The Zimbabwe Stock Exchange Limited (“ZSE”) has terminated the listing of PG Industries (Zimbabwe) Limited (“PGIZ”) and Willdale Limited Preference shares with effect from 8 April.
According to the ZSE Chief Executive Officer Justin Bgoni, PGIZ no longer met the minimum number of public shareholders for a listed company defined in paragraph 4.25(e) in Section 4 of the ZSE’s Listings Requirements.
“Following the approval of the Secondary Scheme of Arrangement by shareholders and creditors of PGIZ on 15 September 2016 and fulfillment of all conditions precedent in December 2018, PGIZ applied for voluntary termination of its listing on Zimbabwe Stock Exchange Limited pursuant to paragraph 1.10E of the ZSE Listing Requirements.
“ZSE noted that PGIZ no longer met the minimum number of public shareholders for a listed company defined in paragraph 4.25(e) in Section 4
of the ZSE’s Listings Requirements,”he said.
According to Bgoni, in terms of Section 1.18 (d) of the ZSE Listing Requirements, the securities can no longer be traded on the ZSE with effect from 8 April 2019.
Meanwhile he added that following the redemption of 99.74% of the Zimbabwe Stock Exchange Limited (“ZSE”) listed 10% semi-annual redeemable preference shares, Willdale Limited requested for the termination of listing of the Preference shares.
“Pursuant to Section 64 (a) (i) of the Securities and Exchange Act [Cap24.25], ZSE sought and was granted permission by the SECZ to delist Willdale Limited’s Preference shares from the ZSE’s official list.
“In terms of Section 1.18 (d) of the ZSE Listing Requirements, holders of Willdale Limited’s Preference shares are hereby advised that the securities can no longer be traded on the ZSE with effect from 8 April 2019,”he said.
