HomeBusiness DigestShareholders say yes to Radar share repurchase

Shareholders say yes to Radar share repurchase

Ngoni Chanakira

RADAR Holdings Ltd (Radar) shareholders have unanimously given company directors the permission to repurchase its shares.

serif”>The move was adopted at the Extraordinary General Meeting (EGM) held in Bulawayo on August 19.

Radar yesterday said a press announcement would be published as soon as the company had acquired ordinary shares constituting, on a cumulative basis in the period between the date of the EGM and the Annual General Meeting (AGM), 20% of the number of ordinary shares in issue prior to the acquisition.

The company said in accordance with the provisions of Section 5.117 of the Zimbabwe Stock Exchange (ZSE) Listing Requirements, it would cause the ZSE to be notified once an aggregate of 30% of the issued shares had been repurchased by the company, and for every 3% repurchased thereafter.

It said in order to keep shareholders appraised of developments, the company intended to make periodic publications in regard to this exercise.

Radar said all shares repurchased would be held by the company as, and treated in the same manner as unissued authorised share capital. Several other resolutions were approved by shareholders at the Bulawayo EGM.

The company resolved that in terms of Article 6A, and in terms of Section 79 of the Companies Act (Chapter 24:03), it would undertake to repurchase its own shares.

“The maximum and minimum prices respectively, at which such ordinary shares may be acquired, will be 20% above and 25% below the closing traded price, failing which, the mid-price, at which such ordinary shares are traded on the ZSE, as determined over the five business days on which the share has traded immediately preceding the date of purchase of such ordinary shares by the company,” Radar said yesterday.

It said the number of shares to be acquired should not exceed 11 083 808 shares, representing 20% of the number of ordinary shares in issue prior to the acquisition, and should the company wish to acquire any further shares it should do so by separate resolution of the general meeting.

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