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Van Hoog nominates three more directors for RTG

BRITISH business tycoon, Nicholas Van Hoogstraten, has nominated three directors to the Rainbow Tourism Group (RTG) to represent his interests.

This comes after a failed bid to fire the entire board last year.
Van Hoogstraten, who holds 35% of the hotel group’s total issued share capital, is pushing for the inclusion of three more directors to the board of the second largest tourism group in the country.
If other shareholders vote in favour of the nominations, this will bring to 12 directors on RTG board.
Last year the business tycoon attempted in vain to push out the entire board saying management and directors had no idea how to run the company.
RTG owns Rainbow Towers, Harare International Conference Centre, a number of hotels across the country as well as 60% stakes in Touch the Wild Resorts and Tourism Services Zimbabwe.
Van Hoogstraten wanted the board chairperson Grace Muradzikwa and seven other directors — Pascal Changunda (group finance director), Cannan Dube, Charmaine Daniels, Godfrey Manhambara, Yardim Mariuma, Elliot Nyoni and Chipo Mtasa, the chief executive officer, — to leave the hotel group. Only Dube was removed from the board while Muradzikwa stepped down. This move was effectively blocked but Van Hoogstraten appears to be succeeding this time around as the inclusion of the additional directors would be deliberated at an annual general meeting scheduled for next month.
RTG, in a statement to shareholders, confirmed that the issue of the directors is on the agenda.
“Various individuals and or companies controlled by (Mr N) Van Hoogstraten, holding collectively 35% of the issued share capital of the company have requisitioned the board for the appointment of the named persons as directors: RM Hamilton, AS Hamilton, I Haruperi and S Chibanguza,” said the tourism group in a statement.
Chibanguza is the manager of the Chibanguza Group of Hotels while Haruperi is the managing director of Chador Holdings which is involved in properties.
The two Hamiltons are managing directors of family owned companies, involved in hotels, night clubs and properties in the United Kingdom and they would alternate on the RTG board.
Van Hoogstraten’s stake in the hotel group is held through Banhams Investments (Pvt) Ltd, Messina Investments and Willoughby’s Finance (Pvt) Ltd, which he effectively owns and chairs. Unlike last year, this year’s AGM is likely to be smooth running. Like most companies on the ZSE, RTG will also be redenominating its share capital.
Almost all companies are switching their authorised share capital from the Zimbabwean dollar denomination to the US$. Redenomination is the conversion of the whole or part of the total authorised share capital, the total issued share capital or the total to be issued share capital from one currency to another. In the case of local companies, it is a reflection of the switch from the use of the local unit to multiple currencies which was made official last year.
Redenomination does not change or effect any rights of or obligations imposed on shareholders where such rights or obligations existed prior to the passing of the resolution.

 

Leonard Makombe

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