Six board members representing Pelhams’ new majority shareholder, Lifestyle Holdings (formerly TN Financial Holdings), are set to be appointed onto the company’s board next month.
But the decision is subject to shareholder approval at an annual general meeting pencilled for September 18.
In a statement yesterday, Pelhams company secretary Tagara Mataruse said current director Simbarashe Mupandanyama would be removed from the board. Other directors Douglas Munatsi, Phineas Whata and Florence Ziumbe have resigned.
He said new directors would be Tawanda Nyambirai, Rugare Chidembo, Alexander Gonese, Winston Makamure, Charity Chanetsa and Benjamin Balneves.
Lifestyle Holdings chief executive officer Nyambirai recently told the local media that he had sent a letter to Pelhams requesting board representation.
TN Asset Management Nominees, an investment arm for TN Holdings, last October bought businessman Oliver Chidawu’s 36% stake in Pelhams in a special bargain of 358 207 502 shares at 0,71c each.
Chidawu used his shares to secure a loan of $3 million from Jayesh Shah as collateral. They were the same shares that Shah sold to TN Asset Management Nominees after Chidawu failed to honour his obligations.
TN later bought an additional 22% stake in Pelhams, giving it a 58% effective control of Pelhams. TNH qualifies for a board seat for every 10% of equity held.
