TIDMZAM

RNS Number : 3227Y

Zambeef Products PLC

30 December 2019

30 December 2019

Zambeef Products plc

("Zambeef" or the "Group")

Results of Annual General Meeting & Extraordinary General Meeting and Board changes

Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business, with operations in Zambia, Nigeria and Ghana, announces that at the Company's Annual General Meeting, held in Lusaka today, all resolutions put to shareholders were duly passed.

Zambeef is further pleased to announce that all resolutions put to Shareholders at the Extraordinary General Meeting of the Company also held today in Lusaka, to approve the transaction involving the disposal by Zambeef of its Sinazongwe Farm to Chenguang Biotech (Zambia) Agri-Dev Limited for USD10 million (as first announced on 17 September 2019), were duly passed. Completion of the transaction remains subject to the satisfaction or waiver of the remaining conditions as stated in the Circular distributed to shareholders on 5 December 2019. Further updates will be provided as and when appropriate.

Directors Retirements and Appointments

The Group also announces that, as previously reported, its Chairman Dr. Jacob Mwanza and its Chief Executive Officer, Mr Francis Grogan, will retire from the Group effective 1 January 2020. Dr Mwanza and Mr Grogan have been with the Company since 2002 and 1994, respectively, and the Board has greatly appreciated the experience and support they have contributed to the development of the Group. The Board would like to express its sincere gratitude to Dr. Mwanza and Mr. Grogan for their valuable contributions as Directors of the Company during their tenure of office.

As part of the resolutions put to shareholders today at the AGM, the appointments of Mr Michael Mundashi as incoming Chairman, Mr Walter Roodt as incoming Chief Executive Officer and Ms Faith Mukutu as Chief Financial Officer were all unanimously approved.

 
 For further information, please contact: 
  Zambeef Products plc                      Tel: +260 (0) 211 369003 
  Francis Grogan, Chief Executive Officer 
  Walter Roodt, Incoming Chief Executive 
   Officer 
  Faith Mukutu, Chief Financial Officer 
 
  Strand Hanson Limited (Nominated          Tel: +44 (0) 20 7409 
   & Financial Adviser)                      3494 
  James Spinney 
  Ritchie Balmer 
 
  finnCap (Broker)                          Tel: +44 (0) 20 7220 
                                             0500 
  Chris Raggett 
 
  Powerscourt                               Tel: +44 (0)20 7250 
                                             1446 
  Nick Dibden 
  Bethany Johannsen

Notes to Editors

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

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END

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December 30, 2019 12:57 ET (17:57 GMT)

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