agreement
to acquire a 51% equity interest in seafood wholesaler Fish On Line (Pty)
Limited ("Fish On Line"). The existing management of Fish On Line will remain in
place to develop and grow the company and to add depth to the management
expertise available to Lonrho`s seafood division.
Fish On Line is based in Cape Town, South Africa, and operates bulk cold storage
and fish processing facilities. The company operates as a wholesaler of quality
seafood and imports and exports a wide range of seafood to and from global
markets. Products handled by Fish On Line include: Prawns, Salmon, Pangasius,
Hake and Kingklip.
In the 12 months ended 28 February 2011 Fish On Line reported turnover of ZAR
66.4 million (GBP5.9 million) and profit before tax of ZAR 1.7 million (GBP0.15
million). As at 28 February 2011 Fish On Line had gross assets of ZAR 24.4
million (GBP2.2 million).
The Company has acquired the 51% stake in Fish On Line for ZAR 3.5 million
(GBP320,000) in cash. Pursuant to the share purchase agreement, the sellers have
been granted a put option to sell their remaining 49% to Lonrho three years
after the signature date at a purchase price of a 6x multiple of Fish On Line`s
profit before tax for the 2014 financial year end, which is capped at a maximum
of ZAR 35.0 million.
David Lenigas, Lonrho`s Executive Chairman commented:
"The acquisition by Lonrho of Fish On Line strengthens Lonrho`s fish division
and provides Lonrho further access to and knowledge of the global wholesale fish
market. Fish On Line brings strong synergies with Lonrho`s current retail
focused activities in the sector both in the African and global markets."
Enquiries:
Lonrho Plc
Geoffrey White, Chief Executive +44 (0) 20 7016 5105
Pelham Bell Pottinger
James MacFarlane +44 (0) 20 7861 3232
15 June 2011
South African sponsor
Java Capital
Date: 15/06/2011 08:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
