LonZim result of EGM
July 31 2009 - 2:00AM
UK Regulatory
TIDMLONR TIDMLZM
RNS Number : 6278W
Lonrho PLC
31 July 2009
31 July 2009
LONRHO PLC
("Lonrho" or the "Company")
LonZim Plc Results of EGM
Lonrho (AIM: LONR), the conglomerate with a structured portfolio of African
investments, is pleased to announce that LonZim Plc ("LonZim"), in which Lonrho
has a 24.53% interest, made the following announcement yesterday, 30th July
2009, to the London Stock Exchange, regarding the Result of a requisitioned
Extraordinary general Meeting:
LonZim decisively wins EGM battle and defeats corporate raider AMB Capital
LonZim (AIM:LZM) the investment company created to support and benefit from
economic recovery in Zimbabwe is pleased to announce that at today's
Extraordinary General Meeting, that had been requisitioned by hostile
shareholder AMB Capital, all of the proposed hostile resolutions were defeated.
AMB Capital had called the EGM to replace the existing executive directors of
the Company and change the Company's mandate from one of investment in Zimbabwe
to one of disinvestment and the return of Company funds to shareholders.
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.
David Lenigas, LonZim Executive Chairman, commented:
"We are extremely pleased with the result of today's EGM. An overwhelming
majority of our shareholders voted against the proposals requisitioned by
corporate raider AMB Capital, demonstrating their support for the Directors, the
Company, and the future of Zimbabwe. Shareholder confidence is essential and
with the significant support demonstrated at the EGM, LonZim can continue to
developing its growing businesses in Zimbabwe.
"LonZim is building a strong portfolio of businesses in the industry sectors
that that the Company believes will be the first to recover in Zimbabwe. We
believe that the Company's current investments will deliver significant value
for both LonZim's shareholders and Zimbabwe.
"We are now experiencing positive signs of the beginning of a recovery in
Zimbabwe. The IMF has forecast 3% to 3.7% real GDP growth for Zimbabwe for 2009,
the first positive GDP figure since 1997. We will continue to seek and evaluate
new opportunities in this opportune market."
Lonrho Enquiries
+----------------------------------------------+--------------------------+
| Lonrho Plc | - |
+----------------------------------------------+--------------------------+
| David Lenigas, Executive | +44 |
| Chairman | (0)20 |
| | 7016 |
| | 5105 |
+----------------------------------------------+--------------------------+
| Geoffrey White, Chief | +44 |
| Executive Officer | (0)20 |
| | 7016 |
| | 5105 |
+----------------------------------------------+--------------------------+
| David Armstrong, Finance | +44 |
| Director | (0)20 |
| | 7016 |
| | 5105 |
+----------------------------------------------+--------------------------+
| | |
+----------------------------------------------+--------------------------+
| | |
+----------------------------------------------+--------------------------+
| Pelham PR | |
+----------------------------------------------+--------------------------+
| Charles Vivian | +44 |
| | (0) |
| | 20 |
| | 7337 |
| | 1538 |
+----------------------------------------------+--------------------------+
| | +44 |
| | (0) |
| | 7977 |
| | 297903 |
+----------------------------------------------+--------------------------+
| James MacFarlane | +44 |
| | (0) |
| | 20 |
| | 7337 |
| | 1527 |
+----------------------------------------------+--------------------------+
| | +44 |
| | (0) |
| | 7841 |
| | 672831 |
+----------------------------------------------+--------------------------+
| | |
+----------------------------------------------+--------------------------+
| Beaumont Cornish | |
| Limited (Nomad) | |
+----------------------------------------------+--------------------------+
| Rosalind Hill Abrahams | +44 |
| | (0) |
| | 20 |
| | 7628 |
| | 3396 |
+----------------------------------------------+--------------------------+
| Roland Cornish | +44 |
| | (0) |
| | 20 |
| | 7628 |
| | 3396 |
+----------------------------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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