Lonrho PLC Rubicon announces £5.5 million Placing (4172I)
July 24 2012 - 1:04PM
UK Regulatory
TIDMLONR
RNS Number : 4172I
Lonrho PLC
24 July 2012
24 July 2012
LONRHO PLC
('Lonrho' or the 'Company')
Lonrho's recently listed aviation division, Rubicon Diversified
Investments Plc ("Rubicon"), announces GBP5.5 million placing and
signed Head of Terms for GBP5 million Equity Financing Facility
Rubicon (AIM:RUBI), Lonrho's newly listed aviation division,
today announced that it has raised GBP5.5 million by way of a
placing (the "Placing") of 137,500,000 new ordinary shares (the
"Placing Shares") at 4 pence per share with institutional and
corporate investors. The proceeds of the Placing will be used to
further Rubicon's proposed launch of FastJet in Africa and for
general working capital purposes.
Application has been made for the Placing Shares to be admitted
to trading on AIM, which is expected to occur on 2 August 2012
("Admission").
The Placing Shares will represent approximately 9.5 per cent of
the issued ordinary share capital of Rubicon as enlarged by the
Placing. Following Admission, Lonrho's interest in Rubicon will be
reduced from 74.9 per cent to 67.6 per cent of Rubicon's issued
ordinary share capital.
Rubicon has also signed Heads of Terms with Henderson Global
Investors' subsidiary, Darwin Strategic Limited ("Darwin"), for the
provision of a GBP5 million Equity Financing Facility ("EFF") over
a period of 36 months. Darwin is a majority owned subsidiary of
Henderson Global Investors' Alphagen Volantis fund. A further
announcement will be made describing the terms of the EFF in more
detail, once the final agreement has been entered into.
Ed Winter, Rubicon CEO, commented:
"The additional funding will strengthen Rubicon's balance sheet
and should increase the ability to lease aircraft on better
commercial terms and assist with the roll-out of the Airbus A319
fleet in Africa. The first A319 is scheduled for delivery in
October."
Enquiries:
Lonrho Plc +44 (0) 20 7016 5105
David Lenigas
Geoffrey White
David Armstrong
FTI Consulting +44 (0) 20 7831 3113
Edward Westropp
Georgina Bonham
Jefferies Hoare Govett +44 (0) 20 7029 8000
Sara Hale
Harry Nicholas
Simon Brown
This information is provided by RNS
The company news service from the London Stock Exchange
END
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