AMB Capital set to spell out its plans for LonZim

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The Independent Online

AMB Capital, the South Africa-based investor, is to issue a statement to the London AIM tomorrow to clarify its ambitions for LonZim, in which it holds a 20.75 per cent stake.

LonZim, which invests in Zimbabwean assets, is at the centre of a dispute between AMB and Lonrho, which spun off the company in late 2007. AMB wants to replace two of LonZim's four-strong board, all of whom are from Lonrho, with its own directors.

LonZim management has argued that AMB wants to wind down the company by the end of 2010. However, AMB is expected to make a statement stating that it only wants to sell off existing assets and use the company name to help make other investments.

Dave Lenigas, LonZim's executive chairman, said that the company has bought assets at bargain prices. He said LonZim is committed to the long-term reconstruction of Zimbabwe.

Another London-listed company that works in Africa, miner Jubilee Platinum, is looking to grow its market capitalisation from £64m to £350m. Chief executive Colin Bird said that the growth could be achieved in two years, once its acquisition of Braemore Resources is completed.