Meikles Limited Executive Chairman: Mr J.R.T. Moxon
Given local and regional opportunities, the possibility of restructuring certain subsidiaries in the future cannot be ruled out. Hospitality is looking at ventures in Zimbabwe and within the region. Recently, the Group was invited by the government of the Democratic Republic of Congo (DRC) to discuss potential investment and cooperation opportunities between DRC and Meikles Limited in the areas of agriculture, hospitality and retail.
It is important to note that subsequent to 31 March 2015, the Company has sold Treasury Bills with a nominal value of $11.8 million, and is about to enter into agreements to sell the remaining Treasury Bills with a nominal value of US$25.8 million and will then have no further Treasury Bills to sell. The Company is confident that it will receive value for the remaining debt due by the RBZ, which, in the Company's opinion, amounted to US$46.2 million at 31 March 2015. The particularities, however, of the provision for the sums owed by the RBZ (as explained in notes 21 and 22 of the financial statements) reflect the truly unique circumstances under which Meikles Limited finds itself currently...
2015 annual report