Lonrho Africa Plc
("Lonrho" or "the Company")
15 January 2003
Court ruling
As referred to in note 3 of the Company`s Interim Report for the six months
ended 31 March 2002, The Law Debenture Trust Corporation p.l.c., the trustee of
the John Holt Pension Scheme (of which Lonrho Africa Trade & Finance Limited
("LATF"), a wholly owned subsidiary of the Company, is the principal employer)
was advised by legal counsel to seek the direction of the court over the correct
interpretation of the trustee`s powers under the Trust Deed.
In the judgement the court found that the trustee`s powers were not subject to
any specific restrictions but had to be exercised by the trustee in a fiduciary
manner for all parties.
Therefore the interests of LATF must be considered by the trustee in arriving at
its decision as to how to reduce the existing statutory surplus in the scheme.
In these circumstances LATF will discuss with the trustee the manner in which
this matter can be resolved.
END
Date: 15/01/2003 03:28:03 PM Produced by the JSE SENS Department
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