Buy 99 shares in Paris. Get bought out ~55% higher.
ZCCM-IH, Zambia's state mining holding company, is buying out every shareholder with fewer than 100 shares at the Lusaka price +5%. Its Paris line (MLZAM) trades about 35% below that.
Last updated 11 Nov 2026 · I'm buying 99 MLZAM and holding them into the offer.
You pay
€436
99 × €4.40
Offer ≈
€680
K148 × 1.05 ÷ 22.62
Profit
+€240
before ~€6 fees
Calculate your payout
Payout per share–
You get (99 sh)–
Profit–
Return–
Payout = 1.05 × Lusaka 90-day VWAP, converted at the EUR/ZMW rate fixed on the record date. The final ZMW price is announced around 9 Dec. Profit assumes ~€6 in fees.
What you can lose vs what you can make
−20% vote fails, stuck holding an illiquid stock (my estimate)+55% offer pays
The offer needs 75% of votes cast at the 18 Nov meeting. Government-owned holders control 92.5%: IDC (100% state) 60.28%, Finance Ministry 17.25%, state pension fund NAPSA 15%. IDC plus the Finance Ministry alone hold 77.5%, and the state-controlled board proposed the offer.
Timeline
18 Nov
Shareholder meeting votes on the offer
23 Nov
Offer opens
9 Dec
Final offer price (ZMW) announced
16 Dec
Last day to buy in Paris
18 Dec
Record date, FX rate fixed
21 Dec
Results
23 Dec – 4 Jan
Cash paid to your broker (Euronext holders around 4 Jan)
How to do it with IBKR
Open an Interactive Brokers account if you don't have one. Approval usually takes a few days, so don't leave it until December. Open IBKR with my referral linkAd · referral link, I may receive a bonus
Enable trading permissions for stocks in France / Europe (Settings → Trading permissions).
Find the stock: search MLZAM or ISIN ZM0000000037 (Euronext Paris).
Buy exactly 99 shares or fewer with a limit order (e.g. €4.40–4.50, good-till-cancelled). It only trades in auctions, so it may take a day or two to fill. Never use a market order.
Do nothing. If you don't elect, you're deemed to accept. Cash arrives in your account after the offer pays.
Risks
The vote fails. Unlikely given state ownership, but then you hold an illiquid stock.
Currency. Each 1-kwacha move in EUR/ZMW changes the payout by ~€0.29 per share, ~€29 on 99 shares.
The Lusaka price falls before the VWAP is set.
Thin liquidity in Paris. Use a limit order and be patient.
Broker processing. Custodian chains for small foreign corporate actions can be slow or messy.
Restricted jurisdictions: the offer is not made in the US, Canada, Australia, Japan, New Zealand, Singapore or South Africa. If you live there, you can't participate.
FAQ
Why does this gap exist?
Paris shares can't easily move to the Lusaka register, so they trade at a discount. The offer pays every small holder the Lusaka price, closing the gap. It's capped at 99 shares per holder, so funds can't be bothered. That's why it's still there.
Can I buy more than 99 shares?
Holders with 100 or more shares are not part of the odd-lot offer. Keep it at 99 or fewer per account.
Can friends and family do it too?
Yes. Each account holder can own up to 99 shares and participate separately.
Do I have to fill in a form?
No. Non-election counts as acceptance. Check your broker's corporate action notices in case they ask anything.