5th Jul 2005 17:36
Lonrho Africa PLC05 July 2005 For immediate release 5 July 2005 Lonrho Africa Plc ("Lonrho Africa" or "the Company") The Directors of Lonrho Africa have noted yesterday's announcement by EastAfrican Holdings Limited ("EAH") that it is considering making a partial offerin cash for 60 per cent. of the Company's issued share capital. The possible partial offer is subject to certain pre-conditions, including EAHreceiving irrevocable commitments to accept the partial offer in respect of atleast 30 per cent. of the issued share capital from Lonrho's shareholders. Inaccordance with Rule 36.5 of The City Code on Takeovers and Mergers ("CityCode"), as the possible partial offer, if made, would result in EAH carrying 30per cent. or more of the voting rights of Lonrho Africa it would normally beconditional on both the specific number of acceptances being received and alsoon the approval of Lonrho shareholders holding over 50 per cent. of the votingrights 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'sproposal. As stated in EAH's announcement, there can be no certainty that anypartial offer will be forthcoming. Further announcements will be made as andwhen appropriate. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code, any person who, alone oracting together with any other person(s) pursuant to an agreement orunderstanding (whether formal or informal) to acquire or control relevantsecurities of EAH or Lonrho, owns or controls, or becomes the owner orcontroller, directly or indirectly, of one per cent. or more of any class ofsecurities of EAH or Lonrho is required to disclose, by not later than 12.00noon (London time) on the London business day following the date of the relevanttransaction, dealings in such securities of that company (or in any option inrespect of, or derivative referenced to, any such securities) during the periodto the date on which the offer becomes or is declared unconditional as toacceptances or lapses or is otherwise withdrawn. Under the provisions of Rule 8.1 of the City Code, all dealings in relevantsecurities 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 contactan independent financial adviser authorised under the Financial Services andMarkets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk orcontact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013. Enquiries: Simon RaggettStrand Partners Limited 020 7409 3494 Strand Partners Limited ("Strand Partners"), which is authorised and regulatedin the United Kingdom by the Financial Services Authority, is acting exclusivelyfor Lonrho Africa in relation to any possible partial offer and is not advisingany other person, and accordingly will not be responsible to any person otherthan Lonrho Africa for providing the protections afforded to customers of StrandPartners or for providing advice in relation to any possible partial offer. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lonrho