ZCCM Investment Holdings PLC (“ZCCM-IH” or “the Company”) hereby notifies its Shareholders and stakeholders that as a result of the non-compliance with Financial Conduct Authority (“FCA”) Disclosure and Transparency Rules Sourcebook 4.1.3, which pertains to the publication of audited financial results, the trading of shares of the Company on the London Stock Exchange (“LSE”) has been temporarily suspended by the Financial Conduct Authority of the United Kingdom. This suspension is as a result of the non-publication of audited financial results for the years 2021 and 2022 within regulation time, which is four months from the financial year end.
The financial statements audit for the year 2021 and 2022 have been delayed due to the prolonged completion of the fair valuation process of assets and liabilities related to the acquisition of 90% shares of Mopani Copper Mines PLC as of 31 March 2021. The fair valuation exercise involves critical and complex judgment. The Company has made substantial progress and expects that the audit process should be concluded by end of May 2023. ZCCM-IH anticipates that the audited 2021 and 2022 financial results will be issued to the market on or before 30 June 2023.
In lieu of the audited financials, ZCCM-IH has made efforts to compensate for this delay and provided shareholders with unaudited financial results. In October 2022 both the provisional abridged financial statements for the year 2021 and unaudited half year results for the year 2022 were issued to the market.
In view of the suspension of trading on the LSE, ZCCM-IH will engage the LSE on corrective measures that can be employed to rectify the situation. ZCCM-IH will endeavour to keep both Shareholders and stakeholders informed of the developments regarding this suspension.
