Temporary Zimbabwe Stock Exchange (“ZSE”) Suspension
Meikles Limited (“the Company”) would like to update shareholders on the temporary suspension by the ZSE of trading in the shares of the Company with effect from 16 February 2015.
This suspension is purportedly based on the materiality of the difference in the Company’s funds held on deposit with the Reserve Bank of Zimbabwe (“RBZ”) as reported in the Company’s financial statements for the year ended 31 March 2014 and interim results to 30 September 2014 and the amount stated by the RBZ.
The Company’s financial statements for the year ended 31 March 2014 were published with the authority of the ZSE after it had reviewed and satisfied itself that all the requirements pertaining to the publishing of financial statements had been strictly adhered to. These financial statements were neither questioned nor rebutted by any institution at the time of their publication or anytime thereafter.
Shareholders are asked to take particular note of the provisions of Section 1.5 of the ZSE Listing Requirements which enjoins the ZSE to afford a company under threat of suspension an opportunity to make representations in its own defense before a decision is taken.
Contrary to the clear provisions of Section 1.5 of the ZSE Listing Requirements, the Company was neither given notice of the impending suspension nor afforded the opportunity to respond to the allegations made by the ZSE prior to the suspension of the trading of the Company’s shares.
The Company is taking legal advice on the issue.
The Company will keep shareholders advised as matters unfold.
17 February 2015