www.cambriaafrica.com
Cambria Africa plc is a long term, active investment company, building a portfolio of investments primarily in Zimbabwe.
The name of the Company is inspired by the Cambrian period in the earth's development, also referred to as the "Cambrian explosion".
It represents an anticipated period of rapid development and a promising new era for the Company, its shareholders and employees – alongside the current economic renaissance of Zimbabwe.
It has been listed on the AIM market of the London Stock Exchange since 2007. Until February 2012 the Company was known as LonZim plc.
LonZim to change name to Cambria Africa
LonZim (LON:LZM) said it can now operate without further direct support of its major shareholder Lonrho (LON:LONR) and has decided to change its name to Cambria Africa to reflect the change.
As a result, five members of the board nominated by Lonrho have agreed to step down at the upcoming AGM, which will be held on February 24. Lonrho will retain its 22.9 percent stake in the company.
The group plans to replace them with four new directors. Ian Perkins will be appointed to the board as a non-executive chairman at the AGM, Edzo Wisman as executive director and chief executive officer and Itai Mazaiwana and Fred Jones will join the board as non-executive directors.
LonZim also said that current non-executives Paul Turner and Paul Heber are expected to be re-elected at the AGM, while Turner is intended to become the Company's deputy chairman.
The company said its new name is inspired by the Cambrian period in the earth's development and represents an “anticipated period of rapid development and a promising new era” for the company and Zimbabwe.
“The company remains committed to Zimbabwe, to its current operating businesses and to growth in shareholder value,” LonZim said in today’s statement.
Back in November, broker WH Ireland said LonZim was in a position to benefit from a recovery in Zimbabwe.
"The Zimbabwe economy is experiencing strong growth, albeit from a weak base, and GDP grew 8.1 per cent in 2010. Government forecasts project growth of up to 9 per cent in 2012 but the global outlook and a heavy reliance on imports are amongst the key risks to future growth," said analyst Derren Nathan.
The company's core investments include the Leopard Rock hotel, a commercial and security printing company and ForgetMeNot Africa, which provides ‘message optimiser’ applications for mobile phones.
There is also Paynet, which provides financial software and services and the Aviation division which is yet to start operating its own routes.
