Econet EGM to go ahead in direct defiance of ZSE, tells shareholders to disregard ZEC directive

Econet Wireless Zimbabwe(EWZ) has advised its shareholders that the extraordinary general meeting scheduled for tomorrow (Friday) will proceed as planned, despite a directive from the Zimbabwe Stock Exchange telling the company to postpone the meeting until it had sorted out and clarified 8 “technical issues.” However the telecoms giant, in direct defiance of the directive, released a press statement at 01:18 am today stating that the meeting will procceed as scheduled. This stance may result in Econet clashing with the ZSE. Econet also went further and advised its shareholders to disregard any notices that do not originate from the company saying:

In the Circumstances, members are advised that the Company’s Extraordinary General Meeting shall proceed as published in the Circular. Members are advised to disregard any notices to the contrary that are not coming from the company.

The EGM will consider EWZ’s proposal to raise $130 million that was to be paid outside the country, in order to pay off its external creditors. This proposal had been criticised by some sections who felt that such a move would disadvantage pension funds and minority shareholders who might not be able to follow their rights.

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