Lonrho chairman Lenigas and CEO White join Rubicon board
Lonrho (LON:LONR) said executive chairman David Lenigas and chief executive Geoffrey White have joined the board of Rubicon Diversified Investments (LON:RUBI) as non-executive directors, with effect from December 13.
Lonrho invested £400,000 in Rubicon through a placing that was announced on November 18, when Rubicon also said the proceeds would be used to enable due dilligence on identified potential investment opportunities in the aviation sector.
The investment gave Lonrho a 12.7 percent stake in Rubicon.
Rubicon announced on the day a shift in its investment policy towards seeking an acquisition or acquisitions in the global aviation and aviation services sector with a particular focus on Africa.
Early this month, Rubicon told investors it was teaming up with easyjet founder Sir Stelios Haji-Ioannou. Under a conditional agreement, easyGroup Holdings would take an up to 15 percent stake in the investment group and provide advice and aviation expertise, and Rubicon would be able to use the fastjet.com brand to launch an airline service.
Rubicon chairman Robert Burnham said on the day the tie-up was announced: "The experience and track record of the easyGroup management team in this area is unparalleled. This experience, coupled with the deep knowledge of African business of our new shareholder Lonrho PLC and our proposed new board members David Lenigas and Geoffrey White, places Rubicon in a strong position to deliver successfully on its proposed new strategy for developing aviation services in Africa".
Lonrho operates the Fly540 regional African airline business which currently flies in Kenya, Tanzania, Southern Sudan, Uganda, Angola and Ghana and is planning on opening routes to additional countries early in the New Year.
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