Update re. disposal of shareholding in Zampalm Ltd

RNS Number : 5897G

Zambeef Products PLC

05 March 2018

 

5 March 2018

Zambeef Products plc

("Zambeef" or the "Group")

Disposal of 90 per cent. shareholding in Zampalm Limited - Extension of Long Stop/Completion Date

On 6 September 2017, Zambeef (AIM: ZAM) announced that it had entered into a Share Sale Agreement, a Shareholders Agreement and a Management Agreement (together the "Agreements") with the Industrial Development Corporation of Zambia Limited ("IDC") for the sale of 90 per cent. of Zambeef's shareholding in its wholly owned subsidiary, Zampalm Limited ("Zampalm") to IDC for a cash consideration of USD16 million (the "Transaction").  

Completion was subject to certain conditions precedent to be satisfied within 180 calendar  days (the "Long Stop Date") following signing of the Agreements (the "Conditions Precedent"), that is by 5 March 2018.

The Parties have mutually agreed to extend the Long Stop Date to 6 April 2018 to allow the Parties to fulfil the outstanding conditions precedent to the Share Sale Agreement.

For further information, please contact:
Zambeef Products plc	Tel: [phone]
Carl Irwin, Joint Chief Executive Officer
Francis Grogan, Joint Chief Executive Officer
Strand Hanson Limited (Nominated & Financial Adviser)	Tel: [phone]
James Spinney
Ritchie Balmer
Frederick Twist
finnCap (Broker)	Tel: [phone]
Emily Morris Christopher Raggett
Powerscourt (Financial PR)	Tel: [phone]
Nick Dibden

Notes to the editors

Information on Zambeef

The Zambeef Group is one of the largest integrated cold chain food producers in Zambia, involved in the production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stock feed. The Group also has large cereal row cropping operations (principally maize, soya beans and wheat), with approximately 7,971 hectares of row crops under irrigation, which are planted twice a year and a further 8,623 hectares of rain-fed/dry-land crops available for planting each year.

Further information can be found on www.zambeefplc.com

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

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