LonZim meeting fails to ease relations with rebel shareholder AMB Capital

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The Independent Online

The board of LonZim, the Aim-listed investor of assets in Zimbabwe, has met with rebel shareholder AMB Capital in a failed attempt to improve relations between the embattled parties.

AMB has called for an extraordinary general meeting to attempt to replace two of LonZim's four shareholders with its own candidates. The South Africa-based investor says LonZim has paid too much for poor assets and it is too influenced by pan-African conglomerate Lonrho. LonZim's board are all from Lonrho, which spun it out on to the exchange last year. Andrew Sprague and Christopher Vosloo, AMB chief executive and executive director, met with LonZim chairman David Lenigas and chief executive Geoffrey White in London on 26 June. Mr Lenigas and Mr White made presentations on LonZim's investment strategy but AMB was not convinced by their plans.

Mr White said that LonZim would push forward with an EGM "to get clarification from shareholders" over which party they want to back.