Meikles Limited, a leading Zimbabwean conglomerate with interests in retail and hospitality, has issued a cautionary statement to its shareholders and the public, advising them to exercise caution when dealing in the company’s shares.
This comes as the company is in discussions to dispose of certain assets, which may constitute a “Category 1” transaction under Section 253 of SI134/2019.
According to a statement signed by John Moxon, Non-Executive Chairman of the Board, the proposed disposal transaction may have a material effect on the company’s shares.
As a result, Meikles Limited will be seeking the approval of its shareholders for the proposed disposal at an Extraordinary General Meeting (EGM) to be convened at a future date.
The company’s directors have advised shareholders and the public to exercise caution when dealing in the shares of Meikles Limited until further notice.
“The Directors of Meikles Limited wish to advise shareholders that the Company is in discussions to dispose of certain of its assets.
“The proposed disposal transaction may constitute a ‘Category 1’ transaction under Section 253 of SI134/2019. Accordingly, the Company would be seeking the approval of its shareholders for the proposed disposal at an Extraordinary General Meeting (‘EGM’) to be convened at a future date. If concluded, the transaction may have a material effect on the Company’s shares.
“The Directors advise the shareholders of Meikles Limited and the public to exercise caution when dealing in the shares of Meikles Limited,” read the statement.
In terms of the Zimbabwe Stock Exchange Listings Requirements, companies are required to issue cautionary statements to alert shareholders and the public of potential transactions that may materially affect the company’s shares.
Meikles Limited has a diverse portfolio of investments in hotel, retail, supermarket chain, agriculture and financial services.
