At the AGM held on 27 February 2024, shareholders approved the consolidation of the company’s shares and shareholders are advised of the following:
1. New share certificates
New post consolidation certificates will be issued to replace the current certificates. The current certificates will automatically be invalidated and cannot be presented for trading from 16 September 2024. The new share certificates will be available for collection from 16 September 2024, at the transfer secretaries office whose details are indicated below.
2. Fractional shares
After the consolidation, shareholders will have an option to be paid cash for fractional shares or to top up the difference to get a full share. The top up or fractional shares shall be paid at a price of USD 0.15 or equivalent, per pre-consolidation share. Election forms shall be mailed to each shareholder for them to indicate their option with the default option being cash payment for the fractional shares.
The option to top up and get a full share will be closed on 13 September 2024. If for whatever reason, no election form is submitted by 1600hrs on 13 September 2024 to the transfer secretaries, the shareholder will be regarded as having opted to be paid cash for the fractional shares.
3. OTC trading
Trading of the company’s pre-consolidation shares on the OTC will end on 13 September 2024. The share register shall be closed from 14 September 2024 and re-opened on 16 September 2024. All trades from 16 September 2024 shall be based on the post consolidation shares and only new share certificates shall be presented for trading.
The contact details of the transfer secretaries are as follows:
First Transfer Secretaries (Pvt) Ltd
1 Armagh Avenue
Eastlea
Harare
Zimbabwe
Email: [email protected]
Telephone:+263 8677195906
By Order of the Board
M. S. Gurira
Company Secretary
19 August 2024
Latest news and corporate announcements from Powerspeed Electrical Limited (PWS.zw).
Powerspeed Electrical is a leading supplier of electrical products and services; trading through its own chain of hardware retail outlets known as Electrosales Hardware. The company supplies electrical products and solutions to the painting, plumbing, electrical, building, hand and power tools, outdoor and gardening, and automotive industries in Zimbabwe. Powerspeed Engineering is a subsidiary company involved in rewinding electric motors, supplying industrial fans and ducting for commercial and industrial applications, fabrication of non-standard steel products and structures, and commercial and industrial light fittings, heating elements, distribution boards and domestic irons. The engineering division is the amalgamation of three leading industrial engineering companies; Airflow, Relmo and ELS.