Meikles puts the deregistration of
- Meikles requests permission to delist
London Stock Exchange.
- The proposal will be among the key issues to be discussed at the company’s annual general meeting (AGM) next month, according to a notice to shareholders issued on
November 14, 2022.
The proposal will be among the key issues to be discussed at the company’s annual general meeting (AGM) next month, according to a notice to shareholders issued on
“That the company cancel the registration of its 4,556,899 ordinary shares on the official list of the financial conduct authority and the trading on the main market of the
“That the directors of the company are hereby authorized to do all things necessary to delist the shares of the company from the LSE.”
Meikles is an investment holding company incorporated in 1937 with a primary listing on the ZSE and a secondary listing on the
This means that Meikles had a double listing. Dual listing means that a company’s shares are primarily listed on two or more different stock exchanges.
Secondary listing means that a company trades its shares on a stock exchange other than that of the first listing. As in this case, Meikles has a secondary listing on LSE.
The advantage of dual listing is that it can allow the company’s shares to be contacted by more market investors, get more capital raised, and improve the liquidity of the company’s shares.
With Meikles preparing for delisting, that just means they won’t get such benefits. The shareholders will decide at the scheduled general meeting.
Other key matters to be discussed at the AGM, as highlighted, are to receive, review and adopt the group financial statements for the year ended
Another general question is to consider also the renewal of the mandate of
The group said it has adopted the requirements of the Companies and Other Business Entities Act [Chapter 24:31]:
“Section 191 (11) and ZSE Listing Requirements (Statutory Instrument 134/2019): Section 69 (6) as of the date of enactment. Messrs.
In the meantime, based on the abbreviated audited financial results for the year ended
Gross profit margin increased two percentage points to 25% from 23% the previous year. Inflationary pressure on operating costs offset the increase in gross profit margin and as a result, operating profit margin was maintained at 3%. . (Historical cost, a growth from ZWL 2.4 billion to ZWL 4.3 billion).
Profit after tax from continuing operations (excluding profit on subsidiary distribution) increased by 461% to ZWL 3.4 billion from ZWL 599 million the previous year. (Historic cost, profit growth from ZWL 2.3 billion to ZWL 4.6 billion). Other comprehensive income increased to ZWL 3.0 billion from ZWL 843 million the previous year, of which ZWL 1.9 billion is attributable to the 35% increase in fair value of the investment in Mentor.
Total comprehensive income increased to ZWL 5.8 billion (prior year: ZWL 1.8 billion) (ZWL 11.8 billion at historical cost versus ZWL 4.4 billion), of which ZWL 4.6 billion (79%) is attributable to Meikles owners and the balance of ZWL 1.2 billion (21%) to minority shareholders.
The segment contribution to the Group’s financial performance has been highlighted in the abbreviated financial results.
Revenues increased by 36% to ZWL66.0 billion in group supermarkets, under the name TM Pick n Pay
The sales growth was due to a 26% and 11% increase in units and customer transactions, respectively, according to Meikles.
Operating profit increased by 54% to ZWL 2.8 billion from ZWL 1.9 billion the previous year. In historical cost, an increase of 88% to 4.7 billion ZWL against 2.5 billion ZWL. Operating profit growth was driven by strategic inventory investments, margin control and cost reduction initiatives. The segment’s liquidity remained solid. It generated enough cash flow from operations to fund the ZWL 1.8 billion branch renovations and ZWL 900 million dividend payout to shareholders. Stores renovated during the year were
Revenue went to
The board also declared a final dividend from ZWL
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