SeedCo mulls upping option share scheme


Eric Chiriga

SEEDCO Ltd is contemplating increasing the number of shares reserved for its share option scheme.



>The company intends to increase the number of shares from 11 250 000 to 14 590 000.


“We are considering to resolve that our share option scheme be amended to take into account current market prices relating to rules of share option schemes and to provide for the increase in the number of shares reserved in the share option scheme from 11 250 000 to 14 590 000,” company secretary Morgan Nzwere said in a statement.


He said the 14 590 000 would be 10% of the company’s issued share capital.


Nzwere said SeedCo was also considering amending their borrowing powers.


The company’s Articles of Association will be amended so that the amount of money borrowed shall not exceed three times the aggregate of the nominal amount of the issued and paid share capital for the time being.


He said the money borrowed should not exceed thrice the aggregate of the amounts standing to the credit of all capital and revenue reserve accounts any share premium and profit and loss account.


However, all these issues will be resolved in the forthcoming annual general meeting Nzwere said.


SeedCo chairman Sylvester Nguni said introduction of the 30% productive sector lending facility by the Reserve Bank of Zimbabwe cushioned the company against the high interest rates.


SeedCo’s turnover increased by 687% to $92 billion and profit after tax increased by 870% to $29,3 billion.


SeedCo is a public company incorporated in Zimbabwe, quoted on the Zimbabwe Stock Exchange and is one of the largest seed manufacturers in the country.

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