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  ZCCM company press release from 09/05/2023 - Suspension from Trading on LSE

  09/05/2023 - 11:00

Suspension from Trading on LSE


SENS ANNOUNCEMENT

(the “Announcement”)

ISSUER

 
ZCCM INVESTMENTS HOLDINGS PLC (“ZCCM-IH”)
Incorporated in the Republic of Zambia
Company registration number: 119540000771
Share Code: ZCCM-IH
ISIN: ZM0000000037

BROKER

Pangaea Securities Limited

[a member of the Lusaka Securities Exchange]

Regulated and Licensed by the Securities and Exchange Commission Zambia

Telephone Number: +260 211 220707 | Website: www.pangaea.co.zm 

AUTHORISATION

Approval for this Announcement has been granted by:

  • The Lusaka Securities Exchange (“LuSE”)
  • The Securities and Exchange Commission Zambia (“SEC”)
  • ZCCM-IH

DISCLAIMER AND RISK WARNING

The announcement contained herein contains information that may be of a price sensitive nature.

Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice.

ISSUED ON: 8 May 2023

ZCCM INVESTMENTS HOLDINGS PLC

[Incorporated in the Republic of Zambia]

Company registration number: 119540000771

Share Code: ZCCM-IH

ISIN: ZM0000000037

[“ZCCM-IH” or “the Company”]

 MARKET ANNOUNCEMENT

ZCCM Investment Holdings PLC (“ZCCM-IH” or “the Company”) hereby notifies its Shareholders and stakeholders that as a result of the non-compliance with Disclosure and Transparency Rule 4.1.3, which pertains to the publication of audited financial results, the trading of shares of the Company on the London Stock Exchange (“LSE”) has been temporarily suspended. This suspension is as a result of the non-publication of audited financial results for the years 2021 and 2022 within regulation time, which is four months from year end.

The financial statements audit for the year 2021 and 2022 have been delayed due to the prolonged completion of the fair valuation process of assets and liabilities related to the acquisition of 90% shares of Mopani Copper Mines PLC as of 31 March 2021. The fair valuation exercise involves critical and complex judgment. The Company has made substantial progress and expects that the audit process should be concluded by end of May 2023. ZCCM-IH anticipates that the audited 2021 and 2022 financial results will be issued to the market on or before 30 June 2023.

In lieu of the audited financials, ZCCM-IH has made efforts to compensate for this delay and provided shareholders with unaudited financial results. In October 2022 both the provisional financial statements for the year 2021 and unaudited half year results for the year 2022 were issued to the market.

In view of the suspension of trading on the LSE, ZCCM-IH will engage the LSE on corrective measures that can be employed to rectify the situation. ZCCM-IH will endeavour to keep both Shareholders and stakeholders informed of the developments regarding this suspension.

By Order of the Board

Charles Mjumphi

Company Secretary

Lusaka, Zambia - 8 May 2023

Sponsoring Broker

Pangaea Securities Limited

(Member of the Lusaka Securities Exchange)

(Regulated by the Securities and Exchange Commission)

______________________________________________________________

Tel: +260 (211) 220 707 or 238 709 / 16 Fax +260 (211) 220 925 

First Floor, Pangaea Office Park, Great East Road, P.O. Box 30163 Lusaka, Zambia

First Issued: 8 May 2023


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  Original Source: ZCCM