This Circular relates to:-
- the disposal of the 51% stake the Company holds in Data Control and Systems (1996) (Private) Limited trading as Liquid Telecommunications Zimbabwe in exchange for shares in Liquid Telecommunications Holdings Limited (“LTZ”) worth US$135,000,000.00;
- the proposed conversion of 1,166,906,618 debentures in issue into ordinary shares on the basis of ninety three point three (93.3) new ordinary shares for every one hundred (100) debentures held, the termination of the Econet Wireless Zimbabwe Limited (“EWZL”) Debenture Trust Deed in relation to those debenture holders who accept the offer of conversion, and the listing and admission of the shares issued pursuant to the debenture conversion;
- the demerger from EWZL (the mobile network operations business), of the Company’s Technology business under a new holding company called Cassava Smartech Zimbabwe Limited (“CSZL”); and
- the listing and admission of the issued ordinary shares in CSZL on the Zimbabwe Stock Exchange Limited (“ZSE”) separately from the Listing of EWZL shares.
This Circular is split into six Parts as Follows:
Part A: This part contains introductory information of a general nature that is applicable to the whole abridged circular and to the three transactions under consideration.
Part B: This part contains information relating to the disposal of 51% of LTZ.
Part C: This part contains information relating to the proposed conversion of debentures to equity.
Part D: This part contains the abridged prelisting statement relating to the listing of additional EWZL’s shares to be issued pursuant to conversion of debentures to equity.
Part E: This part contains information relating to the proposed demerger from EWZL (the mobile network operations business), of the Company’s smart technology businesses under a new holding company called CSZL.
Part F: This part contains the abridged prelisting statement relating to the listing of CSZL on the ZSE.