In a notice to shareholders in possession of The Zimbabwean on Sunday, Meikles said the directors of the company where proposing that the de-merger take place after KFHL failed to fulfil the de-merger conditions.
At the extraordinary general meeting of the company held on June 22 2009 shareholders passed certain resolutions authorising the directors of the company to de-merge Kingdom Financial Holdings Limited (KFHL) from the company, reads the notice in part.
To date the de-merger has not been implemented both due to the issues the company faced at the end of 2009 and early 2010 and due to the non-fulfilment of all of the de-mergers conditions precedent, said Miekles in the notice.
Miekles said the issues were largely resolved and the board of directors of the company were now proposing that the de-merger takes place.
Shareholders are advised that in the event that an offer acceptable to the board, for the purchase of the companys shares in KFHL, is received prior to the date of the EGM, an amended EGM notice incorporating a resolution so that shareholders can vote on the offer, together with details of such offer, a recommendation from the board, and a new form of proxy will be sent to shareholders, the notice said.
In the event that there is insufficient time between the EGM date and the date the amended EGM a notice will be sent, to the chairman who will in turn propose the meeting be adjourned to enable shareholders to consider the amended EGM notice and in particular such offer.
Last week Meikles wrote to Reserve Bank Governor Gideon Gono saying only shareholders should resolve the dispute pitting its majority shareholder, John Moxon, and Kingdom Financial Holdings (KFHL) founder Nigel Chanakira.
Gono had given Chanakira and Moxon an ultimatum to resolve their dispute by Tuesday, threatening the two feuding businessmen with unspecified action.
Post published in: Economy