Shareholders of Kingdom Meikles Limited (KML) are hereby advised that an agreement has been reached to resolve the outstanding issues related to the demerger of KML between Messrs. John Moxon and Nigel Chanakira.
Under the agreement, the Moxon family, represented by Mr. John Moxon, will at the point of the Kingdom Financial Holdings Ltd (KFHL) listing, swap their KFHL shares for Meikles Africa Ltd (MAL) shares and thereafter in time sell their balance to Valleyfield Investments and its nominated companies, represented by Mr. Nigel Chanakira. This will result in Valleyfield becoming a significant shareholder in KFHL. Mr. Chanakira now formally ceases to be the CEO of KML with immediate effect and Ms. Bango and Mr. C Jokonya have resigned from KML's board. These developments effectively render the EGM scheduled for tomorrow a non-event.
The Moxon Family companies will retain their significant shareholding in the Meikles Ltd post demerger. KFHL and Meikles will advise the relevant regulatory authorities about the agreement and apply to have the specification of KML and other parties lifted. Both companies will also apply to the Zimbabwe Stock Exchange (ZSE) for the re-listing of their shares.
We, the undersigned, confirm that the negotiations were amicable and showed goodwill which ends the inordinate delay to the demerger of KML. It also opens a new chapter for Meikles and KFHL to now focus on their core mandates of growing and expanding their businesses for the benefit of their shareholders and in embracing the process of indigenisation.
» Download the signed joint statement
The KML investor relations team
Kingdom Meikles Limited is one of the largest groups in Zimbabwe with interests in the hotel, retail stores, financial services, tea and cotton processing sectors. Kingdom Meikles' growth prospects focus on domestic and regional expansion through the promotion of responsible and long term sustainable stakeholder relationships.
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