Business
VFEX Listing & Subsidiary Chairman Appointment
VFEX Listing & Subsidiary Chairman Appointment.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\n02 August 2024\nKavango Resources\n(\"Kavango\" or \"the Company\")\nVFEX Listing & Subsidiary Chairman Appointment\n \nKavango Resources plc (LSE: KAV), the Southern Africa focussed metals exploration company, is pleased to announce that it has engaged advisors for a planned secondary listing (the \"Listing\") on the Victoria Falls Stock Exchange (\"VFEX\") in Zimbabwe.\nIn addition, Kavango is delighted to announce the appointment of Thamsanqa (\"Tham\") Mpofu as the Chairman of Kavango Zimbabwe (Private) Limited, the Company's wholly owned subsidiary in Zimbabwe.\nHighlights - Proposed Referral Listing on the VFEX\n· The VFEX was established in 2020 to spearhead the development of the International Financial Services Centre in Zimbabwe and is operating in a Special Economic Zone in Victoria Falls.\n· The VFEX has a listed market capitalisation of US$ 1.26 billion with 15 listed securities as of 29 July 2024.\no The VFEX is allowed to trade in United States Dollars and other convertible currency. It was given sweeping exchange control provisions. The Exchange includes a number of dual listed securities listed on the London Stock Exchange, Johannesburg Stock Exchange, and Botswana Stock Exchange. Issuers of these securities all have operations in Zimbabwe.\n· The proposed listing will provide an opportunity for Zimbabwe-based investors to participate in Kavango's exploration and mining development opportunities. This will provide the Company with access to an enlarged pool of capital and shareholder base and meet Kavango's strategic objective of promoting strong local ownership in its projects.\n· Kavango has engaged Inter Horizon Advisory (Private) Limited (\"IH\") as the lead financial advisor to the proposed transaction. IH's mandate includes obtaining regulatory approvals and preparation of key documents including the proposed transaction Pre-listing Statement.\n· Kavango has entered a further agreement with Nurture Investment Management Limited, a financial services firm providing asset management, private equity, investment advisory and corporate advisory services principally within Southern Africa.\nBen Turney, Chief Executive Officer of Kavango Resources, commented:\n\"We set up Kavango Zimbabwe in July 2023. Ove...