Regulatory Filings • May 9, 2023
Regulatory Filings
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(the "Announcement")
ISSUER
Incorporated in the Republic of Zambia Company registration number: 119540000771 Share Code: ZCCM-IH ISIN: ZM0000000037
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
Approval for this Announcement has been granted by:
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.
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"]
ZCCM Investment Holdings PLC ("ZCCM-IH" or "the Company") hereby notifies its Shareholders and stakeholders that as a result of the non-compliance with Financial Conduct Authority ("FCA") Disclosure and Transparency Rules Sourcebook 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 by the Financial Conduct Authority of the United Kingdom. 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 the financial 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 abridged 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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