The call comes from AMB Capital, a Johannesburg-based hedge fund, and Damille Partners IV. The pair have a combined 27% stake.
On Friday, the company, led by chairman David Lenigas, wrote toshareholders saying AMB had requested an extraordinary meeting at whichit proposed the removal of all four executive directors.
AMB has put forward an alternate slate of directors, and said LonZim should sell all its assets by the end of next year.
The meeting is expected to be held in June.
LonZim listed on AIM in 2007. It was set up by Lonrho, the Africanconglomerate famous for its days under Tiny Rowland. Lonrho manages thegroup and has a 24.25% stake.
LonZim owns Celsys, a printing and mobile-phone operation; Paynet,which runs Zimbabwe's electronic-payments network; and Millpal, achemicals company. The group recently bought the Leopard Rock Hotel,one of the country's best known resorts.
Lenigas urged shareholders to vote against AMB and not abandonZimbabwe and its people at the worst possible time . . . AMB'smotivation and profit incentive is very different from othershareholders.
The Times (UK)
Post published in: Economy