This Press Announcement relates to the proposed Scheme of Reconstruction between Econet Wireless Zimbabwe Limited (Econet) and EcoCash Holdings Zimbabwe Limited (EcoCash Holdings) involving the transfer to Econet of the Financial Technology Businesses, namely EcoCash (Private) Limited, VAYA Technologies Zimbabwe (Private) Limited, Econet Insurance (Private) Limited, Econet Life (Private) Limited, MARS Zimbabwe (Private) Limited, and Maisha Health Fund (Private) Limited, in exchange for the total consideration of ZWL 509 billion (equivalent to 521,861,057 Econet Shares) payable partly in cash and partly in Econet Treasury Shares. Econet shall pay the agreed total consideration that is equivalent to 521,861,057 Econet Shares, using 271,597,195 Treasury Shares that represent circa 50% of the purchase consideration (Shares Consideration) and the Cash Equivalent of 250,263,862 Econet shares will be calculated using the 30 Day VWAP of each Econet share to the period of date of payment (Cash Consideration).
Signed on Behalf of Econet Wireless Zimbabwe Board
(Signed on the original)
Dr J. Myers
Chairman of the Board
Related Downloads
