54% of the shareholders voted in favour of the resolution to acquire the entire issued share capital of Kingdom, while 92% voted for acquisition of Tanganda, 99% for Cotton Printers and 92% for restating of the share capital.
A simple majority was required to carry the resolutions.
The biggest minority shareholder, Old Mutual, had questioned the valuation of Kingdom in the deal, arguing that the exchange ratios grossly undervalued Meikles while overvaluing Kingdom causing the EGM to be adjourned.
It was not clear how Old Mutual voted but analysts are of the view that the 46% voting against were from its camp.
Old Mutual owns 13,1% of Meikles through Old Mutual Life Assurance (10,85%) and Old Mutual Zimbabwe (2,25%).
Comarton Consultants, which administers pensions and employment benefits, has been meeting pension fund clients to decide on how they would vote. Comarton MD, Davie Buyanga, recently wrote to clients requesting their view on the deal.
Kingdom shareholders had earlier voted to proceed with the EGM of 15 November and having done so resolved an exchange ratio of one Meikles Africa Limited ordinary share for 5,659 Kingdom Financial Holdings Limited ordinary shares.
Post published in: Economy