Project Ekaris: A Dare to Gate Crash a Premier Company’s AGM
Finance, Strategy, ZCCM-Investment Holdings Plc

When announcements of AGMs are published on SENS ANNOUNCEMENTs, TFHZPC is always keen to be a part of proceedings. It’s not just the coffee and muffins that get served (for premier companies that host at exotic hotels) but the agenda of the meetings that wets the appetite of any investor who wants to understand how the going concern is performing.

ZCCM-IH announced their thirteenth Annual General Meeting of members of ZCCM Investments Holdings Plc that would be held on Friday, 14th July 2017 at 10:00 hours at Southern Sun Ridgeway Hotel, corner of Church Road and Independence Avenue, Lusaka, Zambia to transact among other things the following business (verbatim from SENS Announcement issued on 12th June 2017):

1.      To consider and adopt the Minutes of the 12th Annual General Meeting held on 19th April 2016.

2.      To receive and adopt the audited Financial Statements for the year ended 31 March 2016, together with the Reports of the Directors and the Auditors.

3.      To consider and adopt the recommendation to appoint Auditors for the year ended 31 March 2017, and to authorise the Directors to fix their remuneration.

4.      To confirm the appointment of: Mr Fredson K Yamba, Mr Paul M Chanda, Mr Mateyo C Kaluba, and Mr Yollard Kachinda who were appointed Non-Executive Directors since the previous Annual General Meeting.

5.      To transact such other business as may properly be transacted at an Annual General Meeting.

Following the recent ground breaking ceremony in Masaiti, item number 2 on the agenda will be an important one. The projects the firm is taking on look to increase its asset position. An asset, by definition, is a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. Therefore, an astute investor in the firm should be asking the question“what will be the return on investment in the project being pursed? Or will the investments that the firm has made yield the revenue growth that is demanded? Or what is the plan to return to profitability?

However, judging by their recent performance, we believe their CEO will be giving investors the speech of the year that will have undertones of a turnaround. Investors will demand it. Seeing their company’s earnings back in positive territory will be priority as they seek the coveted dividend. We hope to be on record to ask the questions that all investors need to ask of their management teams. We are curious about the capital structure ofthe firm hence our questions will be more in line with corporate finance.

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