Status of appointment of a director to represent minority sh

[Laf1986]

12 December 2012

Status of appointment of a director to represent minority shareholders on the ZCCM-IH Board.

The company has been in discussions with the Government of the Republic of Zambia (GRZ) over loans that ZCCM-IH owes GRZ amounting to K2,139 billion as reflected in the 2011 Annual Report. Recently GRZ accepted proposals to convert all or part of the loans to equity through a rights issue.

Following the impending debt-equity conversion via a rights issue referred to above, the Board of ZCCM-IH resolved that the appointment of a director to represent minority shareholders on the ZCCM-IH Board be deferred awaiting the conclusion of this transaction and further consultation with GRZ. Shareholders are therefore informed that this matter will await the completion of consultations with GRZ concerning the GRZ debt-equity conversion via a rights issue.

By Order of the Board

C Chabala

Company Secretary

[phili675]

En décodé , je comprends :

Le board et le gvz ne veulent pas de la présence du représentant pendant les négociations de conversion ( la cuisine et les modalités de la recette devant rester en interne).

Après, on nominera qui vous voudrez , mais on aura fait ce que l'on voulait et comme on le voulait.

[LesCrozes]

Lors de l'AGM, devant l'ensemble de l'assemblée (Management, Board members, Chairman, PS of finance, KPMG, SBZ, SEC, LuSE, actionnaires) je leur ai expliqué que c'était tout le contraire qu'il fallait faire.