Masawara winds up on AIM market
HARARE, Masawara PLc last day of dealings in its Ordinary Shares on the London Stock Exchange (AIM) will be 6 February 2018 and this follows approval of all resolutions on the proposed de-listing at a GM meeting held last Friday as the investment group seeks to pursue private equity funds to grow its various businesses.
Masawara whose current investments include insurance, is targeting post-delisting raise private equity capital from a number of Africa focused private equity funds and longer term strategic investors as well as development finance institutions to grow its business.
“Further to the announcement made on 9 January 2018 of the proposed delisting of Masawara plc from AIM, the Company announces that, at its General Meeting adjourned and then reconvened at 11.33 a.m. today, all resolutions were duly passed.
“Accordingly, it is expected that cancellation of admission of ordinary shares of US$0.01 each in the capital of Masawara (“Ordinary Shares”) will be become effective at 7.00 a.m. on 7 February 2018, and that the last day of dealings in Ordinary Shares on AIM will therefore be 6 February 2018,” read the notice.
The company added that as previously announced, the latest time and date for receipt of Forms of Acceptance for those shareholders proposing to accept the Oxford Cash Offer is 1.00 p.m. on 5 February 2018.
Masawara’ s Minerva according to its website is the is the leading provider of risk management services, insurance and reinsurance brokerage and human resources benefits consulting in Zimbabwe.
Masawara had sought admission to trading on AIM under the expectation that it would be able to access capital to exploit the significant opportunities existing in Zimbabwe.
However, following his acquisition of a 90% stake in Masawara Shingai Mutasa highlighted that the group will continue to perform well after de-listing, adding that the group has the ability to attract development and growth capital from the increasing number finance institutions.