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Lonrho Africa - Announcement released by East African Holdings Limited, in the
United Kingdom on 4 July 2005
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
(`Lonrho Africa` or `the Company`)
ANNOUNCEMENT RELEASED BY EAST AFRICAN HOLDINGS LIMITED, IN THE UNITED KINGDOM ON
4 JULY 2005
EAST AFRICAN HOLDINGS LIMITED
(`EAH` or the `Company`)
EAH announces that it is considering making a partial offer in cash for 60 per
cent. of the issued share capital of Lonrho Africa plc (`Lonrho`). This partial
offer is subject to receiving irrevocable commitments to accept the partial
offer of at least 30 per cent. of the issued share capital from shareholders of
Lonrho. This pre-condition will not be waived.
If a partial offer is made it is anticipated that it will be at a price at or
around 14.5 pence per ordinary share, which represents a premium of 16 per cent.
over the closing share price of 12.5 pence on 1 July 2005.
EAH intends to approach the board of Lonrho to request additional information.
The partial offer will be conditional on satisfactory due diligence. This pre-
condition will not be waived.
However deliberations are at an early stage and there can be no certainty that a
partial offer will be made or the other terms upon which it may be made. For the
avoidance of doubt this announcement does not amount to a firm intention to make
an offer and there can be no certainty that an offer will be made.
SUMMARY OF RULE 8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (AS REQUIRED BY RULE
2.4(A) OF THE CITY CODE)
Under the provisions of Rule 8.3 of the City Code, any person who, alone or
acting together with any other person(s) pursuant to an agreement or
understanding (whether formal or informal) to acquire or control relevant
securities of EAH or Lonrho, owns or controls, or becomes the owner or
controller, directly or indirectly, of one per cent. or more of any class of
securities of EAH or Lonrho is required to disclose, by not later than 12.00
noon (London time) on the London business day following the date of the relevant
transaction, dealings in such securities of that company (or in any option in
respect of, or derivative referenced to, any such securities) during the period
to the date on which the offer becomes or is declared unconditional as to
acceptances or lapses or is otherwise withdrawn.
Under the provisions of Rule 8.1 of the City Code, all dealings in relevant
securities of EAH or Lonrho by EAH or Lonrho, or by any of their respective
`associates` (within the meaning of the City Code) must also be disclosed.
If you are in any doubt as to the application of Rule 8 to you, please contact
an independent financial adviser authorised under the Financial Services and
Markets Act 2000, consult the Panel`s website at www.thetakeoverpanel.org.uk or
contact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013.`
4 July 2005
South African sponsor to Lonrho Africa Plc
Java Capital (Pty) Limited
Date: 06/07/2005 09:12:04 AM
Produced by the JSE SENS Department
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