Kavango Resources prepares to list in Zimbabwe, plans new fundraise

(Alliance News) - Kavango Resources PLC on Friday said it aims to carry out a UK subscription and placing as it prepares to join the Victoria Falls Stock Exchange.

Shares in the London-based mining company will begin trading in Zimbabwe on Monday. Its stock was down 2.8% at 1.05 pence per share on Friday afternoon in London.

Kavango is issuing 333.4 million new shares in connection with the secondary listing, including 330.6 million subscription shares at 1p each. Given that the subscriptions were agreed on different dates, the price per share was calculated on different dollar-to-sterling spot rates, and may vary slightly.

A consortium of nine pension funds run by Comarton Consultants Private Ltd has subscribed for 69.4 million shares, while London-based investor Purebond Ltd has subscribed for 259.2 million shares. Around 1.9 million shares will be "issued to other Zimbabwean residents", Kavango said.

In addition, the company is awarding shares to 157 employees of its subsidiaries in Zimbabwe.

Kavango on Friday said it is planning another subscription and placing in the UK, which will be completed after the secondary listing. The new subscription and placing shares will be priced at 1p each, with admission to London's Main Market expected by September 19. Kavango said it will update further in the week ahead.

By Holly Munks, Alliance News reporter

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