Zambeef Products PLC Update re. disposal of shareholding in Zampalm Ltd (5897G)
March 05 2018 - 1:00AM
UK Regulatory
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
The company news service from the London Stock Exchange
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