Placing of 4.98 million (9315W)
November 29 2010 - 2:00AM
UK Regulatory
TIDMLZM TIDMLONR
RNS Number : 9315W
LonZim PLC
29 November 2010
29 November 2010 LONZIM PLC
("LonZim" or the "Company") Placing of GBP4.98 million
LonZim Plc (AIM:LZM) is pleased to announce that GBP4,987,904
has been placed with new and existing institutions and
shareholders, at a placing price of 28 pence per share. The placing
will provide working capital for the Group's existing businesses
and will provide the Company with the ability to continue
implementing its investment strategy.
The placing has raised GBP4,987,904 (before expenses),
equivalent to approximately US$7,862,632, by means of the issue of
17,813,944 new ordinary shares in the Company (the "Placing
Shares") at 28 pence per Ordinary Share (the "Placing"). .
The Company has received legally binding acceptances in respect
of the Placing Shares. Once all the funds have been cleared the
placing will be completed and the Company will make an announcement
of the issue of the Placing Shares and their date of expected
admission to AIM. The Placing Shares will rank pari passu in all
respects with the Company's existing ordinary shares in issue.
Following admission to trading on AIM, the Company's total
issued share capital will be 54,145,469 ordinary shares. The
Placing Shares will represent approximately 32.9% of the Company's
enlarged issued share capital
The Placing has been conducted amongst new and existing
institutions and shareholders including Lonrho Plc who prior to the
Placing held 24.61% of the issued share capital of the Company.
Lonrho Plc has maintained its percentage shareholding of 24.61% of
the issued share capital of the Company by subscribing for
4,384,011 new ordinary shares in the Company. Lonrho is a
substantial shareholder in the Company and therefore its
participation in the placing is a related party transaction for the
purposes of the AIM Rules for Companies.
Having consulted with WH Ireland, the nominated advisor to the
Company, the independent non-executive directors of the Company,
being Paul Heber Colin Orr-Ewing and Paul Turner who are not also
directors of Lonrho, consider the terms of Lonrho Plc's
participation in the Placing to be fair and reasonable in so far as
all the shareholders of the Company are concerned.
David Lenigas, Executive Chairman of Lonrho commented:
"LonZim is reporting strong growth in turnover as the economy in
Zimbabwe shows signs of recovering. This placement to existing and
new institutions will enable the Company to continue to benefit
from the opportunities for growth within Zimbabwe. LonZim remains
confident that Zimbabwe has great economic potential for recovery
and that forecast recovery in the agricultural, mineral and tourism
sectors is becoming evident."
ENQUIRIES
LonZim Plc +44 (0)20 7016 5106
David Lenigas, Executive Chairman +44 (0)20 7016 5106
Geoffrey White, Chief Executive Officer +44 (0)20 7016 5106
David Armstrong, Finance Director +44 (0)20 7016 5106
Emma Priestley, Executive Director +44 (0)20 7016 5106
WH Ireland Ltd: NOMAD and Broker
James Joyce +44 (0) 207 220 1666
Pelham Bell Pottinger
Charles Vivian +44 (0) 20 7861 3126
+44 (0) 7977 297 903
James MacFarlane +44 (0) 20 7861 3864
+44 (0) 7841 672 831
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOELFFLFLVLTFII
Lonrho (LSE:LONR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lonrho (LSE:LONR)
Historical Stock Chart
From Jul 2023 to Jul 2024