9 Dec 2008 16:15
9 December 2008
LONRHO PLC
("Lonrho" or the "Company")
Result of EGM
Further to the announcement on 11 November 2008, Lonrho Plc (AIM: LONR), the conglomerate with a structured portfolio of African investments, is pleased to announce that all of the resolutions proposed at the Company's EGM held earlier today to approve, inter alia, (i) the issue of 308,846,000 new ordinary shares at an issue price of 5p each in the Company (the "Placing Shares"); and (ii) the general authority to allot further securities up to an aggregate nominal amount of £500,000 and the disapplication of pre-emption rights over such securities, were duly passed.
Application has been 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 Wednesday 10 December 2008.
The total number of shares in the Company in issue following completion of the Placing will be 763,819,076.
David Lenigas, Lonrho's Executive Chairman commented today:
"I am very pleased that over 80% of the votes cast were in support of the Placing announced in November in these turbulent markets. Lonrho remains bullish on African growth and economic development. Sub Saharan Africa will, in our opinion, continue to show significant economic growth over the coming years and Lonrho's mandate remains to be an integral and successful component of that growth. The net proceeds of the Placing will significantly reduce the Company's exposure to further insecurity in world financial markets."
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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 |
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| Pelham PR |
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| Charles Vivian | +44 (0) 20 7743 6672 |
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| +44 (0) 7977 297903 |
| James MacFarlane | +44 (0) 20 7743 6375 |
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| +44 (0) 7841 672831 |
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| Collins Stewart Europe Limited |
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| 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.