Lonrho Increases Equity Stake in Norse Air to 51%

5 September 2007
Content from a Premium Partner
Lonrho (London)
press release

Lonrho (AIM : LONR), the conglomerate with a diverse portfolio of African investments, is pleased to announce that it has acquired a further 8% of Norse Air Limited. This brings Lonrho’s holding in Norse Air to 51% of the company.

This move is in consideration of the Lonrho Board’s agreed mandate that Lonrho should, whenever possible, maintain equity and Board control of all subsidiary companies.

Lonrho had a convertible loan in place secured with the 8% option and, following a review of the business, opted to convert the outstanding loan and increase its equity participation.

David Lenigas, Lonrho Chairman and CEO commented:

“Lonrho’s increased equity in Norse Air is another example of the Company’s objective to hold a majority stake in each of its subsidiaries. Lonrho is developing businesses across Africa within infrastructure, transport and related sectors that have strong potential for growth. Norse Air, like other Lonrho subsidiaries benefits from our experience of Africa, Lonrho’s ability to transact larger deals and our ability to provide access to funds for expansion.”

ENQUIRIES

Lonrho Plc +44 (0) 20 7016 5105

David Lenigas, Chief Executive +44 (0)7881 825 378

Emma Priestley, Executive Director +44 (0)7867 785 177

Nare Diamonds Limited Charles Mostert +61 407196129 +27 722869288

Pelham PR Charles Vivian +44 (0) 20 7743 6672, +44 (0) 7977 297903

Alisdair Haythornthwaite +44 (0) 20 7743 6676, +44 (0) 7714 721379

Collins Stewart Europe Hugh Field +44 (0) 20 7523 8350

Jonny Sloan

NOTES TO EDITORS

About LONRHO:

Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughout Africa. The Company is listed on the London AIM stock exchange (LONR). Lonrho is strategically focused on the development of business opportunities in infrastructure, transportation, support services and natural resources. The Company has over 20,000 shareholders and substantial institutional backing to support its mandate to build a profitable business that plays a fundamental role in the development of the African economy.

Since 2006, the Company has invested in or acquired control of:

  • Hotel Cardoso - www.hotelcardoso.co.mz (retained)
  • Nare Diamonds - www.narediamonds.com
  • Brinkley Mining - www.brinkley-mining.com
  • Luba Freeport - www.lubafreeport.com
  • Fly540 - www.fly540.com
  • Norse Air - www.norseair.co.za
  • Swissta Holdings - www.swissta.com
  • Countermine - www.countermine.com
  • SA Independent Liner Services

About NORSE AIR:

Norse Air is a well-established private aviation business whose activities include Charter and Freight Services, Leasing, Sales and Maintenance. Its operations are based primarily in Mauritius and South Africa and also extend to Afghanistan, Ivory Coast, Ghana, Madagascar, Mali, Mozambique and Singapore. The Company has long-standing relationships with Governmental and Non-Governmental Organisations, as well as international businesses. It has successfully operated aircraft for the United Nations, the World Food Programme, the International Red Cross and other Non-Governmental Organisations, often under hostile environmental conditions.

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