Meikles Ld Result of Extraordinary General Meeting

 
TIDMMIK 
 
MEIKLES LIMITED 
 
                            NOTICE TO SHAREHOLDERS 
 
NOTICE OF THE RESULTS OF THE EXTRAORDINARY GENERAL MEETING 
 
The Directors of Meikles Limited wish to advise shareholders that as per the 
Notice published on the 22 November 2019, the Company held the Extraordinary 
General Meeting of shareholders on 13 December 2019. The results of the voting 
on the proposed resolutions are as follows:- 
 
         AS ORDINARY RESOLUTIONS                                               RESULT 
 
 
         Exchange Control Approval 
1.       "THAT the Directors obtain approval from Exchange Control 
         Authorities to receive the proceeds of the Disposals in 
         resolutions 2 and 3 below in a ring fenced foreign currency            Passed 
         account under the control of the Company to be utilised as set 
         out in section 5 of the Circular or any other mechanism that 
         safeguards the proceeds in foreign currency to the satisfaction 
         of the Directors." 
 
 
         Disposal of the Meikles Hotel Immovable Property 
         "THAT in terms of Article 119 of the Company's Articles of 
         Association and subject to the passing of resolution 1 above, the 
2.       Directors be and are hereby authorised to dispose of the Meikles       Passed 
         Hotel Immovable Property, being land and buildings located on 
         Stand 17600 Harare Township, corner Jason Moyo Avenue and Third 
         Street, Harare, Zimbabwe to ASB Hospitality (Zimbabwe) (Private) 
         Limited for a gross consideration of US$16.2 million payable in 
         United States Dollars." 
 
 
         Disposal of the Meikles Hotel Business and related Hotel Assets 
         "THAT in terms of Article 119 of the Company's Articles of 
3.       Association and subject to the passing of resolution 1 and 2 
         above, the Directors be and are hereby authorised to dispose of       Passed 
         the Meikles Hotel Business and Related Hotel Assets to ASB 
         Hospitality (Zimbabwe) (Private) Limited for a gross 
         consideration of US$3.8 million payable in United States Dollars" 
 
 
         Directors' authority to give effect to the above resolutions 
4.       "THAT the Directors of the Company be and are hereby authorised 
         to do any and all such things  as may generally be required or        Passed 
         necessary to give effect to the above resolutions" 
 
Accordingly all resolution proposed to shareholders were duly passed subject to 
the Directors obtaining approval from Exchange Control Authorities as per 
resolution 1 above. 
 
Upon fulfilment of the above Condition Precedent, the Company will advise 
shareholders through announcement in the press. 
 
By Order of the Board 
 
Tabani Mpofu 
 
Company Secretary 
 
19 December 2019 
 
 
 
END 
 

(END) Dow Jones Newswires

December 19, 2019 04:20 ET (09:20 GMT)