Harare, Zimbabwe – John Moxon, the largest shareholder in Meikles Limited, has accused the company’s board of sidelining him during a crucial meeting while he was hospitalised, calling for their removal in a shareholder meeting scheduled for December 18.
Moxon, who holds a 48.38% stake in the company through Meikles Consolidated, claims that the board’s decision to fire CEO Malcolm Mycroft and consider selling a key asset was orchestrated without his knowledge. He alleges that someone falsely claimed his phone had been compromised to prevent him from intervening.
In October, Meikles announced the dismissal of Mycroft as CEO, reinstating him as head of TM Pick n Pay, a subsidiary in which Meikles owns a 51% stake. Moxon’s son, Matthew, was named acting CEO. According to Moxon, the decision was made during a meeting on October 1, while he was in intensive care following major surgery.
“Due process and procedure relating to corporate governance and etiquette were not adhered to in the removal of the then CEO,” Moxon states in a circular to shareholders seen by NewZwire.
Claims of Conspiracy
Moxon alleges that the board members – Rugare Chidembo, James Mushore, Stewart Cranswick, and Simmon Hammond – deliberately excluded the CEO’s dismissal from the agenda of an October meeting, which was ostensibly convened to discuss the potential sale of Meikles’ 50% stake in the Victoria Falls Hotel.
The Victoria Falls Hotel stake is reportedly under consideration for sale to Albwardy Investment, the Dubai-based company that acquired Meikles Hotel in 2019 for $20 million.
Further complicating matters, Moxon claims that on October 4, a directive circulated by a director falsely stated that his communication devices were compromised, instructing employees and directors to disregard his emails, calls, or messages.
“Effectively, any immediate redress by the Chairman of the concerns around the meeting of the 1st of October 2024 were obviated due to the said correspondence,” Moxon said.
Shareholder Meeting Called
Efforts to resolve the dispute internally have failed, Moxon says, prompting him to seek the removal of the four non-executive directors. He has proposed three replacements: Fayaz King, Benjamin Ward, and Marcel Golding.
In the circular, Moxon emphasised the need to uphold corporate governance and protect the interests of minority shareholders. “It is paramount…to hold accountable the functionaries entrusted with the running of the company,” he said.
ZSE Suspends Meikles Shares
Amid the escalating governance crisis, the Zimbabwe Stock Exchange (ZSE) suspended trading of Meikles shares on Monday to give the company time to address its internal issues.
The December 18 shareholder meeting is expected to determine the future of Meikles Limited’s leadership and its direction as one of Zimbabwe’s most prominent conglomerates.