02 August 2024
Kavango Resources
("Kavango" or "the
Company")
VFEX Listing & Subsidiary Chairman
Appointment
Kavango Resources plc (LSE: KAV), the Southern
Africa focussed metals exploration company, is pleased to announce
that it has engaged advisors for a planned secondary listing (the
"Listing") on the Victoria Falls Stock Exchange ("VFEX") in
Zimbabwe.
In addition, Kavango is delighted to announce
the appointment of Thamsanqa ("Tham") Mpofu as the Chairman of
Kavango Zimbabwe (Private) Limited, the Company's wholly owned
subsidiary in Zimbabwe.
Highlights -
Proposed Referral Listing on the VFEX
· The
VFEX was established in 2020 to spearhead the development of the
International Financial Services Centre in Zimbabwe and is
operating in a Special Economic Zone in Victoria Falls.
· The
VFEX has a listed market capitalisation of US$ 1.26 billion with 15
listed securities as of 29 July 2024.
o The VFEX is allowed to
trade in United States Dollars and other convertible currency. It
was given sweeping exchange control provisions. The Exchange
includes a number of dual listed securities listed on the London
Stock Exchange, Johannesburg Stock Exchange, and Botswana Stock
Exchange. Issuers of these securities all have operations in
Zimbabwe.
· The
proposed listing will provide an opportunity for Zimbabwe-based
investors to participate in Kavango's exploration and mining
development opportunities. This will provide the Company with
access to an enlarged pool of capital and shareholder base and meet
Kavango's strategic objective of promoting strong local ownership
in its projects.
·
Kavango has engaged Inter Horizon Advisory (Private) Limited
("IH") as the lead financial advisor to the proposed transaction.
IH's mandate includes obtaining regulatory approvals and
preparation of key documents including the proposed transaction
Pre-listing Statement.
·
Kavango has entered a further agreement with Nurture
Investment Management Limited, a financial services firm providing
asset management, private equity, investment advisory and corporate
advisory services principally within Southern Africa.
Ben Turney,
Chief Executive Officer of Kavango Resources,
commented:
"We set up
Kavango Zimbabwe in July 2023. Over the past 12 months we have made
a strong commitment to invest heavily in Zimbabwe's gold
exploration and mining development sectors.
A key part of
our strategy is to promote local ownership in Kavango to share the
rewards of future success. In keeping with the 2030 Vision to
transform Zimbabwe into an upper middle-income economy, we are
delighted to announce our listing on the Victoria Falls Stock
Exchange (VFEX).
A thriving
VFEX has the potential to attract significant foreign investment
and Kavango looks forward to demonstrating that Zimbabwe is indeed
"open for business".
We believe
that Zimbabwe's potential for hosting a multitude of large-scale,
bulk minable gold deposits is immense. Kavango has made a very
strong start in the short time we have been here, with our
exploration and drilling already delivering positive results. We
believe that the more success we have, the greater the chance that
other international firms will follow our lead to invest in this
great country."
Appointment of
Thamsanqa ("Tham") Mpofu as Chairman of Kavango Zimbabwe (Private)
Limited
Tham is a seasoned senior executive offering
extensive commercial and business management experience with a
solid track record gained with local and international
organizations in the Hospitality and Service Industries,
Distribution, Manufacturing, FMCG, Mining, Banking and Education
sectors. He is a past board Chairman of ZB Financial Holdings
Limited, a diversified Zimbabwe Stock Exchange listed financial
services company and was previously an Independent Non - Executive
Director of Rio Zim (Pvt) Ltd, as well as executive board member of
Meikles Hospitality (Pvt) Limited). Tham is currently the President
of the Royal Harare Golf Club. He joins the board of Kavango
Zimbabwe (Private) Limited as Chairman.
David Smith,
Chairman of Kavango Resources, commented:
"We are
delighted to welcome Tham as Chairman of the board of Kavango
Zimbabwe. Our strategy in Zimbabwe is to build a substantial mining
interest and for that we need strong executive leadership on the
ground.
Tham brings a
wealth of commercial and board-level experience to our fledgling
operations in Zimbabwe and has already made a significant
contribution to helping us grow. Tham is a well-respected figure in
Harare's business circles and brings a high degree of stature to
our company.
We are
looking forward to working with Tham, as we build a successful gold
mining operation in Zimbabwe, not only for the benefit of our
shareholders but also for the benefit of the wider Zimbabwe economy
and the local communities in which we operate.
Tham Mpofu,
Chairman of Kavango Zimbabwe (Private) Limited,
commented:
"It is a
great honour and privilege to have been appointed Chairman of
Kavango Resources Zimbabwe. I'm excited to be part of this vision,
working with a dynamic team in developing new
opportunities in mineral exploration and
development.
We at Kavango
Zimbabwe are committed to contributing to national development
goals and to uplifting communities."
For further information please
contact:
Kavango
Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
Jason Robertson
+44 207 374 2212