The Boards and Management of Zimre Holding Limited (“ZHL”) and Zimre Property Investments Limited (“ZPI”) wish to advise their valued shareholders and members of the public of the successful acceptance of ZHL’s Offer to acquire all the shares in ZPI on a basis of 1 authorised but unissued ZHL Ordinary Share for Every 2.78 ZPI Ordinary Shares Held.
OPERATING ENVIRONMENT The advent of the Covid-19 pandemic, currency depreciation and rising inflation characterized the operating environment. These factors have strained business operations and inevitably impacted the property sector negatively.
The definitions and interpretations commencing in the Definitions section of this Circular apply, mutatis mutandis, throughout this Circular from the cover page to all appendices and attachments (unless the context indicates a contrary intention).
Shareholders are advised that the Annual General Meeting scheduled for Friday, 26 June 2020 at 12:00 hours has been postponed. This is to allow the independent auditors to complete their final review of the annual report. It is also necessary to afford Members enough time to go through the annual report in preparation for the annual general meeting. The meeting will now be held on Tuesday, 14 July 2020 at 12:00 hours via the zoom platform as initially advised.
NOTICE IS HEREBY GIVEN THAT the 15th Annual General Meeting of Members will be virtually on 26 June 2020 at 12:00 hours. Shareholders are advised that in light of the current lockdown regulations that prohibit gatherings of more than 50 people and the need to promote social distancing and to address other hygiene matters due to the COVID-19 pandemic, the Company will organize a virtual meeting details of which will be communicated to shareholders in due course. The agenda of the meeting is set out below:
The operating environment during the year under review remained difficult for business operations. The economy was characterized by rapid devaluation of the Zimbabwe dollar and rising inflation.
Construction of the US $13m Sawanga Shopping Mall in Zimbabwe is complete and set to to be opened to the public by the end of March.