5th Sep 2007 09:11
Lonrho PLC05 September 2007 5 September 2007 LONRHO PLC (Lonrho or the 'Company') Lonrho increases equity stake in Norse Air to 51% Lonrho (AIM : LONR), the conglomerate with a diverse portfolio of Africaninvestments, is pleased to announce that it has acquired a further 8% of NorseAir Limited. This brings Lonrho's holding in Norse Air to 51% of the company. This move is in consideration of the Lonrho Board's agreed mandate that Lonrhoshould, whenever possible, maintain equity and Board control of all subsidiarycompanies. Lonrho had a convertible loan in place secured with the 8% option and, followinga review of the business, opted to convert the outstanding loan and increase itsequity participation. David Lenigas, Lonrho Chairman and CEO commented: "Lonrho's increased equity in Norse Air is another example of the Company'sobjective to hold a majority stake in each of its subsidiaries. Lonrho isdeveloping businesses across Africa within infrastructure, transport and relatedsectors that have strong potential for growth. Norse Air, like other Lonrhosubsidiaries benefits from our experience of Africa, Lonrho's ability totransact larger deals and our ability to provide access to funds for expansion." ENQUIRIES Lonrho Plc +44 (0) 20 7016 5105David Lenigas, Chief Executive +44 (0)7881 825 378Emma Priestley, Executive Director +44 (0)7867 785 177 Nare Diamonds LimitedCharles Mostert +61 407196129 +27 722869288 Pelham PRCharles Vivian +44 (0) 20 7743 6672 +44 (0) 7977 297903Alisdair Haythornthwaite +44 (0) 20 7743 6676 +44 (0) 7714 721379 Collins Stewart EuropeHugh Field +44 (0) 20 7523 8350Jonny Sloan NOTES TO EDITORS About LONRHO: Lonrho Plc is an expanding conglomerate that is rapidly growing a successfulbusiness throughout Africa. The Company is listed on the London AIM stockexchange (LONR). Lonrho is strategically focused on the development of businessopportunities in infrastructure, transportation, support services and naturalresources. The Company has over 20,000 shareholders and substantialinstitutional backing to support its mandate to build a profitable business thatplays a fundamental role in the development of the African economy. Since 2006, the Company has invested in or acquired control of: • Hotel Cardoso - www.hotelcardoso.co.mz (retained)• Nare Diamonds - www.narediamonds.com• Brinkley Mining - www.brinkley-mining.com• Luba Freeport - www.lubafreeport.com• Fly540 - www.fly540.com• Norse Air - www.norseair.co.za• Swissta Holdings - www.swissta.com• Countermine - www.countermine.com• SA Independent Liner Services About NORSE AIR: Norse Air is a well-established private aviation business whose activitiesinclude Charter and Freight Services, Leasing, Sales and Maintenance. Itsoperations are based primarily in Mauritius and South Africa and also extend toAfghanistan, Ivory Coast, Ghana, Madagascar, Mali, Mozambique and Singapore. TheCompany has long-standing relationships with Governmental and Non-GovernmentalOrganisations, as well as international businesses. It has successfully operatedaircraft for the United Nations, the World Food Programme, the International RedCross and other Non-Governmental Organisations, often under hostileenvironmental conditions. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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