We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lonzim | LSE:LZM | London | Ordinary Share | IM00B28CVH58 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLZM
RNS Number : 4440P
LonZim PLC
04 October 2011
4 October 2011
LonZim Plc ("LonZim" or "the Company") LonZim completes disposal of Aldeamento Turistico de Macuti SARL "ATdM" in Mozambique to focus on core Zimbabwean businesses
LonZim is pleased to announce that it has completed a share purchase agreement to dispose of its 80% holding in ATdM, a company with a long lease on a prospective costal development site in Beira, Mozambique as part of LonZim's growing focus on the economic opportunities within Zimbabwe.
LonZim has disposed of the 80% stake in ATdM for US$5.1m to Lonrho Hotels (Holdings) Limited, a 100% subsidiary of Lonrho Plc who have a 22.92% interest in LonZim. Consideration for the shares is to be settled in cash, paid monthly over 5 years with interest of 7% per annum accrued on the outstanding balance. In addition Lonrho Hotels will repay an inter-company loan of US$1.5m to LonZim and will take on potential liabilities of US$1.2 that LonZim assumed on the original acquisition.
ATdM reported net assets of GBP2.3m as at 28 February 2011 and a loss after tax of GBP0.1m for the 6 months ended 28 February 2011.
The disposal of ATdM will allow LonZim to realise cashflows from non-core assets which are to be reinvested into LonZim's core activities within Zimbabwe.
An independent valuation report on the property lease was commissioned by LonZim and the Non-Executive directors, and valued the lease at approximately US$7.3m.
The transaction is a related party transaction for the purposes of the AIM Rules for Companies. With the exception of the LonZim directors who are also directors of Lonrho Plc, the Non-Executive LonZim directors, Paul Turner, Paul Heber and Colin Orr Ewing, having consulted with WH Ireland, the Company's nominated advisor, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
Enquiries
LonZim Plc +44 (0) 7881 825 David Lenigas Executive Chairman 378 Chief Executive +44 (0) 7717 307 Geoffrey White Officer 308 +44 (0) 7833 054 David Armstrong Finance Director 693 WH Ireland Ltd: Nomad and Broker +44 (0) 20 7220 James Joyce 1666 Pelham Bell Pottinger +44 (0) 20 7861 James MacFarlane 3864 +44 (0) 7841 672 831
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISMMMGGDFGGMZM
1 Year Lonzim Chart |
1 Month Lonzim Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions