Harare — ZB Financial Holdings staff investment vehicle, Finserve beneficiaries have agreed that Finserve Share Trust be wound up and ZBFH share certificates be distributed immediately in line with the audited share register.

The resolutions, which were passed at a meeting held in the capital at the weekend, will end the 16 million-share dispute bought by the investment vehicle from ZB Bank in 2002.

Finserve secretary, Mr Welldone Dhliwayo said all the items they had put on the agenda were passed as resolutions.

"We are happy that we achieved what we wanted to achieve, that is the distribution of shares," he said.

From the Saturday meeting, beneficiaries resolved to distribute the share certificates excluding the 490 bonus units allocated to members by the trustees.

Mr Dhliwayo added that after passing the resolutions, Finserve shall not attempt to follow up any rights issue or the resultant damages, it may have been precluded from following up during the legal dispute.

The unallocated shares excluding the 490

bonus units per member would be used to pay for expenses incurred by Finserve and the residue left after paying the expenses would be distributed to members.

Unallocated shares for the 1 034 beneficiaries amount to 550 000 shares priced at US13c each.

Trustee fees were fixed at US$1 000 per trustee for the period from 2004 to 2009.

The employee's investment vehicle also agreed to come up with a five-member committee that would be established to work with the trustees to verify all expenses incurred by Finserve.

The proposed expenses were provisionally set at US$30 000, broken down as Trustee fees

US$6 000, consultancy and administration fees US$2 000 and winding up costs US$4 000.

Following these resolutions, ZBFH will convert the shares on a one on one basis that will result in individuals receiving their share certificates.

The shares in question were supposed to have been listed on the Zimbabwe Stock exchange and distributed to beneficiaries but ZBFH kept on postponing as they tried to block the transaction.