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LAF - Lonrho Plc - Lonrho completes acquisition of ATdM in Mozambique LONRHO PLC (Formerly Lonrho Africa Plc) (Incorporated and registered in England and Wales) (Registration number 2805337) (Share code: LAF; ISIN number: GB0002568813 ("Lonrho" or "the Company") Lonrho completes acquisition of ATdM in Mozambique Lonrho is pleased to announce that it has completed a share purchase agreement to acquire an 80% equity interest in Aldeamento Turistico de Macuti SARL "ATdM". ATdM has a long lease for a 300,000 m2 development site on the coast in Beira, Mozambique which historically housed the popular Don Carlos and Estoril hotels. Beira is Mozambique`s second largest city and is a major trade and transit centre for exports and imports to and from Southern East Africa. Economic activity in Beira is increasing as new large scale mineral, biofuel and farming operations are being established in Mozambique that will utilise the Beira port. Tourism to Mozambique is also developing strongly. Beira currently lacks a quality international standard hotel, retail centre and office park to meet the growing demand in the city. The ATdM site is the prime location in Beira to meet the expected need for hotels, business parks and retail malls. The site, located only 2km from Beira Airport, is the largest single site for development in Beira with uninterrupted access to the beach centred around and including the famous Beira lighthouse. As a first phase development Lonrho Hotels plan to refurbish an existing property on the site to establish an easyHotel by Lonrho and provide quality office space for key companies seeking to establish offices in Beira. The Company has acquired the 80% stake in ATdM from LonZim Plc for USD5.1m (USD3.2m) which will be settled in cash over 5 years. Pursuant to the share purchase agreement, Lonrho Hotels will also take responsibility for liabilities of up to USD2.7m (GBP1.7m). David Lenigas, Lonrho`s Executive Chairman commented: "Mozambique is a rapidly developing economy being driven by significant new oil and gas exploration, mining, tourism and agriculture projects. Lonrho is already very active in Mozambique in the hotel, IT, and agriculture sectors and sees the city of Beira as an important port gateway that will benefit from the growing economy. This new development site acquired by Lonrho is strategically placed as the prime costal development location in the city and integral to meeting the growth in demand in this region of Mozambique." Enquiries Lonrho Plc +44 (0) 20 7016 5105 David Lenigas Geoffrey White David Armstrong
Panmure Gordon +44 (0) 20 7459 3600 Tim Linacre Dominic Morley Adam Pollock Hannah Woodley Pelham Bell Pottinger +44 (0) 20 7861 3232 James MacFarlane 4 October 2011 South African sponsor Java Capital Date: 04/10/2011 08:00:10 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
