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LAF
LOLAF
LAF - Lonrho Africa Plc - Notice of extraordinary general meeting
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho Africa" or "the Company")
Notice of extraordinary General Meeting
Lonrho Africa has today posted a circular to its shareholders convening an
extraordinary general meeting of the Company ("EGM"). The purpose of the
EGM is to grant the Directors the authority to increase the authorised
share capital of the Company from GBP3,000,000 to GBP4,000,000 by the
creation of an additional 100,000,000 new ordinary shares of 1p each
representing approximately 45 per cent of the current issued share capital
of the Company, and to grant further authorities to the Directors to allot
equity securities and to disapply pre-emption rights.
After five years of pursuing a policy of disposing of assets to pay off
debt and return value to shareholders, the Company has spent 2006 investing
across the African continent with a focus on early- to mid-stage developing
projects in the infrastructure, natural resources and hotel and leisure
sectors.
The Board is continually reviewing financing options for the Company and,
at this stage, believes that in some cases working capital is best obtained
through the issue of equity rather than commercial bank debt. The
authorities being sought will enable the Board to take advantage of market
conditions, as and when they present themselves, to raise working capital
through the fresh issue of equity. The Board considers that it is in the
best interests of the Company and its shareholders generally that the
Company should have the flexibility conferred by such authorities.
This will enable Lonrho Africa to maintain a balance of funds for existing
and new investments in Africa, in particular with regard to Luba Freeport
which is being developed into a first class shipping hub servicing the
needs of the burgeoning oil industry in West Africa and the Hotel Cardoso
in Mozambique. The latter has recorded its best year`s trading for eight
years, due to higher levels of revenue, occupancy and average room rates
following an initial refurbishment programme. Further investment and
expansion will see the hotel flourish into one of the premier hotels and
conference centres in Mozambique.
The EGM will be held at the offices of Strand Partners Limited, 26 Mount
Row, London W1K 3SQ at 11 a.m. GMT on Friday 19 January 2007.
Pursuant to Rule 20 of the AIM Rules, a copy of the circular and notice of
EGM are available for inspection at the Company`s registered office:
J H Hughes
C/o DSG
Castle Chambers
43 Castle Street
Liverpool L2 9TL
27 December 2006
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Further information please contact:
Eden Mendel, Cardew Group M: 07887 676 603
Date: 27/12/2006 09:00:06 Produced by the JSE SENS Department.
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