Phoenix Consolidated Industries Limited will be removed from the ZSE Official List with effect from 0800 hours on 15 April 2016.
Phoenix was granted an order by the High Court to be placed under provisional judicial management on 2 October 2013. Pursuant to meeting the requirements of Section 64 (a) (ii) of the Securities and Exchange Act [Cap24.25], suspension of trading in the Company’s shares was effected on 3 October 2013.
Members and Creditors approved the delisting of the Phoenix in a Members’ and Creditors’ meeting in 2014. A formal application for delisting was submitted on 15 March 2016 for delisting, citing a resolution by Members and Creditors in 2014.
The ZSE applied and received the approval from the Securities and Exchange Commission of Zimbabwe (SECZ) for the termination of listing of Phoenix Consolidated Industries Limited pursuant to Section 64 (a) (i) of the Securities and Exchange Act [Cap24.25].
In terms of Section 1.18 (d) of the ZSE Listings Requirements, holders of Phoenix securities are hereby advised that in view of the termination, the securities are no longer tradeable on the ZSE with effect from 15 April 2016.
