·Press Release: Caledonia

·Notice to Shareholders: Mashhold; Padenga

·Trading Update: Border Timbers Ltd; Truworths; Hwange Colliery; African Sun; Zimplow; RTG; GetBucks

Press Release: Caledonia

On the 18th of May, 2023, Caledonia Mining Corporation Plc entered into an "At the Market" or "ATM" sales agreement with Cantor Fitzgerald & Co in which Caledonia may, at its discretion from time to time, sell up to US$30,000,000 worth of shares. The transactions will only be made on the NYSE American at market prices and Caledonia expects to use the net proceeds for investment in the development of the Bilboes sulphide project.

Notice to Shareholders: Mashhold; Padenga

Mashonaland Holdings Limited announced that there will be a 56th Annual General Meeting (AGM) at 1100 Hrs on Thursday, 08 June, 2023, in the Mashhold Boardroom, 19th Floor, ZB Life Towers, 77 Jason Moyo Avenue, Harare. For convenience, the meeting will also be held virtually through an electronic link to be given. Mashhold also announced the retirement of Ms. Barbara Musariri from the Board of Directors with effect from 08 May, 2023, followed by the appointment of Ms. Tandiwe Masunda as a Non-Executive Director of the Board on the same day.

VFEX listed Padenga also announced its 12th AGM to be held at the Royal Harare Golf Club, 5th Street extension, Harare, on Tuesday, the 13th of June, 2023, at 0815 Hrs. The meeting will also be held virtually on https//escrowagm.co,/eagmZim/Login.aspx

Trading Update: Border Timbers Ltd; Truworths; Hwange Colliery; African Sun; Zimplow; RTG; GetBucks

In a Trading Update for the 9-months ended 31 March, 2023, Border Timbers Limited reported a decline of -12% in Lumber sales volumes against corresponding period in the prior year. The decline was attributed to lower production from the sawmills, which is, however, expected to improve after the commissioning of the new sawmilling equipment. Pole sales volumes also plunged by a staggering -29% due to timing differences that are typically experienced in the acquisition of tenders, which is asymmetrical.

Clothing retailer, Truworths, also published its half-year results to 08 January, 2023, which reflected the negative impact of the macro-economy on the company’s operations. Truworths recorded a whopping -45% decline in units sold, owing to the suspension of credit from the 1st of July, 2022. Credit was suspended when the Bank Policy Rate was increased to 200% p.a. It was not viable for the business to finance the credit at those interest rates. In addition, it was not affordable for our customers to service their account obligations at rates in excess of 200% p.a.

In a Trading Update for the 3-months ended 31 March, 2023, Hwange Colliery Company Limited posted a 92.73% increase in total coal mined. Production volumes of Hwange Power Station coal increased to 494,820 tonnes in comparison to 398,728 tonnes in the same period in 2022 while sales volumes rose to 414,428 tonnes from 360,698 tonnes recorded in prior year. Production volumes of Hwange Coking Coal and Hwange Industrial Coal increased to 773,771 tonnes in comparison to 259,489 tonnes in the same period in 2022 while sales volumes increased to 649,585 tonnes from 323,198 tonnes reported in the prior year. Total tonnes sold for the 3-months increased from 683,896 to 1,064,014 tonnes compared to same period last year. Aggregate revenue for the 3 months ended 31 March 2023 increased from ZWL 3.3 billion same period last year to ZWL 39.4 billion in historical terms due to an increase in production and regular product price adjustments in line with market value.

African Sun also published a Trading Update for the 1st quarter ended 31 March, 2023, in which it reported a -2% decline in revenue to US$7.9 million. The decline was largely due to depressed business volumes with occupancy at 39% being 3 percentage points lower than the comparable period. The Group’s City Hotels posted a combined 51% occupancy level, down from 56%, while Resort Hotels recorded a 23% occupancy level, down from 26%.

In the 3-months to March, 2023, RTG recorded a constant occupancy level from prior corresponding period, at 43%, which was above African Sun. RTG’s Resort Hotels recorded a 35% occupancy level while City Hotels remained resilient mainly due to conferencing activities. The Group’s overall revenue rose by 123% to ZWL5.8 billion in inflation adjusted terms. Foreign currency revenues improved by 115% from prior year.

GetBucks recorded a 346% increase in revenue in the first quarter of 2023 in line with the significant growth in the loan book following the decrease in borrowing costs. However, the growth in revenue did not match the growth in operational costs, and consequently, net loss increased by 293% to (ZWL171,293,542). GetBucks presented its financials in historical terms, arguing that the move by the government to discontinue the publishing of ZWL inflation data would misstate inflation adjusted figures.

In the 3rd quarter ended 31 March 2023, Simbisa Brands recorded a 12.6% increase in total customer count from 13.51 million in corresponding period in the prior year to 15.21 million in the period under review, driven primarily by new store growth. Over the 9-month period, the Group’s total customer count increased by 23.0%. The Group said real (USD) Average Spend was flat in 3Q FY 2023 versus the prior year comparable period and increased 13.0% in the 9-month YTD period due to price increases implemented at the end of FY 2022 in response to inflationary pressures. In Zimbabwe, customer counts increased 19.9% year-on-year in 3Q FY 2023 and by 31.7% over the 9-month YTD period as a result of new store openings. In the region, customer counts increased 4% over the 9-month period to 31 March 2023.

In the 3-months ended 31 March, 2023, Padenga posted a 19% surge in gold sales volumes to 541kgs. The growth was due to higher tonnage processed through the mills, higher grades that were mined during the quarter, and a higher recovery rate. Eureka Mine achieved a 10% growth in through put as a result of continuous process optimization. In the Crocodile Operations, a 45% increase was achieved in skin harvest volumes to 14,096 skins due to strategies to improve skin quality. However, at 2,392 skins, sales were below the 5,070 skins achieved in the prior corresponding period. Post the reporting period, in April, the Group reportedly sold 10,000 skins to its top tier customer.

In a Trading Update for the quarter ended 31 March, 2023, Zimpapers recorded a volumes decline of -23%. The decline was due to a number of factors that include the general slowdown in advertising spend and low demand for the period under review. The Group’s revenue grew by 382% to ZWL5.5 billion. Due to a combination of macro-challenges that include the high cost of borrowing and a fragile currency leading to exchange losses, the company recorded a net operating loss before tax of ZWL132 million.

Equity Axis News