The Board of Meikles Limited (“Meikles/ the Company”) has been notified by the Moxon Group that they have exchanged their combined shareholding in Meikles into one entity Gondor Capital Limited (“Gondor”), a non-resident entity. Gondor’s shareholding is 100% held by the Moxon Group which means that there is no change in the underlying beneficial ownership of their shareholding in Meikles. The transaction also has no effect on the Company’s indigenisation status. This transfer consolidates the Moxon Group’s investment in Meikles into one investment vehicle, the position that pertained prior to the 2007 merger.
The Company is aware that the Reserve Bank of Zimbabwe has sanctioned this transaction and that the Zimbabwe Stock Exchange has been advised as appropriate. Meikles has been advised by the Moxon Group that the rationale for this transaction is to mobilise substantial capital for the Company in the international capital markets. The Group would like to thank all the Governmental authorities in Zimbabwe, including the Ministry of Youth Development, Indigenisation and Empowerment and the Reserve Bank of Zimbabwe, for their foresight and understanding in supporting the transaction.
The Board will keep shareholders updated on developments as they occur.
By Order of the Board
16 January 2012