MEIK.zw | Notice of Extraordinary General Meeting

Home/Corporate announcements/MEIK.zw | Notice of Extraordinary General Meeting

MEIK.zw | Notice of Extraordinary General Meeting

Notice is hereby given that an extraordinary general meeting of Meikles Limited will be held in the Stewart Room, Meikles Hotel, Third Street, Harare at 09.00am on Wednesday, 27 November 2013, for the purpose of considering and, if deemed fit, passing without modification, the following resolutions:

PREAMBLE

A. At an Extraordinary General Meeting held on 18 August 2011 shareholders approved that 24,000,000 unissued shares be placed under the control of the directors who shall have the authority to issue the shares to the Meikles Limited Employee Share Ownership Trust (“The Trust”). The 24,000,000 unissued shares constitutes 8.91% of the issued share capital of the Company. The Ministry of Youth Development, Indigenisation and Empowerment have approved the Company’s provisional Indigenisation Implementation Plan on the condition that ten per cent (10%) of the issued share capital be issued to the Trust. To meet this condition, a further 4,000,000 shares need to be issued to the Trust in addition to the shares already authorised to be issued as per the 20 August 2013 Annual General Meeting. So, in total 19,581,490 shares will be placed under the control of the directors. This total together with the 8,418,510 shares already issued to the Trust will constitute 10% of the Company’s issued share capital.
B. At an Extraordinary General Meeting held on 15 August 2012 shareholders approved the Company providing financial assistance to the Trust and to the Share Purchase Scheme – 2011 (“The Scheme”) for both to purchase up to 24 million shares in the Company. To date finance has been secured for the Trust to purchase 8,418,510 shares in the Company and for the scheme to purchase 12,812,381 shares in the Company. It has not been possible to secure additional financing for both the Trust and the Scheme to purchase their full entitlement. Shareholder approval is now being sought for the Company to finance the purchase of the balance of both the Trust and the Scheme’s shares in the Company. This assistance will only be extended when the Company’s funds on deposit with the Reserve Bank of Zimbabwe (“RBZ”) are repaid.

As a Special Resolution No. 1

That a further 4,000,000 unissued shares of the company be placed under the control of the directors who shall have the authority to issue the shares to the Meikles Limited Employee Share Ownership Trust on such terms and conditions as they deem fit, provided that the shares be issued at a price calculated on the basis of the weighted average price of Meikles Limited shares over the thirty (30) days prior to the date of issue.

As a Special Resolution No. 2

The Company provides direct financial assistance in the form of loan funding to the Meikles Limited Employee Share Ownership Trust (“The Trust”) to enable the Trust to finance the subscription of up to a maximum of 28,000,000 shares in the Company (of which 8,418,510 shares have been issued) at a subscription price calculated on the basis of the weighted average of Meikles Limited shares over thirty (30) days prior to the issue, subject to the Company only providing such direct financial assistance in the form of loan funding when the Company’s funds on deposit with the Reserve Bank of Zimbabwe (“RBZ”) are repaid by the RBZ.

As a Special Resolution No. 3

The company provides direct financial assistance in the form of loan funding to the Share Purchase Scheme – 2011 (“The Scheme”) to enable The Scheme’s participants’ share holding company to finance the purchase of 11,187,619 shares in the Company from the market at market prices, subject to the Company only providing such direct financial assistance in the form of loan funding when the Company’s funds on deposit with the Reserve Bank of Zimbabwe (“RBZ”) are repaid by the RBZ.

by order of the board

A P Lane-Mitchell
Secretary

16 October 2013

Registered Office
6th Floor, 99 Jason Moyo Avenue
Harare
Zimbabwe

Note

  1. Any person entitled to attend and vote at the meeting is entitled to appoint a proxy to attend, speak and vote in his stead. A proxy need not be a member of the Company.
  2. Any instrument appointing a proxy must be lodged at the registered office of the Company in Harare or with the United Kingdom registrars forty-eight hours before the meeting.

Related downloads:

2016-12-10T18:13:35+00:00 October 21st, 2013|Corporate announcements|0 Comments

Leave A Comment

eighteen − ten =