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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...Read more
LonZim buys back 12 percent of its capital for cancellationJuly 15 2009, 9:47am
Zimbabwe-focused investment group LonZim PLC (AIM: LZM) said it bought back 4,374,000 ordinary shares on the open market yesterday at 30.5 pence per share, representing 12 percent of the issued capital.
The shares will be cancelled resulting, in the issued share capital of the company being reduced to 32,076,000 ordinary shares from 36,450,000.
AMB Capital (Ireland) Ltd has previously notified the company that it holds a 22.12 percent and has recently informed the company of its intention to place into the market a holding of up to 13 percent, representing up to 4,738,500 ordinary shares in LonZim.
As separately announced today the company has now received formal notification from AMB that it has disposed of 4,700,000 shares in the capital of the company that it owns.
AMB’s holding in LonZim is now 3,364,032 shares, or 9.23 percent.
Chairman David Lenigas said: “The timing couldn't be better to buy back these shares as we believe it will coincide with the economic recovery in Zimbabwe, provide value to our shareholders and continue Lonzims strategy for future growth.”