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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Zambeef Products | AQSE:ZAM.GB | Aquis Stock Exchange | Ordinary Share | ZM0000000201 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.50 | 5.00 | 6.00 | 5.50 | 5.50 | 5.50 | 0.00 | 06:56:49 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMZAM
RNS Number : 0236X
Zambeef Products PLC
03 May 2016
3 May 2016
Zambeef Products plc
("Zambeef" or the "Group")
Settlement of Zamanita tax demand
Further to the announcements of 4 November 2015 and 21 December 2015, the board of directors of Zambeef (the "Board") is pleased to confirm that subsequent to the Zambian Revenue Authority's ("ZRA") decision to appeal the judgement by the Tax Appeals Tribunal, which ruled in favour of Zambeef's appeal against a ZMW49.15 million assessment (approximately US$9.7 million at the date the assessment was made), that Zambeef has entered into a formal agreement with the ZRA (the "Agreement") dated 31 March 2016, as detailed below.
The Agreement provides that Zambeef will pay the ZRA a total of ZMW14.4 million (approximately US$1.5m million at yesterday's exchange rate) in six equal monthly instalments beginning 30 April 2016. Approximately ZMW2m of the ZMW14.4m is recoverable VAT. So long as Zambeef adheres to this payment schedule, interest and penalties totalling ZMW3.1 million (approximately US$0.3million) will be waived.
Zambeef Joint Chief Executive Officer, Carl Irwin, commented, "I am delighted that we have now concluded this long standing issue and that we can now put this matter behind us. This Agreement will also allow us to reverse approximately ZMW33.6m (approximately US$3.5m using the prevailing exchange rate) provision into our income statement."
For more information please visit www.zambeefplc.com or contact:
Zambeef Products plc Tel: +260 (0) 211 Carl Irwin, Joint Chief Executive 369003 Officer Francis Grogan, Joint Chief Executive Officer Strand Hanson Limited Tel: +44 (0) 20 James Spinney 7409 3494 Ritchie Balmer Frederick Twist Finncap Tel: +44 (0) 20 Christopher Raggett 7220 0500 Joanna Scott Powerscourt Tel: +44 (0)20 Nick Dibden 7250 1446 Sophie Moate Nick Brown Pangaea Securities Tel: +260 (0) 211 Chenge Mwenechanya 220 707 Wendy Tembo
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSSSSADFMSELI
(END) Dow Jones Newswires
May 03, 2016 04:44 ET (08:44 GMT)
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