regarding
LOAN REPAYMENT DEMAND BY
ZAMBIAN ENERGY CORPORATION (IRELAND) LIMITED

Shareholders of the Company are referred to the Cautionary Announcement first issued on 17 July 2020 in which Shareholders and the market were advised that the Company received a letter of demand from Zambian Energy Corporation (Ireland) Limited (“ZECI”) on 3 July 2020 for repayment of a loan of principal and interest amounting to USD 15,427,263=00 entered into by the Company on 20 November 2014. On 10 July 2020, the Company was served with court process documents indicating that ZECI would seek to recover the debt through the courts in Mauritius.

Subsequent to the above development, shareholders and the market are now advised that the Company and ZECI have reached an amicable settlement and that the Notice of Statutory Demand issued by ZECI dated 13 July 2020 is hereby withdrawn. Furthermore, ZECI has undertaken not to initiate any winding up proceedings pursuant to the said Notice of Statutory Demand.

As CECA and ZECI have reached a settlement, caution is no longer required to be exercised by Shareholders regarding the Notice of Statutory Demand when dealing in the Company’s securities and the Cautionary Announcement in effect since 17 July 2020 is hereby withdrawn.

Clara Mvula
Head, Corporate Services

Issued in Lusaka, Zambia on Thursday, 13th August 2020

Lusaka Securities Exchange Sponsoring Broker
	T | +260-211-232456 E | [email protected] W | www.sbz.com.zm Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on 17th July 2020