Lonrho Africa Plc - Lonrho completes investment in
LAF
LOLAF
Lonrho Africa Plc - Lonrho completes investment in Norse Air Limited
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; & ISIN number: GB0002568813)
("Lonrho Africa" or "the Company")
Lonrho completes investment in Norse Air Limited
Lonrho is pleased to announce that it has completed the acquisition of 43
per cent of the issued ordinary share capital of Norse Air Limited ("Norse
Air" or "the Company") for a total cash consideration of US$6 million.
Approval from the South African Reserve Bank and the Company"s bankers has
been received.
Norse Air is a well-established private aviation business based in
Mauritius and South Africa whose activities include Charter, Freight,
Leasing, Sales and Maintenance services. Its operations extend across the
African Continent to Afghanistan and Singapore.
The Company has long-standing relationships with Governmental and Non-
Governmental Organisations, as well as international businesses. It has
successfully operated aircraft for the United Nations, the World Food
Programme, the International Red Cross and other Non-Governmental
Organisations, often under hostile environmental conditions.
David Lenigas, Joint Executive Chairman and Chief Executive of Lonrho,
commented:
"There is increasing demand for reliable cargo and passenger air travel
within Africa and to other global destinations. Lonrho"s investment will
facilitate Norse Air"s geographic expansion of both its Charter and Leasing
operations and will fund the acquisition of additional aircraft, resources
and infrastructure facilities. We are delighted to have this opportunity to
invest in Norse Air, a company with a proven operating and financial track
record."
16 November 2006
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 16/11/2006 09:01:22 AM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
