Bookrunner Panmure Gordon assists; proceeds fund new opportunities
By Devika Patel
Knoxville, Tenn., Dec. 13 - Lonrho plc said it plans a £26.95 million private placement of shares.
The company will sell 269,498,795 ordinary shares at 10p per share. The price per share is identical to the Dec. 12 closing share price.
Panmure Gordon is the bookrunner and underwriter.
Proceeds will be used for development of new business opportunities.
"We are delighted at the strong level of support from existing and new shareholders for Lonrho to continue to develop and expand its business," executive chairman David Lenigas said in a press release. "We are seeing a growing interest from global institutions in the opportunities to take part in supporting the growth in the agriculture, oil and mineral sectors in Africa, the specific areas where Lonrho operates."
Based in Liverpool, England, Lonrho has a portfolio of investments in infrastructure, transportation, support services and hotels.
| Issuer: | Lonrho plc
|
| Issue: | Ordinary shares
|
| Amount: | £26,949,880
|
| Shares: | 269,498,795
|
| Price: | 10p
|
| Warrants: | No
|
| Bookrunner: | Panmure Gordon
|
| Pricing date: | Dec. 13
|
| Stock symbol: | London: LONR
|
| Stock price: | 10.25p at close Dec. 13
|
| Market capitalization: | £129.86 million
|
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