Published: 27 November 2013

Meikles Limited which secured approval of its provisional indigenisation plan by government a few months ago, today also got support from its shareholders to undertake transactions necessary for the plan to be effective. The company's shareholders unanimously approved that a further 4 million unissued shares of the company be placed under the control of the directors at an EGM this morning.

The special resolution read; "...a further 4 million unissued shares of the company to 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."

The ministry of Youth Development, Indigenisation and Empowerment approved the company's provisional Indigenisation Implementation Plan on the condition that 10% of the issued share capital be issued to the Trust.

The shareholders also approved that the company provides direct financial assistance in the form of loan funding to the Meikles Limited Employee Share Ownership Trust and to the Share Purchase Scheme.

Executive Chairman John Moxon said the implementation of the indigenisation in particular the funding aspect is hinged on the availability of funds currently trapped at the Reserve Bank of Zimbabwe.
- zfn

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