Shareholders OK Lonrho deals
Friday 10 April 1998
At an emergency meeting in central London yesterday, attended by only 100 shareholders, the resolutions were passed by 79.3 per cent of the votes cast.
Lonrho's resolutions did not go through unchallenged. Tiny Rowland, the Lonrho founder and former chairman who has been placing adverts in newspapers voicing his criticism of the board's plans, did not attend but his solicitor appeared as his representative.
Matthew Knight raised some of Mr Rowland's points, which included questions over the board's optimism on the outlook for the coal price and the increase in Lonrho's debts to uncomfortable levels. He also questioned why Anglo- American had sold 40 million Lonrho shares to SBC Warburg at a discount to the market price.
One private shareholder asked whether directors' pay would now be reduced as Lonrho would be a much smaller business.
Yesterday's agreement, combined with the group's plans to demerge its non-mining operations into a new company, Lonrho Africa, was a milestone on Lonrho's road to casting off its sprawling colonial conglomerate heritage and becoming a mining group with coal, platinum and gold interests in Africa.
Under the terms of the deal, Anglo American is swapping a 21 per cent stake in Lonrho which it has held since 1968, for JCI's share in the HJ Joel gold mine and JCI's stake in platinum producer Amplats. JCI, through a transaction with Investec Bank, is then selling the Lonrho shares on to Lonrho for around pounds 176.7m.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Ellen DeGeneres leads Johnny Depp, Gwyneth Paltrow and Paul Bettany in revealing game of Never Have I Ever
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...