Lonrho Plc ("Lonrho") to Acquire South African Seafood Wholesaler Fish On Line

By Lonrho Plc, PRNE
Tuesday, May 17, 2011

LONDON, May 18, 2011 - Lonrho is pleased to announce that it has entered into a heads
of terms to acquire a 51% equity interest in seafood wholesaler Fish On Line
for ZAR 3.5 million (GBP0.3 million) in cash.

Fish On Line is based in Cape Town, South Africa, and operates
bulk cold storage and fish processing facilities. The company operates as a
wholesaler of quality seafood and imports and exports a wide range of seafood
to and from markets globally. Products handled by Fish On Line include:
Prawns, Salmon, Pangasius, Hake and Kingklip. Unaudited turnover for the year
ended 28 February 2011 was ZAR 66 million (GBP5.8 million).

The parties expect to enter into a definitive share purchase
agreement, which will also include a formula for the acquisition of the
remaining 49% of the company, within the next few weeks. Following
completion, Lonrho will provide working capital for the company to expand its
existing operations and broaden its product range.

David Lenigas, Lonrho's Executive Chairman, commented:

"The acquisition of Fish On Line strengthens Lonrho's
participation in the seafood sector and delivers beneficial synergies with
Lonrho's Oceanfresh, which is seeing a strong demand for its sustainably
sourced, wild caught fish range from retailers globally."


    Lonrho Plc
    Geoffrey White, Chief Executive

    Pelham Bell Pottinger
    James MacFarlane


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