I don't think Lonrho PLC will be spending any more money with LOM. You can have a crack at me later if I'm wrong, but why do I think this?
Firstly, as a cornerstone shareholder the last 6 years their percentage stake in LOM has declined since 2008/9 which is disappointing in some respects
-2009 25.3%
-2010 20.9%
-2011 was 17% now 14%
Secondly knowing how important the capital raising was to LOM as a cornerstone investor I would have anticipated firstly an announcement that they were taking part in Nov ( to encourage the retail punters ( you and I ) or failing that taking up their contribution anyway. Neither happened.
Thirdly they need the working capital and they have other fish to fly (couldn't resist that ) with there airline FLY540.
I think we are more likely to see new blood on the top 20 register in 2012, which is a good thing. LOMs recent partial capital raising and its lifeline for the moment looks to have been mainly smaller shareholders putting their hands in their pockets (that includes me).
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