• AGM Results: Ariston
  • Notice to Shareholders: Turnall & TSL
  • Further Cautionary Statement: CBZ & ZBFH

AGM Results: Ariston

Ariston held its 76th AGM on the 24th of February, 2023, where all the proposed resolutions were passed. Notable resolutions include the reelection of Mr I. Chagonda and Mr A. Jongwe who were both retiring by rotation, along with the appointment of Mr Zvinavashe Thomas Zifamba to the Board of Directors.

Notice to Shareholders: Turnall & TSL

Turnall recently issued a notice of board changes which included the replacement of Mr Zvidzayi Bikwa as Managing Director. As the Company searches for his replacement, Mr John Mkushi has stepped down as Chairman of the Board of Directors with immediate effect to take up the position of Acting Managing Director, which will hold for a maximum of 6 months. To replace Mr John Mkushi, the Board of Directors appointed Mr Grenville Hampshire as the Chairman of the Board.

In the prior week, TSL also issued a notice to Shareholders of the Company, as well as other stakeholders, of a further delay in the publication of the Audited Financials of the Company for the year ended 31 October 2022. The delay is attributed to challenges experienced by PricewaterhouseCoopers, the Company’s external auditor, in completing the audit process within the 30-day extension period granted by the ZSE. A further 1-month extension was granted by the ZSE and lapses on the 31st of March, 2023.

Further Cautionary Statement: CBZ & ZBFH

CBZ announced a further cautionary statement on the negotiations for a potential acquisition of a complementary business, adding that the Company is still engaged in the negotiations. This comes as the 7th cautionary statement on the same case, with the first statement having been announced on the 18th of June, 2022, which is almost a whole year ago. The Company alluded that if successfully concluded, the acquisition may have a material impact on the value of the Company’s shares and thus Shareholders are advised to exercise caution until a full announcement is made.

Peer banking company, ZBFH, also issued a further cautionary statement in relation to a potential acquisition of a control block of securities, which if concluded successfully, will have a material effect on the Company’s share price. This is also the 7th cautionary statement issued by the Company on the same issue, with the first being issued on the 20th of June, 2023. While the banking companies did not specify the party acquiring and being acquired, the historically aligning cautionary statements clearly point out that CBZ is in negotiations to acquire a controlling stake in the securities of ZBFH. Shareholders and the investing public are advised to exercise caution when dealing in the company’s securities until a full announcement is made.

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