Staff Reporter
The Zimbabwe Stock Exchange listed financial giant, EcoCash Holdings has announced that its shareholders will receive a combination of shares and cash as part of the company's Scheme of Reconstruction.
The scheme, which was approved by shareholders at an Extraordinary General Meeting in April, involves the transfer of shares to Econet and the distribution of consideration to EcoCash Holdings shareholders.
According to a notice to shareholders, 49,118,547 Econet shares will be transferred to EcoCash Holdings to cover liabilities and capital expenditure, leaving 472,742,510 shares to be distributed to shareholders. Of these, 236,371,255 shares will be distributed directly to shareholders as scrip, while the remaining shares will be converted to cash and paid out to shareholders.
The cash payout will be based on the 30-day volume-weighted average price of Econet shares and will be announced by the company in due course. Shareholders who appear on the company's register by September 13, 2024, will be eligible to receive the distribution.
The shares will be traded with rights to participate in the distribution until September 10, 2024, and without rights from September 11, 2024. The distribution is expected to take place on or around September 16, 2024.
The Scheme of Reconstruction has been approved by the Exchange Control Authorities and the Zimbabwe Revenue Authority, and is subject to certain tax elections made by the company and Econet. Shareholders will be deemed to have accepted these elections by accepting the shares and cash payout.
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