Proposed Secondary Listing on

RNS Number : 8211L

LonZim PLC

13 May 2010

 



13 May 2010

LONZIM PLC

('LonZim' or 'the Company')

PROPOSED SECONDARY LISTING ON THE ZIMBABWE STOCK EXCHANGE

LonZim Plc (AIM:LZM) (the "Company") is pleased to  announce its intention to seek a secondary listing  of its ordinary shares (the "Shares") on the Zimbabwe Stock Exchange (the "ZSE") (the "Proposed ZSE Listing").

The Company has engaged Premier Banking Corporation Limited to act as financial adviser for the listing on the ZSE. It is expected that the listing will occur in the second half of 2010.

LonZim believes that the Proposed ZSE Listing will help strengthen the growth prospects of the Company and therefore maximise the value of the Company and its Shares.

LonZim is of the view that the Proposed ZSE Listing will:

·           facilitate direct investment in LonZim by Zimbabwe residents, corporations and financial institutions;

·           support Zimbabwe business as it rebuilds in line with LonZim's stated objective of playing an integral role in the revival of the Zimbabwe economy;

·           provide the Company with additional opportunities to access capital for growth, its future expansion and the further implementation of its existing plans;

·           provide the Company with an additional channel to investors and gain access to a wider range of local Zimbabwean institutional and retail investors;

·           support the Company's long-term growth and development and long term commitment to a strong Zimbabwean economy.

LonZim will be the first public listing of shares on the ZSE since the introduction of US dollarisation brought increasing economic stability in Zimbabwe, as well as the first secondary listing of a European company on the ZSE in over a decade.

     Submission to the ZSE.

In connection with the Proposed ZSE Listing, an application will be made to the ZSE for the listing of, and permission to deal in, all the Shares on the ZSE. A further announcement will be made when such an application is made.

The Board wishes to highlight to its Shareholders that the Proposed ZSE Listing will involve fairly extensive preparatory work and, as the Proposed ZSE Listing is subject to, amongst others, the approval of ZSE and relevant authorities there is no assurance that the Proposed ZSE Listing will occur.

David Lenigas, LonZim's Executive Chairman stated:

"The proposed dual listing of LonZim in both London and Zimbabwe with full fungibility is an important step forward for the company and positions LonZim with strong foundations as the Zimbabwean economy recovers."

Enquiries

For further information, please contact:

LonZim Plc
David Lenigas	Executive Chairman	[phone]
Geoffrey White	Chief Executive Officer	[phone]
Emma Priestley	Executive Director	[phone]
WH Ireland Ltd: Nomad and Broker
James Joyce		[phone]
Pelham Bell Pottinger
Charles Vivian		[phone]
		[phone]
James MacFarlane		[phone]
		[phone]

 

END

 

 

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