Lonrho Regulatory News (LONR)

16 Nov 2006 07:02

Lonrho Africa PLC16 November 2006 LONRHO AFRICA PLC ("Lonrho") LONRHO COMPLETES INVESTMENT IN NORSE AIR LIMITED Lonrho is pleased to announce that it has completed the acquisition of 43 percent of the issued ordinary share capital of Norse Air Limited ("Norse Air" or "the Company") for a total cash consideration of US$6 million. Approval from theSouth African Reserve Bank and the Company's bankers has been received. Norse Air is a well-established private aviation business based in Mauritius andSouth Africa whose activities include Charter, Freight, Leasing, Sales andMaintenance services. Its operations extend across the African Continent toAfghanistan and Singapore. The Company has long-standing relationships with Governmental andNon-Governmental Organisations, as well as international businesses. It hassuccessfully operated aircraft for the United Nations, the World Food Programme,the International Red Cross and other Non-Governmental Organisations, oftenunder hostile environmental conditions. David Lenigas, Joint Executive Chairman and Chief Executive of Lonrho,commented: "There is increasing demand for reliable cargo and passenger air travel withinAfrica and to other global destinations. Lonrho's investment will facilitateNorse Air's geographic expansion of both its Charter and Leasing operations andwill fund the acquisition of additional aircraft, resources and infrastructurefacilities. We are delighted to have this opportunity to invest in Norse Air, acompany with a proven operating and financial track record." End For further information, please contact: Lonrho Africa Plc +44 (020) 7016 5105David Lenigas, Chief Executive +44 (0)7881 825 378Emma Priestley, Executive Director +44 (0)7867 785 177 Strand Partners Limited +44 (0)20 7409 3494Simon RaggettMatthew Chandler Cardew Group +44 (0)20 7930 0777Nadja Vetter +44 (0)7941 340 436Emma Consett +44 (0)7971 468 308 Notes to Editors Lonrho is in the process of re-establishing a significant presence on theAfrican continent. Its investment and acquisition strategy, which was adoptedfollowing the appointment of David Lenigas as Chairman and Chief Executive andsubsequent shareholder approval in February 2006, focuses on the naturalresources, infrastructure, leisure and agribusiness sectors. Lonrho's executiveteam has considerable experience across these industries in a wide range ofcountries. This year, Lonrho has announced investments in Brinkley Mining Plc,Nare Diamonds Ltd, Luba Freeport and Fly540. This information is provided by RNS The company news service from the London Stock Exchange