Company aims to win significant contracts in its agribusiness division
By Devika Patel
Knoxville, Tenn., May 20 - Lonrho plc said it plans a £19.5 million private placement of shares.
The company will sell 118 million ordinary shares at 16.5p each, identical to the May 19 closing share price of 16.5p and a 0.4% premium to the five day average volume-weighted average price of 16.4p.
The company said that the local markets within which it operates are growing strongly and the company is well-positioned to win some significant new contracts, particularly in its agribusiness division. The growth would require additional capital and also provides the opportunity for complementary acquisitions consistent with Lonrho's strategy of further developing each of its divisions across sub-Saharan Africa.
Based in Liverpool, England, Lonrho has a portfolio of investments in infrastructure, transportation, support services and hotels.
| Issuer: | Lonrho plc
|
| Issue: | Ordinary shares
|
| Amount: | £19.5 million
|
| Shares: | 118 million
|
| Price: | 16.5p
|
| Warrants: | No
|
| Pricing date: | May 20
|
| Stock symbol: | London: LONR
|
| Stock price: | 17p at close May 19
|
| Market capitalization: | £209.56 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
