Lonrho Africa - Response to East African Holdings Limited announcement
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
(`Lonrho Africa` or `the Company`)
RESPONSE TO EAST AFRICAN HOLDINGS LIMITED ANNOUNCEMENT
The Directors of Lonrho Africa have noted yesterday`s announcement by East
African Holdings Limited (`EAH`) that it is considering making a partial offer
in cash for 60 per cent. of the Company`s issued share capital.
The possible partial offer is subject to certain pre-conditions, including EAH
receiving irrevocable commitments to accept the partial offer in respect of at
least 30 per cent. of the issued share capital from Lonrho`s shareholders. In
accordance with Rule 36.5 of The City Code on Takeovers and Mergers (`City
Code`), as the possible partial offer, if made, would result in EAH carrying 30
per cent. or more of the voting rights of Lonrho Africa it would normally be
conditional on both the specific number of acceptances being received and also
on the approval of Lonrho shareholders holding over 50 per cent. of the voting
rights of Lonrho Africa, not held by EAH and persons acting in concert with it.
The Board of Lonrho Africa will seek clarification with regard to EAH`s
proposal. As stated in EAH`s announcement, there can be no certainty that any
partial offer will be forthcoming. Further announcements will be made as and
when appropriate.
DEALING DISCLOSURE REQUIREMENTS
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acceptances or lapses or is otherwise withdrawn.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.
ENQUIRIES:
Simon Raggett
Strand Partners Limited 020 7409 3494
Strand Partners Limited (`Strand Partners`), which is authorised and regulated
in the United Kingdom by the Financial Services Authority, is acting exclusively
for Lonrho Africa in relation to any possible partial offer and is not advising
any other person, and accordingly will not be responsible to any person other
than Lonrho Africa for providing the protections afforded to customers of Strand
Partners or for providing advice in relation to any possible partial offer.
5 July 2005
Sponsor
Java Capital (Pty) Limited
Date: 06/07/2005 09:13:02 AM
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