Lonzim Holding and Progress9 Nov 2009 15:26
•LONZIM PLC, (LONZIM) IN WHICH LONRHO HAS A 27.87% SHAREHOLDING AND A MANAGEMENT CONTRACT, PREVIOUSLY ANNOUNCED THAT AMB CAPITAL (IRELAND) LIMITED ("AMB"), ACTING IN CONCERT WITH DAMILLE PARTNERS (DAMILLE) HAD REQUISITIONED AN EXTRAORDINARY GENERAL MEETING ("EGM") OF ITS SHAREHOLDERS TO DISPOSE OF THE COMPANY'S ASSETS AND RETURN CASH TO SHAREHOLDERS. LONZIM IS PLEASED TO ANNOUNCE THAT AT THE EXTRAORDINARY GENERAL MEETING HELD ON 30 JULY, THAT ALL OF THE PROPOSED HOSTILE RESOLUTIONS WERE DEFEATED. IN A STRONG VOTE OF CONFIDENCE IN THE COMPANY, ITS DIRECTORS AND ITS OBJECTIVES, A SIGNIFICANT MAJORITY OF SHAREHOLDERS VOTED TO SUPPORT THE EXISTING BOARD AND MAINTAIN THE COMPANY'S CURRENT INVESTMENT MANDATE TO DEVELOP A BUSINESS PORTFOLIO IN ZIMBABWE.
•A MARKET UPDATE ISSUED BY LONZIM ON THE 15 OCTOBER 2009 HIGHLIGHTED THAT THE PORTFOLIO OF BUSINESSES ACQUIRED BY LONZIM OVER THE PAST TWO YEARS REFLECTED (AT ACQUISITION COST) THAT LONZIM'S MARKET CAPITALISATION REPRESENTED A 62% DISCOUNT TO THE COST OF THE BUSINESSES ACQUIRED.
•LONZIM PLC ANNOUNCED THAT IT HAD INVESTED US$2.3M FOR 51% OF PANAFMED, A NEW START UP BUSINESS THAT IMPORTS, WHOLESALES AND DISTRIBUTES PHARMACEUTICAL PRODUCTS IN ZIMBABWE. PANAFMED HAS FILLED AN ESSENTIAL MARKET NEED SUPPLYING NGO'S, PRIVATE AND PUBLIC HOSPITALS, CLINICS AND PHARMACIES WITH QUALITY PRODUCTS DELIVERED VIA A PROFESSIONAL, SECURE AND CHILLED REFRIGERATED LOGISTICS CHAIN.