Powerspeed Electrical – Commencement of Over the Counter (“OTC”) share trading at ZWL 6.70 per share
Shareholders are referred to the Extraordinary General Meeting Results (EGM) published on the Company’s investor relations website on 16 December 2020 and the subsequent notice – Over the Counter Share Trading and Share Buyback published on 21 December 2020. Under the Offer, the Company now offers to purchase an indicative cumulative 20 000 ordinary shares per working day (the Weekly Buyback Offer Volume), at the Weekly Buyback Offer Price with effect from 11 January 2021.
The Weekly Buyback Offer Price for the period 11 January 2021 to 15 January 2021 is ZWL $6.70 per share.
The Weekly Buyback Offer Price shall be communicated to the market weekly commencing 9 am on Monday mornings in ZWL cents through the Company investor relations website for a stated offer period (“Weekly Buyback Offer Period”).
In addition, our website will also display the highest bid price, the lowest offer price, the previous day traded price (if applicable) and the volume traded in the previous day. The data shall be inclusive of all trading (including share trading subject to the Offer).
The cumulative number of ordinary shares purchased in the Offer and the outstanding shares subject to the Offer and the calendar expiry date of the Offer shall be disclosed as part of planned half-yearly earnings publications.
Third-party investors are free to trade the Company’s ordinary shares through the Sponsoring Broker at a price higher than the Weekly Buyback Offer Price.
A Guide to OTC Trading, a Guide to the Company Share Buyback, Disclosure Guidelines, and Insider Trading Guidelines are published and downloadable from our website. These documents contain information on the processes, practices, costs and mechanisms of OTC trading and other key investor relations and disclosure information.
The Company has appointed First Transfer Secretaries to manage the OTC trading under audited mandated governance procedures to ensure that the matching of buyers and sellers of shares is carried out in a fair and equitable manner.
Daily email alerts will be published to opt-in registrants when any ordinary share trades are recorded.
The Company reserves the right to amend and or revoke the Offer at any time, which revocation shall be communicated to the market through the Company website.
Shareholders requiring assistance or having queries regarding the above should contact the Transfer Secretaries on [email protected], or the Sponsoring Broker on [email protected].
A knowledge base of common questions and answers with online support is available through the Company website.
Shareholders and the general public are invited to register to receive corporate action announcements by way of email by registering on the Company’s investor relations website www.powerspeed.co.zw.
Related reading:
Powerspeed Electrical – Disclosure Guidelines for OTC Trading – 11 January 2021.pdf
Powerspeed Electrical – Guide to OTC Trading – 11 January 2021.pdf
Powerspeed Electrical – Guide to the Share Buyback – 11 January 2021.pdf
Powerspeed Electrical – Insider Trading Guidelines for OTC Trading – 11 January 2021.pdf
