Lonrho PLC Completion of airline division listing (5765G)
June 29 2012 - 1:05PM
UK Regulatory
TIDMLONR
RNS Number : 5765G
Lonrho PLC
29 June 2012
29 June 2012
Lonrho Plc ("Lonrho" or "the Company") Lonrho completes the
separate listing of its airline division, to be renamed 'Fastjet',
and Sir Stelios Haji-Ioannou's easyGroup Holdings Ltd to become a
shareholder in the airline
Lonrho is pleased to announce the successful completion of the
acquisition of Lonrho's airline division by Rubicon Diversified
Investments Plc ("Rubicon", LN AIM: RUBI) for a transaction value
of US$85.7m, satisfied by the issue of Rubicon ordinary shares to
Lonrho.
Lonrho previously announced its intention to separately list its
airline division in an RNS dated 13 June 2012 and the transaction
was approved at a Rubicon General Meeting today. Rubicon has now
completed the acquisition of Lonrho Aviation and the commencement
of dealings on AIM in the enlarged share capital of Rubicon occurs
at 8.00 a.m. on Monday 2 July 2012 ("Admission").
Following completion of the transaction, Lonrho's holding in the
enlarged share capital of Rubicon will be 1,160,037,455 ordinary
shares comprising 73.7%. The listing of the airline division into
Rubicon provides the platform for further development of the
airline and Sir Stelios Haji-Ioannou, the founder of easyJet, has
become a shareholder in the enlarged company through his easyGroup
Holdings Limited ("easyGroup"). This establishes a solid platform
for the future development of the airline into a low cost carrier
for Africa and Rubicon will be renamed to be branded 'Fastjet'
under the terms of the easyGroup brand licence agreement. This
future development will be managed by a specialist aviation team
assembled by Sir Stelios and to be led by Ed Winter, who will
become the CEO of Rubicon / FastJet.
Ed Winter was previously the CEO of GO, the low cost airline of
British Airways, and thereafter the COO of easyJet for five years.
He will join the Fastjet board taking up one of the two Board
appointments to be nominated by Sir Stelios' easyGroup.
Lonrho has now completed its investment in the aviation sector
and will become a more passive shareholder in the aviation business
as FastJet implements its own strategy of developing the
established Lonrho Aviation route network and operational platforms
into the FastJet business model, delivering a low cost scheduled
passenger airline to meet the significant growing demand for
regional travel within Africa.
The focus for Lonrho management moving forwards will be on
further developing Lonrho's main business divisions in the
agriculture, agri-logistics and oil and gas support services and
infrastructure sectors.
Lonrho intends to announce its Interim Results on or around
Friday 3 August 2012. The Company will update the market at that
time on progress within its remaining core divisions.
Going forward, Lonrho will reflect Rubicon's financial results
within the Company's consolidated financials as a subsidiary
undertaking. Rubicon will also report on its results to the market
separately going forward in accordance with AIM rules requirements.
Lonrho's interim results will reflect the impact of a charge for
share based payments, in part as a result of completion of the
Rubicon acquisition of Lonrho Aviation on 29 June 2012.
- Ends -
Enquiries:
Lonrho Plc +44 (0) 20 7016 5105
David Lenigas
Geoffrey White
David Armstrong
Jefferies Hoare Govett +44 (0) 20 7029 8000
Sara Hale
Harry Nicholas
Simon Brown
FTI Consulting +44 (0) 20 7831 3113
Edward Westropp
Georgina Bonham
This information is provided by RNS
The company news service from the London Stock Exchange
END
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