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Lonrho director quits board over dispute

Sir Richard Needham quits Lonrho board after dispute with executive chairman David Lenigas
May 30, 2012

Shares in the fast growing African conglomerate Lonrho slumped 9 per cent to 9.36p after the company confirmed that Sir Richard Needham had resigned his post as non-executive director.

IC TIP: Hold at 9.36p

The resignation reportedly comes after a dispute between Mr Needham and David Lenigas, Lonrho's executive chairman. This mars what had otherwise been a good start to the year for Lonrho, which recently announced solid first-quarter trading and rising profits across its transportation and agriculture interests on the continent.