Zambeef Products PLC Update re. disposal of shareholding in Zampalm Ltd (5897G)

TIDMZAM

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: +260 (0) 
                                     211 369003 
 Carl Irwin, Joint Chief Executive Officer 
 Francis Grogan, Joint Chief Executive Officer 
 
 Strand Hanson Limited (Nominated    Tel: +44 (0) 
  & Financial Adviser)                20 7409 3494 
 James Spinney 
 Ritchie Balmer 
 Frederick Twist 
 
 finnCap (Broker)                   Tel: +44 (0) 
                                     20 7220 0500 
 Emily Morris 
  Christopher Raggett 
 
 Powerscourt (Financial PR)         Tel: +44 (0) 
                                     20 7250 1446 
 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").

-Ends-

This information is provided by RNS

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March 05, 2018 02:00 ET (07:00 GMT)