ZCCM Invs.Hldgs PLC Conclusion of the Balance Sheet Restructuring (2795D)
2014年3月27日 - 1:08AM
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TIDMZCC
RNS Number : 2795D
ZCCM Invs.Hldgs PLC
26 March 2014
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM-IH
ISIN: ZM0000000037
["ZCCM-IH "or the "Company"]
PRESS RELEASE
ZCCM INVESTMENTS HOLDINGS PLC
CONCLUDES RESTRUCTURING OF ITS BALANCE SHEET
ZCCM Investments Holdings PLC (ZCCM-IH) today announces that it
has concluded the restructuring of its balance sheet. This
momentous achievement is the result of the efforts by the
Government of the Republic of Zambia (GRZ), in its capacity and
role as the majority shareholder, to strengthen ZCCM-IH's balance
sheet in order to reposition and attract new investment into the
company. As part of the said restructuring, GRZ has converted the
debt owed to it by ZCCM-IH into equity through a share rights issue
conducted on the Lusaka Stock Exchange (LuSE).
By a Debt Settlement Agreement between GRZ and ZCCM-IH signed on
25 March 2014, ZCCM-IH's net indebtedness of ZMW 1,829,298,173.06
to GRZ was converted into equity, thereby satisfying the issuance
and subscription for 87.53% of the new rights offer shares by
GRZ.
Simultaneously, ZCCM-IH has raised fresh capital on the 12.47%
portion of the rights offer which has been underwritten by the
National Pension Scheme Authority (NAPSA) on a Claw-Back basis. The
Claw- Back arrangement allows the Minority shareholders of ZCCM-IH
who hold 12.47% shareholding in the Company to also fully
participate in the share rights offer at the same price as GRZ.
At the Extra Ordinary General Meeting held by ZCCM-IH on 24
February, 2014, the shareholders unanimously resolved to
recapitalize ZCCM-IH via a Claw back rights offer transaction.
This development means that the huge historical debt owed to GRZ
by ZCCM-IH has now been expunged from the balance sheet of ZCCM-IH.
The Company now has a clean balance sheet, fresh capital injection
and is repositioned to unlock and maximize value for the benefit of
all shareholders going forward.
CONTACTS
For further information, the Company Secretary can be contacted
as follows:-
Mr. Chabby Chabala,
Company Secretary:
Telephone: + 260 211 221023 / 228833
Email: cchabala@zccm-ih.com.zm
www.zccm-ih.com.zm
By Order
Company Secretary
25 March 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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