ARDEN Capital (Arden) has re-proposed winding up operations after a lapse of its previous proposal due to delayed approval from the Reserve Bank of Zimbabwe.
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Directors of the Zimbabwe-focused investment firm came up with the proposal after resolving that the business case for continued operations was “no longer sensible”.
The board proposed a pro-rata unbundling of all the issued shares it holds in Arden to shareholders “as the first step towards an orderly wind-up of the company’s affairs”.
Following the unbundling, Arden will effectively revert to a shell company, allowing for the orderly voluntary wind-up of its affairs