LonZim chief executive fears AGB vote could lead to suspension from Aim

Mark Leftly

Sunday 26 April 2009

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David Lenigas, the chief executive of Aim-listed Zimbabwe investor LonZim, has warned that the company could be suspended from the stock exchange next week.

Mr Lenigas said he feared that activist investor AMB Capital, which has a 28 per cent stake, could vote against the re-election of the board at the annual general meeting on Thursday.

Should the board be voted off, LonZim would automatically be suspended as there are no replacements in the wings who could be elected to take charge.

AMB has already called an emergency general meeting to vote on a reconstituted board that will look at asset sales.

Mr Lenigas said: "I'm worried AMB might try to accelerate this process this week. If they were to win a vote against us, shares would be suspended, and it means that we wouldn't be able to make any acquisitions or disposals."

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