Arden Capital (formerly Brainworks), says it is now waiting for approval from the Reserve Bank of Zimbabwe (RBZ) to conclude its proposed voluntary liquidation transaction.

This comes after the company's shareholders gave the green light for the transaction to go ahead at a special meeting held on December 20,

2021.

"The total number of Arden Capital ordinary shares in issue is 117 266 523 (109 491 523 listed votable shares plus 7 775 000 treasury shares), of which 94 102 261 had votes cast at the Special meeting, representing 85,94 percent of the total votable ordinary shares.

"The approval by the Reserve Bank of Zimbabwe for the proposed transaction, being a condition precedent to the proposed transaction, remains outstanding," the company said in a circular.

The company in June 2021 said it had commenced a process of reviewing the company's prospects, financial health, strategy, and ability to continue to operate as a listed investment holding company.

As part of the transaction, the voluntary liquidation will result in the cancellation and de-listing of Arden shares on the Johannesburg Stock Exchange (JSE).

According to the circular, the company also advised shareholders that one of African Sun Ltd.'s lessors had initiated a lease tender process in respect of property known as The Kingdom at Victoria Falls, which is currently being leased by African Sun Ltd.

The company said ASL continued to occupy the property and had signed an extension of the current lease with the landlord to February 28, 2022 in order to facilitate the ongoing tender process, which ASL has elected to participate in.

"The Tender Process closed on November 30, 2021, but the outcome of the Tender Process is still unknown.

"Given the potential impact of the expired lease on ASL's profitability, ASL remains in a cautionary period and accordingly shareholders should similarly continue to exercise caution in dealing in the Company's securities until a further announcement regarding the Tender Process is made," read part of the circular.

Arden has also concluded the sale of its logistics company FML, which moves bulk fuel across the region, for US$1 million of which the net proceeds will be used to pay off debts.

"Arden has concluded an agreement to an unrelated third party for a disposal consideration of US$1 million (R15 315 700,00 at an exchange rate of 15 3157, being the ZAR: USD exchange rate at the date of the disposal," the company said.

Arden Capital will ultimately deploy the net proceeds towards settling various third-party creditors and other liabilities.

The investment holding company was originally established as a listed investment company through which shareholders could gain exposure to various investment sectors with a focus on investing in Zimbabwe.

The group's listing was aimed at achieving liquidity for its shareholders by providing them with a tradeable instrument on an internationally recognised stock exchange and providing the Company with a platform through which to raise future funding for the growth of its portfolio.

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