Meikles Limited, a leading Zimbabwean conglomerate with interests in retail and hospitality, has issued a further cautionary announcement, warning shareholders to exercise caution when trading its securities amid ongoing discussions on the potential disposal of certain assets.
The Company will seek shareholder approval for the proposed asset disposal through an Extraordinary General Meeting (EGM), which is yet to be convened.
The announcement issued by the company’s secretary Thabani Mpofu, dated September 19, 2024, follows an initial warning on August 29, 2024, regarding ongoing discussions on the potential disposal of certain Meikles assets.
According to the statement, the talks are still progressing, and their outcome may significantly impact the company’s share value. The board urged shareholders to remain cautious until a full announcement is made.
“Further to the cautionary announcement dated 29 August 2024, the Directors of Meikles Limited wish to advise shareholders that discussions on the disposal of certain of its assets are still in progress which, if successfully concluded, may have a material effect on the Company’s shares.
“Accordingly, shareholders are advised to continue exercising caution when dealing in the Company’s securities until a full announcement is made,” the company stated.
In June this year, John Moxon, the Non-Executive Chairman of the Board said the proposed disposal transaction might constitute a ‘Category 1’ transaction under Section 253 of SI134/2019.
