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 Fifty Shades of Grey trailer released: First look at Jamie Dornan as Christian Grey
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 50 books for students to read this summer: From Ernest Hemingway to Gillian Flynn
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Rebecca Hall on her film career so far: ‘I’ve played too many repressed neurotics’
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Iraq crisis: Isis orders Mosul shop keepers to cover mannequins
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£60000 per annum: Harrington Starr: Trade Desk Specialist (Linux, Windows, FIX...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...
£300 - £350 per day: Harrington Starr: C#.NET Developer C#, WPF,BLL,MVVM, SOA...