Linda Masterson set to leave Edgars as shareholders approve $70m rights offer

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Linda M
Linda M

HARARE – Linda Masterson is set to leave Edgars Stores Limited at the end of this month after having spent 10 years as chief executive officer.

She joined the group in 1988 as group financial director. After joining the company, she spent the next twenty years alternating between various Edgars directorships including Group Manufacturing Director, New Business Director and Group Corporate Services Director before being appointed to CEO in April 2010.

Masterson’s retirement comes after the departure of Buhlebenkosi Mpofu  – the financial director – at the end of May 2020 after serving in that position for 11 months. It also comes as SSCG Holdings took over the majority stake, which was previously held by Edcon South Africa.

Meanwhile, Edgars shareholders on Tuesday voted in favour of a $70 mln rights offer which will enable the group to recapitalise operations and maintain a sustainable growth path.

According to the group, the proceeds would be utilised to intensify productivity of existing footprint; widen and deepen product portfolio offered by the Group’s credit and financial services; and ensure sufficient depth and breadth of inventory. In local currency, the funds are below US$1 mln, but the group said it had already borrowed in advance against the amount.

At an EGM held this afternoon held virtually on the Escrow eAgm platform, all resolutions with regards the proposed capitalisation programme were passed although there was a small percentage (10% of the vote), which voted against the resolution to have underwriter’s fees payable in shares and that the balance of the authorised but unissued ordinary shares of the company, be placed under the control of the directors for an indefinite period. The rights issue is being underwritten by Zed Koudounaris-linked Annunaki Investments and comes after another linked group SSCG Africa Holdings acquired the stake held by Edcon South Africa.

The rights offer opens on June 23, 2020 and closes on July 17, 2020.

 

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