Meikles to buy off minorities and delist from the Zimbabwe Stock Exchange

Meikles Limited says it is working on a possible offer to minority shareholders which will result in it subsequently de-listing from the Zimbabwe Stock Exchange (ZSE).

“The Directors of Meikles Limited wish to advise shareholders that the company is currently engaged in discussions on a transaction that may have material impact on the value of the Company’s shares.

“The transaction relates to a possible offer to minorities and subsequent delisting of the company from the Zimbabwe Stock Exchange in line with section 9 of the Zimbabwe Stock Exchange Listing requirements,” said company secretary Thabani Mpofu.

Meikles last year indicated that it had obtained approval from the ZSE to delay publishing its full-year  financials for 2016 due to delays in verifying a debt it is owed by government.

The company, however, said turnover for the year to March 2016 was 10 percent up on the previous year and with the exception of the hospitality unit, all segments of the group contributed to the increase.

The total group turnover for the year was $454 million. Operating income increased by 14 percent while Earnings Before Income Tax Depreciation and Amortisation (EBITDA) increased by $11.5 million relative to the previous year.

In the 2015 financial year, the company reported an operating loss of $10.4 million.- The Source

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