Lonrho Africa Plc - Disposal of Ol Pejeta Ranch
Lonrho Africa Plc
(`Lonrho Africa`)
Registration number: 2805337 UK
JSE Code: LAF
ISIN: GB00002568813
DISPOSAL OF OL PEJETA RANCH
Lonrho Africa announces that it has completed the disposal of the Group`s 100
percent interest in Ol Pejeta Ranching Netherlands Holdings BV (`OPRNBV`) for a
cash consideration of US$14.75 million (GBP8.2 million).
OPRNBV is the owner of Ol Pejeta Ranching Limited (`OPR`) in Kenya, which
includes Sweetwaters Tented Camp, which produced a pre-tax loss of GBP85,000 in
the year to 30 September 2003. At that date, the net asset value of OPR was
approximately GBP4.3 million. The proceeds of sale will be used to eliminate
Lonrho Africa`s prevailing net debt and create a cash surplus of approximately
GBP6 million.
The Board of Lonrho Africa continues to investigate opportunities to maximise
shareholder value, including a potential demerger of its wholly owned subsidiary
Lonrho Africa Trade & Finance Limited (`LATF`). LATF operates the defined
benefit John Holt Pension Scheme.
13 September 2004
Sponsor
HSBC Investment Services (Africa) (Pty) Limited
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