MIK Meikles Limited

 
TIDMMIK 
 
MEIKLES LIMITED 
 
UPDATE TO THE INTERIM MANAGEMENT REPORT - 15 AUGUST 2013 
 
Meikles Limited issued an Interim Management Report on 15 August 2013 in which 
reference was made to the Funds held on deposit with the Reserve Bank of 
Zimbabwe (RBZ). 
 
A further report on very recent developments relating to these funds is 
considered essential. 
 
The rate of interest to be accrued on these funds has now been agreed with the 
RBZ and 
the date from which interest will accrue to the Company at the agreed rate has 
also been determined. 
 
The total adjusted sum now on deposit will be included in the Group interim 
financials for the period ending 30 September 2013. The agreement reached is so 
recent that exact calculations of the sum are still to be finalised. However, 
the increase in the sum on deposit is anticipated to be significant. 
 
 
The Company has been informed by the RBZ that it is considering a methodology 
whereby the Company will be able to access these funds. This will enable the 
Group to restructure its local short term borrowings and provide sufficient 
capital for the furtherance of future strategic objectives, including an 
appropriate dividend policy. It is expected that the roadmap to achieve these 
objectives, will be in place in the near term. 
 
 
The Company expresses its sincere appreciation for the proactive and very 
helpful manner in which this matter has been dealt with by the Governor and his 
team at the RBZ. 
 
19 August 2013 
 
 
 
END 
 

Meikles (LSE:MIK)
Historical Stock Chart
From Jun 2024 to Jul 2024

Meikles (LSE:MIK)
Historical Stock Chart
From Jul 2023 to Jul 2024