adminTN Holdings shareholders will receive one TN Bank share for every 10 shares of the group, which will change its name to Lifestyle.
TN Bank was demerged from TN Holdings Limited through the issuance of 76 203 638 TN Bank shares to TN Holdings shareholders at a subscription price of US$0,0000001 per share.
The bank will be recapitalised through the issue for cash of 62 344 140 new TN Bank Limited shares to Econet Wireless Zimbabwe at a price of US$ 0,3208 per share.
Econet will acquire 45 percent of TN Bank Limited for US$20 million.
The Econet subscription values TN Bank at approximately US$44,4 million.
The ZSE listing committee has agreed to the listing of all the issued shares of TN Bank Limited, subject to the fulfilment of the listing requirements.
In a brief trading update, TN Holdings management told shareholders that revenue to June 30 2012 was expected at approximately 55 percent of 2011 turnover which amounted to US$54,5 million.
Operating costs are expected at 62 percent of 2011 which were US$30,7 million.
Net profit after tax for 2012 is expected at between 50 percent and 51 percent of the US$3,6 million achieved last year.
The new business units, TN Grill and TN Mart, as well as TN Zambia, are expected to at least break even by the end of the year.
Online Reporter