Blueberry is an offshore company incorporated in the British Virgin Islands that controls 60 percent of Celsys Limited (Celsys), a Zimbabwean publicly listed company operating in the telecommunications and security printing sector. Blueberry also owns 100 percent of Gardoserve (Private) Limited (“Gardoserve”), a Zimbabwean private industrial chemical manufacturer and distributer trading under the “Millpal” brand.
Since LonZim’s acquisition of its initial 80 percent stake in Blueberry, Celsys’s share price has risen 325 percent on the Harare Stock Exchange in US$ terms.
LonZim (AIM: LZM) was admitted to trading on AIM on 11 December 2007 and was established for the principal purpose of making investments in Zimbabwe and the Beira corridor in Mozambique. Lonrho owns 20% of LonZim and provides management services to LonZim. LonZim announced on 5 March 2008 that it has signed an agreement to acquire a 100 percent shareholding in Paynet Limited, which in turn is the beneficiary of Lanuarna Trust Zimbabwe.
The consideration was US$3,187,000. Included in the acquisition is the newly built, modern commercial property in Harare from which Paynet Zimbabwe operates, valued at US$1,025,000.
The profit before tax for was US$569,000, giving a PBT multiple of 3.15. This is based on the Zimbabwe Dollar monthly earnings for Lanuarna for 2007, converted to US Dollar figures using the Old Mutual Implied Rate, after removing non-realised exchange rate losses and non-recurring expenses. Lanuarna wholly owns three operating companies in Zimbabwe – Paynet Zimbabwe, Paywell and Autopay – and holds 100 per cent of the property holding company, LeHar.
It also has a 51 percent stake in a joint venture company, Tradanet.
ENQUIRIES
David Lenigas
Executive Chairman
+44 (0)7881 825 378
Geoffrey White,
Chief Executive Officer
+44 (0)7717 307 308
Emma Priestley,
Executive Director
+44 (0)7867 785 177.