4th Jul 2005 13:13
East African Holdings Ltd04 July 2005 EAST AFRICAN HOLDINGS LIMITED ("EAH" or the "Company") EAH announces that it is considering making a partial offer in cash for 60per cent. of the issued share capital of Lonrho Africa plc ("Lonrho"). Thispartial offer is subject to receiving irrevocable commitments to accept thepartial offer of at least 30 per cent. of the issued share capital from shareholders of Lonrho. This pre-condition will not be waived. If a partial offer is made it is anticipated that it will be at a price at oraround 14.5 pence per ordinary share which represents a premium of 16 per cent. over the closing share price of 12.5 pence on 1 July 2005. EAH intends to approach the board of Lonrho to request additional information.The partial offer will be conditional on satisfactory due diligence. Thispre-condition will not be waived. However deliberations are at an early stage and there can be no certainty that apartial offer will be made or the other terms upon which it may be made. For theavoidance of doubt this announcement does not amount to a firm intention to makean offer and there can be no certainty that an offer will be made. Summary of Rule 8 of the City Code on Takeovers and Mergers (as required by Rule2.4(a) of the City Code) 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periodto the date on which the offer becomes or is declared unconditional as toacceptances or lapses or is otherwise withdrawn.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 contactand independent financial adviser authorised under the Financial Services andMarkets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk or contact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lonrho