LONRHO AFRICA PLC - DISPOSAL
18 June 2002
LONRHO AFRICA PLC
Disposal of Angolan Motor Operations
Lonrho Africa Plc ("Lonrho Africa") announces that it has completed the
disposal of Lonrho Motors Angola Limited ("LMA") for a cash consideration of
US$3.85 million.
LMA is the holding company for Lonrho Africa`s motor operations in Angola,
which produced a pre-tax loss of GBP200,000 in the year to 30 September
2001. At that date, the net asset value of the Angolan motor operations was
approximately GBP2.57 million. The proceeds of the sale will be used to
reduce Lonrho Africa`s net debt, which amounted to GBP5.7 million at 30
September 2001.
The disposal of LMA has no effect on Lonrho Africa`s earnings per ordinary
share for the year ended 30 September 2001 of (12.6) pence and attributable
net asset value per ordinary share as at 30 September 2001 of 21.6 pence.
ENDS
FOR FURTHER INFORMATION PLEASE CONTACT:
John Garnett Chief Financial Officer Tel: 0151 243 5300
Nadja Vetter Cardew & Co. Tel: 020 7930 0777
Date: 18/06/2002 08:26:00 AM Produced by the SENS Department
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