MIK Meikles Limited

 
TIDMMIK 
 
MEIKLES LIMITED 
 
                            NOTICE TO SHAREHOLDERS 
 
A New Beginning 
 
This release is the second of two releases to Shareholders. The first release 
focused on the Group's Retail Division and was published on Monday, 6 October 
2014. The second release will focus on providing Shareholders with further 
information relating to Finance and Outlook as previously set out in the 
Chairman's Report for the year ending 31 March 2014. 
 
Finance 
 
The Reserve Bank of Zimbabwe has now agreed to release $89 million to Meikles 
Limited in the form of Treasury Bills. The Reserve Bank of Zimbabwe and the 
Ministry of Finance are presently completing the administrative processes to 
facilitate the tenure and yield of these Treasury Bills. Once this process is 
in place, Shareholders will be provided with full details. The Treasury Bills 
will be based on terms that are marketable by outright sale or as acceptable 
security. This is the most significant development for the Group in recent 
years. The contribution made by Government towards this conclusion is greatly 
appreciated. 
 
The objectives set out under Finance in the Chairman's Report shall now 
progress in terms of implementation. 
 
Outlook 
 
The Group will utilize its new financial flexibility to implement measures that 
will enhance Shareholder value. The strategy for the Retail Division has 
already been released to Shareholders. The previously announced expansion 
programmes and strategies relating to TM Supermarkets, Tanganda, Hospitality 
and Mining will continue with greater urgency given that our major financial 
restraint has been removed. 
 
The Group has an opportunity to restructure its activities in both Zimbabwe and 
South Africa with a view to securing its affairs in a manner that first and 
foremost will focus on a strategy to ensure that Shareholders benefit fully 
from their investment in the Group. Consideration will now be given to how best 
to achieve this objective. The matter will be approached without any 
preconceived ideas or ties to past practices, but will focus simply on the 
requirement of how best to position our diverse group companies to take 
advantage of the rapidly changing environment for the benefit of all 
stakeholders. Shareholders will be advised fully of any new developments, which 
will be progressed with urgency. 
 
By Order of the Board 
 
14 October 2014 
 
 
 
END 
 

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