·         Press Release: Caledonia

·         Notice to Shareholders - Board Changes: CAFCA; ZECO

·         AGM Notice: Axia

·         Dividend Announcement: RTG

·         Delay in Publishing Results: Star Africa

·         Half-Year Financial Results: Edgars

Press Release: Caledonia

Caledonia Mining Corporation announced that has changed its Nominated Adviser and Joint Broker from Cavendish Securities plc to Cavendish Capital Markets Limited. This follows the completion of the all-share merger between Cavendish Securities plc (previously named Cenkos Securities plc) and Cavendish Financial plc (previously named finnCap Group plc), as well as the internal re-organisation within the Cavendish Group.

Notice to Shareholders - Board Changes: CAFCA; ZECO

CAFCA Limited announced the retirement of Alvord Mabena from the Board with effect 24 August, 2023 after serving on the Board for 25-years. The Board of Directors also announced the retirement of Gideon Johannes Hendrik Steyn from the Board with effect 24 August,2023 after serving on the Board for 8-years. Following the retirements, there were new appointments of Joshua Tapambgwa and Luis Corte, both as Non-Executive Directors, on 24 August, 2023.

ZECO Holdings Limited also announced changes to its board structure, which include the resignation of Harold Madziwo and Edmund Chiyangwa as Executive directors following a change in the group strategic direction. Subsequently, Bruce Chiyangwa was appointed on 01 November, 2023, as an Executive Director. The Board of Directors also announced the appointment of Tererai Tinofirei Mapengo as a Non-Executive Director, effective 01 November, 2023.

AGM Notice: Axia

Axia Corporation Limited announced that its 8th Annual General Meeting (AGM) will be held at 08:15Hrs on 21 November, 2023, at the Royal Harare Golf Club Building, Harare.

Dividend Announcement: RTG

The Board of Directors of Rainbow Tourism Group Limited declared an interim dividend for the half-year ended 30 June, 2023, which is a blend between the ZWL and the US$. The dividend amounts to 0.0104 US cents per share and 65 ZWL cents per share, payable on 27 November, 2023, to shareholders in the Company’s records as at end of day on 17 November, 2023.

Delay in Publishing Results: Star Africa

StarAfrica Corporation Limited said its audit for the year ended 31 March, 2023, has just been finalized and the abridged audited financial statements will be published in the press and the company’s website on or before 7 November, 2023. The delay in the finalization of the audit was attributed to the audit of the financial results of the associate company in Botswana, which took long to finalize.

Half-Year Financial Results: Edgars

Edgars Stores Limited published its financial results for the half-year ended 09 July, 2023, in which the change in functional currency from ZWL to US$ was not reflected on financial statements, hence an adverse opinion from Deloitte & Touche, the Company’s auditors. The Company registered a 22.4% decline in revenue from ZWL51 billion in 2022 to ZWL39 billion in historical cost terms. In inflation adjusted terms, the revenue dwindled by -18% to ZWL32.1 billion. A significant dive was recorded in retail sales from ZWL36.8 million in 2022 to ZWL31.9 million, along with manufacturing sales to third parties (local sales) which dipped from ZWL2.3 million in the prior corresponding period to ZWL0.2 million. Profit before tax of ZWL4 billion was -70% down from ZWL14 billion recorded in the comparable period last year. Despite complaints about exchange rate decline in the second quarter of 2023 in its operating environment review, Edgars posted a commendable foreign exchange gain of ZWL15.3 million. The Company also recorded a notable decline in finance costs despite increased borrowing costs by the Central Bank.  The Company sold a total of 1.09 million units in the period under review, -14.8% down from 1.28 million registered in the prior year. In the Retail segment, a revenue of ZWL32 billion was recorded in the period under review, with a split between credit and cash sales of 62% (2022:53%) and 38% (2022:47%). The Edgars chain sold 443,000 units in the period, -17% down from 532,000 in 2022. Resultantly, a 23% decline in turnover was recorded from ZWL23.26 billion in the prior year to ZWL17.89 billion. In the Jet chain, total sales at ZWL14.23 billion were 15% down from ZWL16.74 billion in the prior year. Total Units sold for the period were down 4.1% from 608.9k to 583.7k. In the Financial Services division, the debtors’ book closed the period at ZWL45.1 billion, an 83% growth against prior year’s ZWL24.7 billion owing to the introduction of the US$ book. At the Club Plus Microfinance, the loan book surged by 50% to ZWL3 billion as the business focused on growing US$ loan book. In the Carousel Manufacturing segment, turnover rose by 5% against prior corresponding period to ZWL2.4 billion, despite a 1.4% decline in total units sold from 68.9k last year to 67.k units.

Equity Axis News