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Placing of Ordinary Shares

21st Jul 2008 13:13

RNS Number : 5237Z
Lonrho PLC
21 July 2008
 



21st July 2008 

LONRHO PLC

('Lonrho' or the 'Company')

Lonrho Raises Second Round Financing of £8.7 million to complete 

the Company's target of US$ 40 million ( £19.8m ) 

The Board of Lonrho is pleased to announce that the Company has raised an additional £8.69 million (£8.4 million net of expenses) by way of a second placing of 33,437,873 new ordinary shares of 1 pence each ('Placing Shares') in the share capital of the Company at 26 pence per Placing Share with institutions (the 'Placing'). This second round financing is in addition to the £11.11 million placing announced by the Company on 15th July 2008 achieving the Company’s target to raise US$ 40 million (£19.8m).

 

These latest Placing Shares will represent approximately 7.35% of the Company's enlarged issued share capital and application will be made for the admission of the Placing Shares to trading on AIM. It is expected that dealings in the Placing Shares will commence at 8.00 a.m. on 25th July 2008. The total number of shares in issue following completion of the Placing will be 454,973,076.

The Placing will enable the Company to continue to invest in its growth strategy through the roll out of its activities and operations across Africa.

These latest round of financing of £19.8 million, in conjunction with the £24.5 million raised in February 2008, completes the financing authority of the Board authorized by shareholders in November 2007.

David Lenigas, Executive Chairman, commented:

"We are delighted to have raised a total of £19.8 million in these very uncertain market conditions. These new funds will allow us to continue to grow the Company's presence in Africa. Lonrho now has a strong treasury and continues to maintain no debt to the parent company, putting the Company in a sound position to weather the current market downturn and continue, uninterrupted in its strategy of creating and building businesses that build and improve Africa." 

For further information, please contact:

LONRHO ENQUIRIES

Lonrho Plc

+44 (0)20 7016 5105

David Lenigas, Executive Chairman

+44 (0)7881 825 378

Geoffrey White, Chief Executive Officer

+44 (0)7717 307 308

Emma de Borchgrave, Executive Director

+44 (0)7867 785 177

 

 

Pelham PR

 

Charles Vivian

+44 (0) 20 7743 6672

 

+44 (0) 7977 297903

James MacFarlane

+44 (0) 20 7743 6375

 

+44 (0) 7841 672831

 

 

Collins Stewart Europe : NOMAD to Lonrho Plc

 

Hugh Field 

+44 (0) 20 7523 8350

 

NOTES TO EDITORS

About LONRHO:

Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughout Africa. The Company's shares are traded on the London AIM stock exchange (LONR). Lonrho is strategically focused on the development of business opportunities in infrastructure, transportation, support services, hotels and natural resources. The Company has over 19,000 shareholders and substantial institutional backing to support its mandate to build a profitable business that plays 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)

Lonrho Mining - www.lonrhomining.com 

Luba Freeport - www.lubafreeport.com 

Fly540 - www.fly540.com 

Swissta Holdings - www.swissta.com 

SA Independent Liner Services - www.saliners.com 

Bytes & Pieces www.bytespieces.com 

Kwikbuild - www.e-kwikbuild.co.za 

LonZim - www.lonzim.co.uk 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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