EcoCash Zimbabwe : Results of Rights Issue

P R E S S A N N O U N C E M E N T

(Incorporated in Zimbabwe on 29 March 2012 under Company Registration Number 2487/2012)

ZSE Alpha Code: EHZL.zw ISIN ZW0009012437

(EcoCash Holdings or the Company)

ANNOUNCEMENT RESULTS OF RIGHTS ISSUE

This Announcement relates to the renounceable rights issue (the "Rights Issue") of 1,604,220,688 ordinary shares at a subscription price of US$0.0189 per each share, on the basis of 61.925 ordinary shares for every 100 shares already held, to raise US$30.3 million that has just closed.

The Company wishes to thank Shareholders for demonstrating their support for the Company by participating in the Rights Issue that has just closed.

1 RESULTS OF THE RIGHTS ISSUE

The following are the results of the Company's Rights Offer which closed on 29 September 2023.

Description	Number of	Principal amount	% of Rights Offer
	shares	of Rights (US$)	shares
Rights Offer Shares Available For Subscription	1,604,220,688	30,319,771.01	100.00%
Subscription In Foreign Currency (US$) / Debentures	566,650,612	10,709,696.56	35.32%
Subscription In Local Currency (ZWL)	2,131,717	40,289.46	0.13%
Underwriter	1,035,438,359	19,569,784.99	64.54%
Total Rights Offer Shares Subscribed For	1,604,220,688	30,319,771.01	100.00%

2 SHAREHOLDING STRUCTURE OF THE COMPANY

To the best of the Directors' knowledge, information and belief after having made all reasonable enquiries, for illustrative purposes, the shareholding structure of the Company immediately before and after completion of the Rights Issue is set out below:

Rank	Account Name	Before Rights Offer	After Rights Offer
		Ordinary shares	% of Shares	Ordinary shares	% of Shares
1	Econet Global Limited	722,071,155	27.87%	1,168,874,840	27.86%
2	Econet Wireless Zimbabwe Limited	518,115,366	20.00%	518,115,366	12.35%
3	Stanbic Nominees (Private) Limited	281,494,272	10.87%	291,873,583	6.96%
	Stanbic Nominees (Private) Limited
4	(NNR)	275,682,441	10.64%	275,682,441	6.57%
5	Old Mutual Life Assurance
	Company of Zimbabwe Limited	132,292,361	5.11%	132,292,361	3.15%
	Econet Wireless Zimbabwe SPV
6	Limited	103,623,090	4.00%	167,791,688	4.00%
7	TN Asset Management Nominees	101,389,601	3.91%	101,389,601	2.42%
8	New Arx Trust (NNR)	71,455,342	2.76%	71,455,342	1.70%
9	Austin Eco Holdings Limited - NNR	41,521,077	1.60%	67,233,004	1.60%
	Standard Chartered Nominees
10	(Private) Limited	20,821,181	0.80%	21,290,734	0.51%
	Other	322,111,355	12.43%	343,360,610	8.19%
	Underwriter			1,035,438,359	24.68%
	Total	2,590,577,241	100.00%	4,194,797,929	100.00%

1. USE OF PROCEEDS
   As disclosed in the right offer circular, the Company intends to apply the net proceeds from the Rights Issue to redeem its portion of the amount that is due to debenture holders in terms of the Debenture Trust Deed that was executed by the Company and the Debenture Trustees on 18 January 2017 and registered with the Registrar of Deeds on 25 January 2017 as Number MA0000089/2017 and amended on 12 June 2019 as Number MA0001295/2019.
2. REFUND FOR INVALID OR UNSUCCESSFUL ACCEPTANCES AND EXCESS APPLICATIONS
   Monies accompanying invalid or unsuccessful acceptances for Rights Shares will be refunded, without interest or any share of revenue or other benefit arising therefrom, within three (3) business days after the date of commencement of trading of the Rights Shares.
3. COMMENCEMENT OF DEALINGS IN THE RIGHTS SHARES

1. Dealings in the Rights Shares, in their fully-paid form for those who subscribed in foreign currency or debentures, are expected to commence on the Zimbabwe Stock Exchange at 9:00 a.m. on Monday, 9 October 2023.
2. Dealings in the Rights Shares for those who subscribed in Local Currency as not fully paid shares, are expected to commence on the Zimbabwe Stock Exchange at 9:00 a.m. on Monday, 9 October 2023. These shares will be marked as not fully paid until the company is allocated foreign currency in accordance with announcement dated 29 August 2023.

By Order of the Board

Mrs. C R Daniels

Group Company Secretary

4 October 2023

Lead-Financial Advisors

Transfer	Legal	Sponsoring	Independent	Reporting	Underwriter	Exchange
Secretaries	Advisor	Broker	Financial	Accountants		Control
			Advisor	& Auditors		Advisor

DIRECTORS:

Mrs S.G. Shereni (Chairperson), Mr M.L. Bennett, Dr Z. Dillon, Miss E.T. Masiyiwa, Mr C. Maswi, Mr D. Musengi,

Mr H. Pemhiwa, Mr D.T. Mandivenga, Mr E. Chibi*, Mrs T. Nyemba*. * Executive.