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 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Germanwings plane crash: Video shows co-pilot Andreas Lubitz learning to fly as a teenager
- 3 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 4 Germanwings crash: Captain of doomed plane was only 'on board because he changed job to spend more time with his children'
- 5 WrestleMania 31 results: Seth Rollins stuns WWE as he cashes in Money in the Bank contract to claim title from Brock Lesnar
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Children take eight Isis captives to be beheaded in latest propaganda video
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£32000 - £38000 per annum + benefits: Ashdown Group: A highly successful, inte...
£20000 - £35000 per annum: Recruitment Genius: This multi-award winning foreig...
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...