Lonrho investors threaten action

THE BATTLE between Lonrho Africa and a group of investors linked to George Soros took a fresh twist yesterday when the shareholders threatened legal action against the troubled conglomerate. Blakeney Management, an investment fund seeking an overhaul of the Sub-Saharan group's board, claimed the company had made defamatory remarks against some of its associates.

Blakeney, which owns around 9 per cent of Lonrho Africa, said its legal advisers had been instructed to take further action over comments made by the company in a circular to shareholders, analysts' presentations and a public statement on Thursday. The remarks related to Miles Morland, Blakeney's chairman, John Jackson, chairman of leisure group Ladbroke, and Dekel Golan, chairman of African Plantations, an African company.

The three are Blakeney's candidates to replace Lonrho Africa's non-executive directors.