adminpercent shareholding in the group.
In a recent statement, LonZim, which is listed on the AIM market of the London Stock Exchange, said it could “now operate without further direct support of its major shareholder, Lonrho, and has decided to change its name to reflect the change”.
“The name is inspired by the Cambrian period in the earth’s development, also referred to as the ‘Cambrian explosion’, and represents an anticipated period of rapid development and a promising new era for the company, its employees and shareholders, as well as for Zimbabwe,” said the company.
LonZim’s local interests include the Zimbabwe Stock Exchange-listed Celsys Limited, Paynet as well as the Leopard Rock Hotel in Vumba.
As part of the changes, the company said five members of the board nominated by Lonrho would be replaced at the next annual general meeting, which will be held on February 24. “The company remains committed to Zimbabwe, current operating businesses and to growth in shareholder value,” the statement added.
Stockbroker WH Ireland believes the company was well positioned to benefit from future improvement of the Zimbabwean economy over the longer term.
“Subject to AGM approval, we anticipate that the restructured board will be fully focused on leveraging value from its operating companies in Zimbabwe and we look forward to engaging with the new directors in due course,” said Mr Derren Nathan of WH Ireland.
Online Reporter