ZPI Transaction

Why is ZHL not offering a cash option?

Our approach has been to retain value for all shareholders in an inflationary environment. The duration between the opening, closure and settlement of cash to would be exiting shareholders would have discredited them of their value. We believe ZPI shareholders looking to exit have a high probability of retaining value and exiting on their own terms when they dispose their new ZHL shares in the market.

Will ZHL be allowed to vote at the ZPI EGM?

There is no ZPI EGM scheduled at this point.

What was the rationale for the unbundling back then?

It was deemed a suitable competitive strategy during the era as the economic landscape rewarded such initiatives and this was in line with the Group’s growth trajectory.

How did you arrive at the share swap ratio?

Blended approach of market relatives and and asset based valuations.

Will the share swap adequately compensate for the loss of value in the investment?

Not exactly sure where the loss in investment is coming from or what the question is asking. Can the analyst highlight further for a fair response.

Does ZHL have the capacity fund ZPI’s future expansion and growth?

Yes, it’s an asset rich business coupled with strong intellectuals for human capital. Innovative funding models would be key to its future expansion and growth.

Will my rights as a shareholder be affected if I don’t accept the offer?

Certainly not! The Companies and Business Entities Act [Chapter 24:31] and the ZSE Listing Rules provide guidelines to protect minority interests of shareholders who do not accept the offer.

FLA Transaction

How did you arrive at the share swap ratio?

Adjusted Asset based valuation approach was utilized.

How were the Langford assets treated in the valuation?

The Langford transaction was treated much the same way it is currently reported in the business’ financial statements.

Will FLA still need to conduct the proposed capital raise?

It remains subject to the justifications and recommendations of the Management and Board of FLA.