Business / Companies
Meikles Limited Interim Management Statement
20 Aug 2011 at 05:56hrs | Views
Interim Management Statement and results of the 74th Annual General Meeting and Extra-ordinary General Meeting of 18 August 2011
The attainment of full indigenisation status and the raising of equity and debt financing to both re-financing the Group's subsidiaries and to invest into new projects are the current pillars upon which the Group expects to add shareholder value in future.
The Meikles Group currently requires working capital of US$61m of which a minimum of US$13m will be direct investment into TM Supermarkets by Pick n Pay .The Group is looking to raise a further US$90m for new projects.
The Group's initiatives are aimed at attracting strategic partners, skills and capital in a manner that will stimulate investment and employment creation in Zimbabwe.These expansion and restructuring initiatives preclude the payment of dividends in the near future. The Group's strategies will not involve a rights offer at the holding company level.
All of the negative legacy issues affecting the Group have been satisfactorily concluded from a legal and regulatory perspective with no adverse consequences to the Group.
Results of the 74thAnnual General Meeting
The seventy-fourth annual general meeting of the shareholders of Meikles Limited in respect of the period ended 31 March 2011, held in the Stewart Room First Floor, Meikles Hotel, 3rd Street, Harare on 18 August 2011 at 8.15 am conducted the following business:
1. The Group Financial Statements and the reports of the Directors and Auditors were received and adopted for the period ended 31 March 2011.
2. Mr. J. R. T. Moxon, appointed as a Director with effect from 16 June 2011 retired, offered himself for re-election and was re-appointed.
3. Mr. M. L. Wood appointed as a Director with effect from 5 July 2010 retired, offered himself for re-election and was re-appointed.
4. Mr B. J. Beaumont retired by rotation and being eligible offered himself for re-election and was duly appointed
5. Mr K. Ncube retired by rotation and being eligible offered himself for re-election and was duly appointed
6. Mr R. Chidembo retired by rotation and being eligible offered himself for re-election and was duly appointed
7. Directors' fees amounting to US$25,530 for the period ended 31 March 2011 were confirmed.
8. Messrs Deloitte & Touché, auditors for the period ended 31 March 2011, indicated their willingness to continue in office and were re-appointed for the year ending 31 March 2012.
The attainment of full indigenisation status and the raising of equity and debt financing to both re-financing the Group's subsidiaries and to invest into new projects are the current pillars upon which the Group expects to add shareholder value in future.
The Meikles Group currently requires working capital of US$61m of which a minimum of US$13m will be direct investment into TM Supermarkets by Pick n Pay .The Group is looking to raise a further US$90m for new projects.
The Group's initiatives are aimed at attracting strategic partners, skills and capital in a manner that will stimulate investment and employment creation in Zimbabwe.These expansion and restructuring initiatives preclude the payment of dividends in the near future. The Group's strategies will not involve a rights offer at the holding company level.
Results of the 74thAnnual General Meeting
The seventy-fourth annual general meeting of the shareholders of Meikles Limited in respect of the period ended 31 March 2011, held in the Stewart Room First Floor, Meikles Hotel, 3rd Street, Harare on 18 August 2011 at 8.15 am conducted the following business:
1. The Group Financial Statements and the reports of the Directors and Auditors were received and adopted for the period ended 31 March 2011.
2. Mr. J. R. T. Moxon, appointed as a Director with effect from 16 June 2011 retired, offered himself for re-election and was re-appointed.
3. Mr. M. L. Wood appointed as a Director with effect from 5 July 2010 retired, offered himself for re-election and was re-appointed.
4. Mr B. J. Beaumont retired by rotation and being eligible offered himself for re-election and was duly appointed
5. Mr K. Ncube retired by rotation and being eligible offered himself for re-election and was duly appointed
6. Mr R. Chidembo retired by rotation and being eligible offered himself for re-election and was duly appointed
7. Directors' fees amounting to US$25,530 for the period ended 31 March 2011 were confirmed.
8. Messrs Deloitte & Touché, auditors for the period ended 31 March 2011, indicated their willingness to continue in office and were re-appointed for the year ending 31 March 2012.
Source - Meikles Ltd
