6th Sep 2005 13:11
North Atlantic Value LLP06 September 2005 For immediate release Not for release, publication or distribution in whole or in part, in or into theUnited States, Canada, Australia or Japan 6 September, 2005 North Atlantic Value LLP acting on behalf of certain investment management clients STATEMENT RE: EAST AFRICAN HOLDINGS LTD LONRHO AFRICA PLC OFFER UPDATE North Atlantic Value LLP (acting on behalf of certain investment managementclients) ("NAV LLP") notes the announcement released by East African HoldingsLimited ("EAH") on 5 September 2005 regarding its proposed partial offer for 60per cent. of the issued share capital of Lonrho Africa plc ("Lonrho" or "theCompany") and that EAH is awaiting a response from NAV LLP as to whether it willenter into an irrevocable commitment to accept a partial offer. NAV LLP has a fiduciary duty to its investment management clients to maximisethe value of their investments. It therefore sees no merit in accepting apartial offer proposal which would leave open the possibility of it remaining asa minority shareholder in Lonrho. NAV LLP does not therefore intend to enterinto an irrevocable undertaking to accept a partial offer for its shareholdingin the Company but would be prepared to provide such an undertaking in relationto a full offer if one were to be forthcoming on acceptable terms. Note to Editors North Atlantic Value LLP is the entity through which all activist investment inpublicly quoted securities and private equity investments previously carried outby J O Hambro Capital Management is conducted. NAV LLP was incorporated inEngland and Wales on 21 March 2003 and is authorised and regulated in theconduct of its regulated activities by the FSA. As of 6 September 2005investment management clients of NAV LLP held 26.37% of the issued share capitalof Lonrho. Enquiries: North Atlantic Value LLPTel: (020) 7747 5678Christopher Mills/Charles Groves The Members of NAV LLP accept responsibility for the information contained inthis announcement. To the best of the knowledge and belief of the NAV LLPMembers (who have taken all reasonable care to ensure that such is the case),such information is in accordance with the facts and does not omit anythinglikely to affect the import of such information. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lonrho