Potential discussions re.disposal

RNS Number : 6674Y

Zambeef Products PLC

03 December 2014

 



For Immediate Release

3rd December 2014

Zambeef Products plc

("Zambeef" or the "Group")

Preliminary discussions re. potential disposal of subsidiary/Zamanita

Zambeef (AIM: ZAM), the fully integrated agribusiness with operations in Zambia, Nigeria and Ghana, announces that it is in preliminary discussions with a third party regarding the potential full disposal of Zamanita Limited (the "Transaction"), the Group's wholly owned subsidiary and one of the largest edible oil and soya meal producers in Zambia.

This announcement is being made following the publication of a cautionary announcement regarding the Transaction on the Lusaka Stock Exchange on 3 December 2014, which was required under the rules and regulations of that exchange.   

For the 12 months ended 30 September 2014 Zamanita recorded revenue of ZMW399.2 million (USD67.9 million), a gross profit of ZMW58.3 million (USD9.9 million) and net assets of ZMW137.4 million (USD21.9 million) (audited).

Completion of the Transaction, which is likely to constitute a substantial transaction under the AIM Rules for Companies, remains subject to inter alia, due diligence and certain conditions precedent and there can be no certainty that any binding offer for Zamanita will ultimately be made, nor as to the final terms of any such offer should one be forthcoming.

For further information, please contact:

Zambeef Products plc                                                    Francis Grogan, Joint CEO                                 Carl Irwin, Joint CEO	Tel:  [phone]
Strand Hanson Limited                                                  Angela Hallett James Spinney	Tel: [phone]
Panmure Gordon                                                             Hugh Morgan Tom Salvesen Peter Steel	Tel: [phone]
Buchanan                                                                            Mark Edwards                                                                   Sophie McNulty Robbie Ceiriog-Hughes	Tel: [phone]

 

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