6th Feb 2008 07:00
Lonrho PLC06 February 2008 6 February 2008 LONRHO PLC ("Lonrho" or the "Company") LONRHO ACQUIRES A FURTHER TWO NEW ATR 72-500 AIRCRAFT FOR DELIVERY IN 2010 TO MEET PROJECTED REQUIREMENTS FOR GROWTH OF ITS FLY540 AFRICAN AIRLINE Lonrho (AIM: LONR), the expanding conglomerate with a structured portfolio ofAfrican investments, is pleased to announce that it's wholly owned subsidiary,Lonrho Air (BVI) has signed an agreement with ATR to purchase a further twonew, ATR 72-500 aircraft. This second order comes one month after Lonrho signed an agreement with ATR for8 new aircraft to be delivered in 2008 and 2009. The aircraft will be deployedby Lonrho's African airline, Fly540, and will be configured with 54 seats ineconomy and 12 in first class. Lonrho's wholly owned subsidiary, Fly540 Africa, is on course to develop itsaviation network across Africa, providing much needed international standardaircraft and services. Fly540 management believe the ATR 72-500 to be the idealaircraft for its pan African operation, providing the latest technology,combined with excellent reliability and unparalleled fuel economy. The lead timefor new aircraft from many manufacturers, including ATR, is three to four years,and Lonrho is delighted that ATR's support and commitment in the roll out ofLonrho Air has facilitated meeting Fly540's requirements for 2008, 2009 and2010. As with the previous order, 85% of the cost is expected to be financed over afifteen year lease agreement backed by a COFACE French Government Guarantee,with the 15% deposit payable in instalments up until delivery in 2010. Fly 540 will be flying in eight African countries in 2008 and the new aircraftwill provide the ability for the airline to continue its expansion plans to linkAfrican countries with a quality airline that flies East to West and North toSouth. The ATR 72-500 is the latest development of the reputable and long establishedATR 72. It draws from the in-service experience of more than 750 ATR aircraftflying worldwide, with a proven average dispatch reliability of more than 99%.The ATR 72-500 is accepted as the most profitable way to transport passengers onshort-haul sectors and the aircraft provides the lowest seat-mile costs in thismarket. The ATR 72-500 features exceptional operational economics when compared tosimilar sized turboprop and jet competitors. On typical regional sectors of 200Nautical miles, ATR 72 operating costs are up to 40% more economic than asimilar sized regional jet. David Lenigas, Lonrho's Chairman stated : "We are delighted that we have been able to agree the purchase of a further twonew aircraft from ATR which takes the Fly540 fleet to twelve ATR's. In conjunction with the roll out of the regional jets to be utilised by Fly540,this aircraft combination allows Fly540 to offer the best standards of customerservice and safety at the most economical rates. Modern aircraft andinternational standards are desperately needed in the African airline sector,and by forward planning with key manufacturers such as ATR, Lonrho can ensurethat it can deliver both, and over time, provide much needed internationalstandard aviation services to connect Africa". ENQUIRIESLonrho Plc +44 (0)20 7016 5105David Lenigas, Executive Chairman +44 (0)7881 825 378Geoffrey White, Chief Executive Officer +44 (0)7717 307 308Emma Priestley, Executive Director +44 (0)7867 785 177 Pelham PRCharles Vivian +44 (0) 20 7743 6672 +44 (0) 7977 297903Alisdair Haythornthwaite +44 (0) 20 7743 6676 +44 (0) 7714 721379 Collins Stewart Europe : NOMAD to LonrhoHugh Field /Jonny Sloan +44 (0) 20 7523 8350 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• Lonrho Mining - www.lonrhomining.com• Luba Freeport - www.lubafreeport.com• Fly540 - www.fly540.com• Norse Air - www.norseair.co.za• Swissta Holdings - www.swissta.com• SA Independent Liner Services - www.saliners.com• Bytes and Pieces• Celsys Limited - www.celsys.co.zw Kwikbuild - www.kwikbuild.co.za This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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