Powerspeed Electrical – Over the Counter Share Trading and Share Buyback

December 21, 2020|

Shareholders are referred to the Extraordinary General Meeting Results (EGM) published on the Company’s investor relations website on 16 December 2020.

In accordance with the resolutions passed at the EGM on 14 December 2020, the delisting of Powerspeed’s ordinary shares from the Main Board of the Zimbabwe Stock Exchange concluded on 18 December 2020.

The EGM provides authority to the company to purchase in aggregate in any one financial year, not more than 384,438,929 ordinary shares at a value not higher than the net book value of the Company.

The offer referred to in the circular published on 20 November, at a price of ZWL 190 cents, ended with effect from the delisting of Powerspeed’s ordinary shares from the Main Board of the Zimbabwe Stock Exchange.

The trading mechanism for Over the Counter Trade is under implementation and is expected to be operational from 11 January 2021.

The share buyback price applicable following delisting will be higher than ZWL 190 cents.

Shareholders and the general public are invited to register to receive corporate action announcements by way of email by registering on the Company’s investor relations website www.powerspeed.co.zw.

Shareholders requiring assistance or having queries regarding the above should contact the Transfer Secretaries on [email protected], or the Sponsoring Broker on [email protected].

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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.

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