MIK Meikles Limited

RNS Number:1983C
Meikles Africa Ld
8 December 1999


                      MEIKLES AFRICA LIMITED
                                 
                   NOTICE TO SHAREHOLDERS OF THE INTENTED

    ACQUISITION OF SHARES IN KINGDOM FINANCIAL HOLDINGS LIMITED
                                 
Meikles Africa Limited, the Southern African-based hotel and retail group
quoted  on  the  Zimbabwe  and London Stock Exchanges,  announces  its
agreement to acquire a 25 per cent stake in Kingdom Financial Holdings
Limited  ("Kingdom")  following the issue  of  shares  by  Kingdom,  a
financial  services  group  which is  listed  on  the  Zimbabwe  Stock
Exchange.

Following our cautionary announcements, shareholders are aware that the
directors of Meikles Africa have been engaged in discussions with  the
directors  of  Kingdom  Financial  Holdings  Limited  ("Kingdom"),   a
financial services group listed on the Zimbabwe Stock Exchange.  As  a
result of these discussions, Meikles Africa and Kingdom have agreed to
work  together on a retail banking initiative, on the basis  of  which
Meikles  Africa has agreed to subscribe for 74,425,407 Kingdom  shares
at  a price of Z$3.50 per share.  The retail banking initiative is  to
be  driven by a business plan which will decide on the feasibility  of
retail  banking  utilising Meikles Africa's  retail  outlets,  and  of
sourcing appropriate retail banking expertise.

The  subscription agreement governing the issue of Kingdom  shares  to
Meikles  Africa provides for the effective subscription price paid  by
Meikles  Africa to be increased from Z$3.50 up to a maximum of  Z$4.00
per  share  if predetermined income targets for the year  ending  31st
December 2000 are achieved.  The price of Z$3.50 represents a  premium
of  9%  to  the  price at which Kingdom shares were trading  prior  to
publication  of the initial cautionary announcement on 18th  September
1999.

Subject  to  certain  conditions precedent being fulfilled,  including
approval  by  Kingdom shareholders and the satisfactory completion  of
Meikles  Africa's due diligence on Kingdom, the subscription  will  be
taken up on 31st December 1999.  Meikles Africa will then become a 25%
shareholder in Kingdom and Messrs. A.C.L. Parvin and C.D. Golding will
join the Kingdom board as non-executive directors.

Meikles Africa has also agreed to regulate its shareholding in Kingdom
through  a  shareholders  agreement with certain  Kingdom  executives,
which  provides that for a period of not less than five years  certain
key decisions will only be taken if a consensus exists.

Kingdom  is  releasing a circular to shareholders  which  details  the
transaction on 9th December 1999.

The directors of Meikles Africa Limited:
*  are  satisfied  that the subscription price paid  for  the  Kingdom
   shares is justified
*  each  confirm  that  they  have no direct  or  indirect  beneficial
   interest in the transaction
*  confirm that Meikles Africa has sufficient working capital to  meet
    its    requirements for the foreseeable future
*    confirm that there have been no material adverse changes  in  the
   financial  and  trading position of Meikles Africa since  its  last
   financial year
*  accept  full responsibility for the information contained  in  this
   notice  and certify that to the best of their knowledge and  belief
   there  are no other facts whose inclusion would have rendered  this
   notice  misleading  and that they have taken appropriate  steps  to
   ascertain the relevant facts.

By order of the Board of Meikles Africa Limited

                                                       8 December 1999
                                      6th Floor, 99 Jason Moyo Avenue,
                                                                Harare
Company Secretary
A.P. Lane-Mitchell


END
ACQTPBFBLLIMBTL

Meikles (LSE:MIK)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Meikles (LSE:MIK)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024