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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lonrho | LONR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 10.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 10.00 | 10.00 |
| Top Posts |
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Posted at 30/7/2013 01:25 by kibu Lonrho imminently sinks below the public waves yet the scandals remain. What fun are PIs going to miss now debate will be curtailed?Cambria (formerly Lonrho Zimbabwe) has just settled with Lonrho's new owners for a fraction of their claim. Yet this was for far more than Bruiser and Slasher acknowledged. [Er, didn't Bruiser and Slasher set up Lonrho Zimbabwe aka LonZim and then run down the share price by 90% before resigning and "selling" out to LONR?] Meanwhile, the Rollex and LONR smuggling story [and, of course, this does not involve fastjet, where any people doing anything bad were not involved at anytime whenever that was] rolls on. From the first public Rollex posting I have been (predictably?) negative and critically questioned the asset purchase value, especially Rollex's De Robillard's incentive to sell. Some posts were, perhaps, squashed or openly mocked. This article gives more detail hxxp://www.moneyweb. Lonrho kept a bunch of Rollex models (Corgi?) in the boardroom at Arlington Street. There were no cigarettes in the ones I handled there. Their preferred lawyer, Mischon de Reya, took me to lunch but didn't smoke. Then again, that was years ago. And then again, Lonrho used to be a LSE-listed share and then again the directors promised a dividend in 2013 and then again David Lenigas was the Executive Chairman and then again he used to angrily wave a little stick at me claiming he had my mobile (still awaiting proof) and then again he and "Oryx White" lost many SA miners' significant equity while personally enriching themselves and then again that made me a little angry. Meanwhile, in Blighty, many gullible PIs lost thousands. A few nimble opportunists made a quick buck. The BoD's profiteering is evidenced by a straightforward 2006 comparison with their 2012 salaries, benefits and waist measurements. Whether Lonrho, whether FSAfrica, whether investment, whether politics; weather affects peaches, pilchards and profits. Evidence of any has proved as elusive as fresh khat on Edgware Road and that times change. Something Lonrho has never been is a bellwether. kibu with a nod to Tiny [RIP] |
Posted at 29/7/2013 23:28 by kibu Hard to know where to best continue the LONR discussion. Considering the ramping history and hubris since 2006 that has been so overwhelmingly tsunamied, the energetic perpetrators and their mire-gripped acolytes surely deserve another humorous yard before the big drop?kibu |
Posted at 02/6/2013 15:00 by tenapen Why would 'amateur' poster's spend so many years knocking Lonrho ?. Its a question i have asked myself so many times. Why would KIBU only ever post about LONR or FJET on advfn (or the LSE boards) ? seems a bit strange to dedicate oneself to knocking these two stocks !. He / They may be making money trading LONR but there as been better trades out there. Or maybe he is just bitter and then i feel for him / her. not that it matters, LONR will be gone and they will have only the FJET thread to go at. |
Posted at 18/5/2013 08:55 by mcgrathb Hi ndege kidogo I've noticed that H21 Macro declared a total holding over 21% yesterday (Friday) which was constructed on 16/5/2013. Initially they had 40,311,060 (2.44%) of the ordinary. They acquired two Contract for Difference (CFD) for 241,292,222 (14.59%), with UBS and 30,000,000 (1.81%) with "MS", whoever they are; additionally 38,387,978 of the convertible (2.325).It seems there is a lot of action overall in the convertible, which, I assume, will be redeemed at face value. My guess is that because this stuff is listed on the Luxembourg exchange, FS Africa want to get a head start by buying it all in and "de-listing" PDQ. Additionally LONR have stated that: "The Company also maintains a secondary listing on the AltX (alternative exchange) of the Johannesburg Stock Exchange and has American Depository Receipts traded on the OTC QX International Exchange in the United States under the ISIN US5433771053. Each American Depositary Receipt represents 100 Ordinary Shares of 1p each in the Company." These will also be "de-listed" PDQ in IMHO. Of course the FSA has gone, replaced with Financial Conduct Authority (FCA). However, the threshold levels you refer to are from the London Stock Exchange (LSE). The LSE will not matter once LONR is taken private, at least for a couple of year when "son of Lonrho" appears. |
Posted at 15/5/2013 22:45 by kibu There have been a few wonderfully transparent individuals posting here over the years. Copying their postings might help future investors.ADVFN, LSE and iii's archives are presently available but will be difficult to find after de-listing. FS Africa, if their LONR bid is successful, won't have to declare much information. Copy the BB postings archive while you can. The potential new owners are unlikely to own LONR for long, neither will the management retain their present jobs. A "new Lonrho" will be floated later. Hopefully, you will then be able to look at the abysmal Lonrho BoD history between Nov 2006 and May 2013 as IRRELEVANT. kiboohoohoo |
Posted at 30/3/2013 08:48 by crosswire African Infrastructure Lonrho (LONR). Mar 30 by theboybulmer 7 of the top 10 fastest growing nations in the world are in Africa. War or famine plague the beautiful landscapes for the most part, a drastic truth which in future years will hopefully change as a result of Foreign Direct Investment (FDI). An increased tolerance to risk, and more stable governments (using the index for corruption as a guide) have lead investors to enter the various nations, as the unloved oil, gas & mineral deposits they hold become more accessible. As a result, FDI into Africa is currently $33 billion per year, and is set for $84 billion investment during 2014; a 255% increase. With booming economies comes the need for infrastructure; a means of transport and mobility, not only amongst the local employees but also for operational requirements of the firms fuelling the growth & investment. It is reported 23% of the roads in all of Africa are 'paved' (asphalt). In Tanzania it is only 9%. An average of 6km of road per 100km squared of land (track, paved or otherwise) highlights the need for development, if the growth is to be sustained. This lead me to think about companies specialising in infrastructure, more specifically those that might operate across the whole African continent. I came across Lonrho (LONR), a £106m MCap listed in London and Johannesburg. With operations across the continent including Tanzania, Gabon, DRC, Mozambique, Botswana and Zimbabwe, the portfolio is vast and covering logistics, flights, hotels and agriculture. Lonrho has fallen out of favour with institutional investors of late, with BlackRock and UBS selling part of their holdings in recent weeks, and a broker target of 7p set by Jefferies. Democratic Republic of Congo Lonrho owned hotel. Alongside the peaches it sells to Tesco, Tuna it sells to Costco and John Deere tractors it distributes in Angola, Lonrho owns a 55% stake in FastJet (FJET), the London listed/African based low-cost airline. The business is certainly diversified sufficiently to avoid major consequences if a drop in commodity prices is seen, which might be a cause for concern to a gold miner for example. Lonrho also boasts it has recently won contracts to inspect oil & gas exported from Nigeria by its government, and provides giant Tullow Oil with a 250-man camp to support its exploration activities in Kenya. Other examples of its operations include the ownership of the oil and gas logistics terminal in Equatorial Guinea (Africa's 3rd largest oil producer), which can now handle over 85% of support logistics requirements of offshore fields. Tennants include Ophir Energy, ExxonMobil and CNOOC. Lonrho, the self-proclaimed 'demand-lead' organisation, believes it has now completed building its foundations in core African businesses, allowing it to deliver strong growth through 2013. This is evidenced in the reduction in Capital Expenditure from £43.4m in 2011 to £14.3m in 2012. The decision to focus on higher margin operations has helped revenues reach £206.5m for the 12 months to December 2012, up around 23% on 2011. Debt fell £1.2m to £87.2m, whilst gross profit was £59.6m, up from £51.2m in 2011, and net operating loss was recorded as £12.3m from a net profit of £8.5m the year prior. Total group equity was £328.5m, down from £331.7m. Infrastructure and support services in Africa is an area I shall be researching further, as I see it as a major area of growth in the future years. > If you wish to read further about Lonrho, the interim report can be viewed here: > Q4 2012 results can be seen here: I do not currently hold this stock, however it does look an interesting business model for the future. BUY at 6.6p. |
Posted at 14/1/2013 08:35 by kibu "Easysquat, Easyerror, Investment stutter?"14 January 2013 It seems that parts of the building where Lonrho/Easyhotel plan to establish their first African hotel were more damaged than expected. The landmark site, built in 1893, and occupied at street level by McDonalds has not been officially occupied for a decade. Squatters earlier stripped parts of the building according Renney Plit, COO of Afhco Group, the owner. Yet "Lonrho has signed a 30 year lease on the Stuttafords site" was reported on BB posters' cherished website proactiveinvestors on 3 April 2012 with the headline 'Lonrho to open first easyHotel in Africa by the end of 2012.' It didn't happen. Afhco's website has been as quiet about the matter as Lonrho's, and Easyhotel's, since the end of May 2012. The Easyhotel saga is part of an established pattern in the Lonrho chain of ventures that includes Fastjet. Discussion about the runway lengths and quality of African airports is, thankfully, underway. These are relevant to the future direction of Fastjet/Fly540. Will the routes unsuitable for A319s be sold or retained with different aircraft? No doubt the BoD has considered these issues. However, the BoD of Fastjet is comprised of "experts" who have been losing money for SEVEN years running an airline in Africa and others who have success in Europe. It's a curious mix and ripe for hubris. Fly540's issues with fuel costs and pilot recruitment have been commented on via CAPA (quoting Lonrho), Fly540 managers in the press and various articles on ETN. Litigation threats against Fly540 could well affect Fastjet. Clearly there are interests ranged in heating up the share price that reject cold facts and discussion in public forums.. Lonrho has announced other Fly540 launches since 2006 that never reached the end of the runway. (Two never left the hangar.) When you get to your destination, you need somewhere to sleep. Easyhotel? A leatherette seat at OR Tambo would presently appear to be the best Lonrho can offer or a bench at the corner of Rissik and Pritchard. The BoD has made teasing comments about a dividend. Present developments at Fastjet and Easyhotel will not help clear the P&L deficit anytime soon. kibu |
Posted at 25/11/2012 21:04 by kibu Diamond1's post backs up a few issues that have already been raised here. I read the quote from the 'senior Embraer official' a few days ago. Further to his post, it's not just Velvet Sky that's recently crash landed. SA's 1time also crashed this month. Meanwhile OneJetOne, despite its earlier publicity, and glamorous swimming pool recruitment remains a mere pipe dream of Arjun Ruzaik, the erstwhile CEO. I spoke to Mr Ruzniak a few months ago. We exchanged several emails, requesting comment about Rubicon/Fastjet, his 'supposed' link with Air Asia, and the apparent lack of any true commitment to Africa. He declined to comment. When pressed about writing an article quoting the lack of news and comment, he wrote, "I guess that's your prerogative." Time moves on. OneJetOne.com appears to now be a domain available for sale. No doubt Messrs Winter and Haji-Ioannou feel themselves in control and suitably advised. However, with Bruiser (aka "Laughing Gas" to some), in a somewhat influential position and Slasher (known as "Chalky" to some recent, bandwagon arrivistes) talking his usual smooth stuff, private shareholders with their own money invested (this may include Winter and H-J) should examine a few basics: 1. Lonrho has lost millions on Fly540 whose 2006 plan was to offer a low-cost airline alternative in Africa. [See relevant Lonhro RNSs since December 2005.] 2. Fly540 Zimbabwe's demise (BEFORE the long-overdue launch) was never fully explained. 3. Fly540's present operations raise many unanswered questions about ownership. Not only did Lonrho not own all the shares ( there's a separate, potentially damaging issue involving LonZim (now known as Cambria). 4. Neither Lonrho nor Fly540 ever publicly acknowledged the deaths of Fly540 employees during the "khat run" to Somalia. 5. The African economics, demographics and McKinsey figures touted by Lonrho are demonstrably misleading for an investor strategy of less than three years duration. 6. Point 5 allows for hubris, trading, obfuscation and 'many insightful, short-term, smart alecs.' 7. A big lift from Fastjet would enable Lonrho to solve its looming debt crisis. An opportune sale could clear the enormous retained earnings deficit and pay shareholders a dividend - all without achieving anything more than financial, musical chairs. Go FastJet. Go. kibu |
Posted at 03/10/2012 21:27 by boonboon it's a 47 page reportKey Takeaway We view Lonrho as an emerging market venture capital style proposition for investors. The conglomerate's portfolio is transitioning from investment phase to delivery. Initial financial progress was demonstrated over 1H12 and if further improvement can be delivered, we believe the shares could move into a 12.5p-18.2p trading range over the year ahead. We initiate at Buy, with a 15p price target, although consider the risks as high. A conglomerate of African activities - Since 2006, Lonrho has rebuilt itself into a conglomerate focused on Africa. It operates through Agribusiness, Infrastructure, Hotel and Support Services divisions to benefit directly or indirectly from the sectors that the group sees as key for Africa's growth; agriculture, oil and minerals. Lonrho additionally holds 68% of separately-listed fastJet (not covered), that is developing a low-cost airline in Africa. Agribusiness is the division that interests us at this stage - that may change as the conglomerate evolves over time, but Agribusiness is currently the key unit for us within Lonrho. At its core it operates a vertically integrated cold chain with the capacity to process and deliver produce/fish from source within Africa to local and International retailers. It is already the group's largest unit, strong organic sales growth is starting to build, a base of global blue chip retailers has been attracted and key relationships are deepening. Divisional profitability is now responding. We expect the unit to be the primary driver of the group's financials and consider this the most scalable unit currently across the group. First financial progress registered in 1H12 - African focus highlights that Lonrho operates within an environment of opportunity, but ultimately we believe that micro considerations are key. Financials to date have reflected the group's investment phase - operating and investment cash outflows have required equity and debt funding. But over 1H12, the core units reached key financial milestones. For the first time, core trading EBIT and EBITDA were positive and contributions from core activities also covered unallocated and interest costs. The group's intention to pay a dividend for FY13 is the clearest signal that management sees Lonrho as on the cusp of delivering on its potential. Any payout itself is a lesser interest, we see the greater significance in management's signal that a step change in cash-flows in the near future should allow a dividend to become an option. Valuation/Risks Our SOTP suggests a range of 12.5p-18.2p over the year ahead. To achieve that, we think the group will have to demonstrate further financial/cash-flow progress. We consider risks as high including emerging market and early stage risks within Lonrho's operations |
Posted at 08/11/2010 19:47 by skintvestor From UK - Analyst today.Buy Lonrho (LONR) at 16.25p From The Small Cap Shares Team Lonrho (LONR) was originally tipped in last month's issue of Small Cap Shares. Since then, the share price has increased by an impressive 25%! But with strong recent trading and ambitious growth plans, the team continues to rate Lonrho a buy. In the latest issue of Small Cap Shares, out this Thursday, the team will reveal 3 brand new recommendations on small cap companies they believe have fantastic potential, as well as providing updates on previously tipped stocks and lots more. To see these brand new tips on the website on Thursday, and receive the latest issue of the newsletter by first class post shortly after - join Small Cap Shares now. Background Once described by former UK Prime Minister Ted Heath as the "unpleasant and unacceptable face of capitalism", Lonrho has had a chequered history. Having built up a conglomerate empire, mainly in Africa, the firm often hit the headlines for the wrong reasons in the 1970s and 80s. Well known in the UK for its ownership of the Observer newspaper and tussle with Mohammad Al Fayed over department store Harrods, today Lonrho is a completely different business. Following, the de-merger of the company's mining assets in 1998 (which now trade as FTSE 100 listed Lonmin) the firm, then known as Lonrho Africa, went on a disposal spree and by the end of 2005 it was left with only a stake in the Hotel Cardoso in Mozambique, an industrial property in South Africa and GBP20 million of cash. But under the stewardship of controversial entrepreneur David Lenigas the firm has re-established itself on the continent in the past five years. Lonrho's current strategy is focused on investing in and growing businesses within the core African economic drivers of mining, oil and agriculture. As it stands today, the business has operations in 17 countries, primarily in Sub-Saharan Africa, and trades through the five divisions of Agribusiness, Hotels, Transportation, Support Services and Infrastructure. The Business By revenues, Agribusiness is currently the largest of the five divisions, it contributing just over half of sales in the 12 months to September 2010. At the core of the business is food processor Rollex which sources, packs and delivers fresh fruit, vegetable, meat and fish produce from across Africa, and delivers to retail clients including the likes of Woolworths, Shoprite, Marks & Spencer and many others. Rollex operates from a 3 hectare site next to OR Tambo International Airport in Johannesburg, South Africa, which includes 4,600 square metres of chilled warehouse and cold room facilities. Also in Agribusiness, the LonAgro subsidiary owns John Deere, a supplier of agricultural equipment based in Angola and Trak-Auto, the existing holder of the John Deere dealership in Mozambique. The division is completed by the sustainable seafood producer and supplier, Oceanfresh Seafoods. In Hotels, Lonrho still has a 59% stake in the 4 star, 130 room Hotel Cardoso in Mozambique, as well as a contract for the management of the hotel. The firm also owns a 50% stake and a management contract in the 5 star Grand Karavia Hotel in the Democratic Republic of Congo. The hotel was opened in June this year after undergoing a $20 million refurbishment programme. Finally, Lonrho Hotels Management Services manages the Leopard Rock Hotel in Zimbabwe and is working on a development in Beira, the second largest city in Mozambique. The Transportation business owns a 49% stake in airline Fly540. Operating from hubs in Kenya, Angola and Ghana the airline connects the north of Africa to the south and the east to the west. Fly540 also provides international standard regional distribution for intercontinental carriers such as British Airways, Emirates and Virgin. Lonrho is looking to develop this business in order to take advantage of increased business travel and rising demand from the growing African middle classes. At the core of the Support Services business is Bytes & Pieces, Mozambique's largest commercial information technology provider. The business, which is 65% owned by Lonrho, supplies its services to a number of blue-chip clients including banks, businesses and government organisations. Also in support services, Complete Enterprise Solutions (CES) is trying to replicate the success of Bytes & Pieces but outside of Mozambique. CES currently operates in Zambia and South Africa and further office openings are planned. The division is complimented by Lonrho Water, which via the operations of Swissta Holdings has three water bottling plants in operation which provide bottled water to communities in Africa, as well as water delivery systems such as water treatment plants and desalination units. Finally, the core of the Infrastructure buiness is Luba Free Port, a logistics centre located in the Gulf of Guinea which mainly serves the burgeoning African oil and gas industries. Clients include the likes of ExxonMobil, Noble Energy and Baker Hughes, firms which usually sign long-term deals for use of the port facilities. The port is a joint venture between the Government of Equatorial Guinea, which has a 37% stake, and Lonrho which owns the remainder and operates the port. The second part of the infrastructure division is Kwikbuild, a business which manufacturers and supplies prefabricated buildings suitable for classrooms, medical clinics, accommodation units, low cost housing, workers camps and offices. Outside of the five core divisions, Lonrho owns a 24.61% stake in LonZim, a company which owns a portfolio of investments primarily in Zimbabwe, and a 15.06% holding in Lonrho Mining, which has a highly prospective diamond mining concession in Angola. Current Trading In a recent trading update, Lonrho revealed that trading for Q4 was up 13% on the same period last year at GBP33.6 million, bringing total revenue for the year to 30th September up to GBP107.7 million, which represents a 20% increase on the last financial year. While all business units contributed to this increase, it was the Hotels division which showed the largest growth, with turnover for the year up 71% on 2009 at GBP5.9 million, due in part to the opening of the Grand Karavia in June. Meanwhile, Agribusiness also showed significant progress, with Q4 turnover increasing by 28% to GBP17.7 million as its fish distributor, Oceanfresh, increased its supply to US retailer Costco following an 8 month trial period. EBITDA for Q4 of GBP5.1 million helped bring the figure for the full year up to GBP9.4 million, an increase of GBP7.2 million on 2009. Meanwhile, profit before tax for the 12 months to 30th September 2010 was GBP0.5 million, which is a significant improvement on the GBP4.5 million loss sustained in 2009. Lonrho also boosted its financial position recently by raising $70 million via the issue of new convertible bonds. The bonds are due by 2015, have an interest rate of 7% a year and are convertible at 15.59p - a 25% premium to the market price in the days before the bond issue was announced. The net proceeds will be used to repay certain borrowings, to fund general working capital and to accelerate growth across the operations. Opportunities and Risks Executive Chairman David Lenigas has told the financial press that he wants Lonhro to be making $1 billion of revenues within the next three years or so. We believe the company certainly seems to be in the right place at the right time to do this. A recent report from the International Monetary Fund entitled "Sub-Saharan Africa, Back to High Growth?" suggests that economic conditions within Sub-Saharan Africa are now improving following a dip seen during the global recession. The organisation expects output in the region to rise by 4.75% this year, up from 2% in 2009, rising to 5.75% in 2011. What's more, we believe that the significant investment made in the past five years has aligned Lonrho's assets to the underlying growth drivers of Sub-Saharan Africa. For example, the Agribusiness and Kwikbuild operations should benefit directly from expectations of further population growth in the coming years. The United Nations expects the population of Sub-Saharan Africa to rise from 863 million in 2010 to 1.75 billion by 2050 - these people will obviously need to be fed, housed and sheltered - boding well for Lonrho. Elsewhere in the business, the recent expansion of the African oil industry is likely to boost the infrastructure operations. Africa is estimated at holding around a quarter of the world's oil reserves and is an attractive area for countries such as the US, which is looking to reduce its reliance on the Middle East for energy. The support services business, especially Bytes & Pieces, should benefit from the growing economy and the airline and hotels should prosper from the general economic growth as well as an increase in the African middle classes. Evaluation With growth across all divisions, and particularly strong progress at Agribusiness and Hotels, Lonrho continues to perform well and is in a stronger financial position following its recent bond issue. Based on Panmure Gordon's estimates, the shares trade on a multiple of around 7.5 times next year's earnings. We believe that looks good value given the company's track record to date, strong financial position following the recent bond offering and the growth opportunities which it has on the continent. We understand that the firm has also started the process to move up to the Main Market of the London Stock Exchange. This, along with a rumoured listing in Hong Kong, should increase demand for the shares. As an interesting play on the fast growing emerging African markets, shares in Lonrho are a BUY. |
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