{"id":450126,"date":"2011-06-29T12:51:42","date_gmt":"2011-06-29T12:51:42","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/29\/zimbabwe-delisting-on-caps-egm-agenda\/"},"modified":"2011-06-29T12:51:42","modified_gmt":"2011-06-29T12:51:42","slug":"zimbabwe-delisting-on-caps-egm-agenda","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/29\/zimbabwe-delisting-on-caps-egm-agenda\/","title":{"rendered":"Zimbabwe: Delisting on CAPS EGM Agenda"},"content":{"rendered":"<div readability=\"68.4923076923\">\n<hr class=\"thin clear\" \/>\n<hr class=\"thin clear\" \/>\n<p><a href=\"http:\/\/www.herald.co.zw\/index.php\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" src=\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/herald180.jpg\" alt=\"The Herald (Harare)\" title=\"Visit The Herald (Harare)\" \/><\/a><\/p>\n<p>29 June 2011<\/p>\n<hr class=\"thin clear\" \/>\n<p>CAPS Holdings shareholders meet tomorrow for an Extraordinary General Meeting to decide on delisting the company from the Zimbabwe Stock Exchange.<\/p>\n<p>If approved, the decision would see Caps ceasing to trade on the bourse on September 30 this year. It would also entail the company unbundling into three separate units &#8211; Caps Pharmaceutical Manufacturing, Distribution and Health Care.<\/p>\n<p>Sources said shareholders would approve the delisting as the majority shareholder, Fredex Financial Services, owned by Mr Fred Mtandah, is in favour of delisting.<\/p>\n<p>Mr Mtandah&#8217;s investment vehicle controls 40,6 percent of Caps while FCIV Investments controls a significant 14,8 percent.<\/p>\n<p>The Government disposed of its 31,77 percent stake in Caps in July 2002.<\/p>\n<p>After delisting, Caps is expecting to bring in new investors into the group and raise about US$15 million to recapitalise operations. The group said funds could possibly be raised by way of new shares or other equity instruments through a possible rights issue or private placement.<\/p>\n<p>Since its listing in 1969, Caps has had four rights offers, one bonus issue, one share split and a scrip dividend.<\/p>\n<p>Conditions of delisting require shareholders to dispose of their interest in the company while the company is still trading on the bourse.<\/p>\n<p>When a company is delisted, it means that shareholders can no longer trade their shares on the stock exchange since it would be a public company instead of public-listed company.<\/p>\n<p>Caps said shareholders willing to shed their stake post-delisting can do so, but the price per share would be determined by private valuation and agreement between individual buyers and sellers.<\/p>\n<p>Moreover, the means of sale would be restricted to private deals.<\/p>\n<p>In a statement, the group had earlier indicated there were possibilities of relisting if they operated viably.<\/p>\n<p>Caps said the decision to delist was to enable directors to be flexible and facilitate speed in decision-making.<\/p>\n<p>Caps performance is below par and is facing operational challenges, which can be addressed if there was capital injection.<\/p>\n<p>Very few companies quoted on the ZSE have managed to recapitalise and for the majority that managed to come on the market &#8211; shareholders failed to follow their rights.<\/p>\n<p>Due to lack of funding, Caps shares have continued to trade at a discount, compared with the net asset value of the company.<\/p>\n<p>Companies have failed to increase production as the liquidity constrains continue to hound the private sector.<\/p>\n<p>Apart from drug manufacturing, Caps is also involved in retail, through QV Pharmacies, which has branches in Mozambique. The company owns Geddes Limited, St Anne&#8217;s Hospital, Caps South Africa and QV Pharmacies Limited.<\/p>\n<p><\/p>\n<fieldset>\n<legend align=\"center\"><strong>More News on allAfrica.com<\/strong><\/legend>\n<\/fieldset>\n<p>AllAfrica &#8211; All the Time<\/p>\n<hr \/>\n<\/div>\n<\/p>\n<p>See the original article here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/allafrica.com\/stories\/201106290874.html\" title=\"Zimbabwe: Delisting on CAPS EGM Agenda\" rel=\"noopener noreferrer\">Zimbabwe: Delisting on CAPS EGM Agenda<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 29 June 2011 CAPS Holdings shareholders meet tomorrow for an Extraordinary General Meeting to decide on delisting the company from the Zimbabwe Stock Exchange. <\/p>\n","protected":false},"author":0,"featured_media":422198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-450126","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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