13th Nov 2007 16:30
Lonrho PLC13 November 2007 13 November 2007 Lonrho Plc ("Lonrho" or "the Company") Notice of Extraordinary General Meeting Lonrho (AIM: LONR), the expanding conglomerate with a portfolio of Africaninvestments, has today posted a circular to shareholders convening anextraordinary general meeting of the Company ("EGM"). The purpose of the EGM isto grant the Directors authority to increase its authorised share capital from£4,000,000 to £5,500,000 by the creation of a further 150,000,000 new shares of1p each representing approximately 46.61 per cent. of the current issued sharecapital of the Company and to grant further authorities to Directors to allotequity securities and to disapply pre-emption rights. Since February 2006, the Company has been pursuing a growth strategy, which aimsto re-establish a significant presence on the African Continent focusing on theinfrastructure, transportation, support services, hotels and leisure and naturalresource sectors. The Company has announced a number of significant investmentsin line with this strategy since February 2006. To help finance its growth strategy, the Company raised an additional £16.46million (gross) through the placing of 51,449,381 new ordinary shares of 1p eachin the Company at 32p per share in May 2007 and, a further £16.97 million(gross) was raised through the placing of 44,657,736 new ordinary shares at 38pper share in October 2007. The previous authorities to allot shares and to disapply pre-emption rightsgranted to the Directors at the EGM held on 19 January 2007 have been fullyutilised by the above placings and accordingly, the Board is requesting thatshareholders consider, and if thought fit, grant further authorities to theDirectors and approve an increase in the authorised share capital of theCompany. The Board is continually reviewing financing options for the Company and, atthis stage, believes that in some cases working capital is best obtained throughthe issue of equity rather than commercial bank debt. The EGM will be held at 10.00am on 6 December 2007, at the offices of Pelham PR,No 1 Cornhill, London EC3V 3ND for the purposes of considering and, if thoughtfit, passing the aforementioned resolutions. Pursuant to AIM Rule 20, a copy of the circular and notice of EGM are availableon the Company's web-site www.lonrho.com. ENQUIRIES Lonrho Plc +44 (0) 20 7016 5105David Lenigas, Chief Executive +44 (0)7881 825 378Emma 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 721379Collins 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.comLuba Freeport - www.lubafreeport.comFly540 - www.fly540.comNorse Air - www.norseair.co.zaSwissta Holdings - www.swissta.comSA Independent Liner ServicesBytes and Pieces This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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