[2007-12-24]  LonZim shares continue to rise
LONZIM Plc — a subsidiary of Lonrho established to make investments in Zimbabwe — has since listing on the Alternative Investment Market traded positively with its share price rising from 100 pence on the first day of trade to about 106 pence by yesterday morning.
The company floated 36 450 000 Ordinary Shares after being admitted to trade on the London based market on Tuesday last week.
It announced that of the total of shares, 29 160 000 were placed at 100 pence per Ordinary Share, raising gross proceeds of £29.16 million.
The remaining 7 290 000, LonZim said, were issued under terms of the Management Services Agreement to Lonrho Plc in consideration of Lonrho and its subsidiaries' agreement not to compete with the activities of the company in Zimbabwe.
Since the listing, the company’s share price has been improving fluctuating between 106 and 108 pence per share over the past week.
On Monday, the company recorded its highest share price of 108 pence per share where 4 775 shares traded raising more than £5 000.
However the highest number of shares traded per day was recorded on Tuesday when 50 000 shares traded at 106 pence per share raising more than £53 000.
The company listed on AIM after it successfully concluded its international roadshow and bookbuilding process raising GBP 29. 16 million.
LonZim has become the first Zimbabwean focused investment company listed on the London Stock Exchange.
The company was created specifically to invest in Zimbabwe and announced that it believed the country offered a unique and considerable investment opportunity despite the challenges it was facing.
The company announced that it may make investments in tourism, accommodation, infra-structure, transport, commer-cial and residential property, technology, communications, manufacturing, retail, services, leisure, agricultural and natural resources sectors.
Although mainly focussing on Zimbabwe, the company announced that it would also make investments outside the country in companies with a majority of their operations within the country.



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