Meikles Ld Shareholders' Update

 
TIDMMIK 
 
SHAREHOLDERS' UPDATE 
 
Shareholders will recall that an update to shareholders was released on 8 March 
2016. 
 
Shareholders were advised in that update that a basis on which funds are to be 
recovered from Government, in terms of the Reserve Bank of Zimbabwe Debt 
Assumption Bill of July 2015, had been agreed. 
 
Documentation in support of the agreement has still not been completed by 
Government.  The Company has stressed the urgency of this matter with 
Government.  This documentation is crucial to the release of the Company's 
audited financials for the current year. 
 
The Company has obtained from the Zimbabwe Stock Exchange approval to delay the 
release of its audited financials until the end of July 2016. 
 
Shareholders will note from comments made in the Chairman's Statement in the 
previous year's financials that disclosure of sums relating to the debt will 
only be made when the Company is in receipt of the appropriate documentation. 
 
Trading Update 
 
Group turnover for the year to 31 March 2016 increased by 10% relative to the 
previous year.  With the exception of Hospitality, all segments of the Group 
contributed to the increase.  The total Group turnover for the year was $454 
million. 
 
Operating income increased by 14%. 
 
Expenditure driven primarily by a growth in occupancy costs, resulting from 
expansion, increased by only 1% relative to the previous year.  This increase 
represents an effective decline relative to the growth in turnover. 
 
EBITDA increased by $11.5 million relative to the previous year. 
 
The financial implications of the agreement with Government will be included in 
the annual results for the year to 31 March 2016. 
 
The Board regrets the delay in the release of the audited financials. 
 
BY ORDER OF THE BOARD 
 
12 July 2016 
 
 
 
END 
 

(END) Dow Jones Newswires

July 12, 2016 02:00 ET (06:00 GMT)