ZSE delists Pelhams, Radar

HARARE - The Zimbabwe Stock Exchange (ZSE) has delisted Pelhams and Radar after the two companies voluntarily asked to be dropped from the stock market.

ZSE boss Alban Chirume yesterday said the two counters were removed from the bourse at the close of business yesterday.

In terms of the ZSE Listings Requirements, Chirume said holders of Pelhams’ and Radar’s securities had to note that the securities were no longer tradeable on the bourse effective May 3, 2016.

Chirume said Pelhams’ removal from the bourse follows a suspension notice issued by the ZSE last year.

“Pelhams applied for voluntary suspension on November 26, 2015 following its placement under Provisional Liquidation on November 18, 2015,” he said.

Trading in Pelhams’ shares on the ZSE was suspended December 10, 2015.

“Pursuant to paragraph 1.8 (a) of the ZSE Listings Requirements, Pelhams was obliged to continue to meet its continuing obligations during the suspension period. Pelhams failed to hold Annual General Meetings and publish audited financial statements for 2014 and 2015.

“Pelhams also failed to publish quarterly updates as required and is yet to settle its listing fees arrears for the aforementioned years,” Chirume said.

This comes as the local bourse had initiated the company’s termination of listing on the basis of the issuer’s non-compliance with the ZSE’s Listings Requirements.

“Pelhams acceded to the ZSE’s resolution to finalise the termination process. Approval for the termination of Pelhams’ listing was received from the Securities and Exchange Commission of Zimbabwe pursuant to Section 64 (a) (i) of the Securities and Exchange Act (Cap24.25),” Chirume said.

Brick manufacturing concern, Radar shareholders recently voted to delist from the ZSE on the back of under-performance after management had told shareholders that the expenses of remaining listed were bleeding the struggling brick maker.

An Extraordinary Meeting by the group’s shareholders revealed that the move received the approval of over 75 percent of the company’s minority shareholders, as stipulated by ZSE requirements.

Chirume noted that Radar, applied for voluntary termination on October 6, 2015 pursuant to paragraph 1.7 of the ZSE Listings Requirements.

“Approval was received for the termination of Radar’s listing from the Securities and Exchange Commission of Zimbabwe, pursuant to Section 64 (a) (i) of the Securities and Exchange Act (Cap24.25),” he said.

The brick manufacturing concern’s turnover slumped 17 percent to $3 million on the back of a nine percent reduction in sales volumes and sales mix skewed towards lower value products in the half year to December 31, 2015.

The holding company’s operations currently include Radar Properties, Radar Investments and MacDonald Bricks.

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