TIDMZAM
RNS Number : 8074R
Zambeef Products PLC
10 March 2021
10 March 2021
Zambeef Products plc
("Zambeef", the "Company" or the "Group")
Change of Adviser and Directorate Changes
Zambeef Products plc (AIM: ZAM), the fully integrated cold chain
foods and retail business with operations in Zambia, Nigeria and
Ghana, is pleased to announce the appointment of finnCap Ltd
("finnCap"), existing sole broker, as its Nominated Adviser and
sole broker with immediate effect.
Board Changes
Zambeef would also like to announce the following Directorate
changes. Margaret Kunda Chalwe-Mudenda, Professor Enala Lyson
Tembo-Mwase and John Rabb, all Non-Executive Directors of the
Group, have stepped down from the Board with immediate effect.
Katebe Monica Musonda, Pearson Gowero and Roman Frenkel and have
been appointed to the Board as Non-Executive Directors with
immediate effect.
Ms Musonda is CEO and Founder of Java Foods, a Zambian based
food processing company. Ms Musonda is a dual-qualified English
solicitor and Zambian advocate with over 15 years post
qualification experience. She has held senior positions in private
practice with Clifford Chance & Edward Nathan as well as worked
as in-house corporate counsel at International Finance Corporation
and for the Dangote Group. Ms Musonda currently serves as a
non-executive director on the Board of Airtel Networks Zambia PLC
and Zambian Breweries PLC (amongst others) and sits on the Global
Advisory Board for Scaling Up Nutrition Business Network. She was
appointed by the UN Secretary General to be a member of the Lead
Group on Scaling Up Nutrition Movement. Ms Musonda is the recipient
of the 2017 African Agribusiness Entrepreneur of the Year award.
She is a 2013 Young Global Leader (World Economic Forum) and
Archbishop Desmond Tutu Leadership Fellow.
Mr Gowero is currently the Chief Executive of Delta Corporation
Limited, a leading beverages company in Zimbabwe, having joined
Delta in 1997 as Marketing Director of the then Chibuku Breweries
Division and becoming the unit Managing Director in 2001. He has
held various senior positions in the beverages business and became
Executive Director Operations in 2003. He spent five years on
secondment to the SABMiller Group from 2006 to 2011 where he was
the Managing Director of Zambian Breweries Group. Prior to joining
Delta, he had worked in the clothing retail industry. Mr Gowero
holds a BSc (Hons) degree in Economics and an MBL.
Mr Frenkel is currently Director of Direct Private Equity
focusing on Food & Agriculture at CDC Group Plc, London. Prior
to this, Roman spent nine years between 2009 and 2018 at Ethemba
Capital LLP, Emerging Markets Private Equity Fund, London, as
Investment Director. Mr Frenkel has also spent time at Merrill
Lynch CEEMEA Investment Banking, London, as well as KPMG,
Transaction Services and Audit, London.
The composition of the Board following the above changes is as
follows:
Name Position
Michael Mundashi Non-Executive Chairman
------------------------------------------------------
Walter Roodt Chief Executive Officer
------------------------------------------------------
Faith Mukutu Chief Financial Officer
------------------------------------------------------
Jonathan Kirby Non-Executive Director and Chair of the Audit
and Risk Committee
------------------------------------------------------
Katebe Monica Non-Executive Director and Chair of the Remuneration
Musonda Committee
------------------------------------------------------
Pearson Gowero Non-Executive Director and Chair of the Environmental
and Social Committee
------------------------------------------------------
Frank Braeken Non-Executive Director
------------------------------------------------------
Yollard Kachinda Non-Executive Director
------------------------------------------------------
Roman Frenkel Non-Executive Director
------------------------------------------------------
Chairman Michael Mundashi comments:
"I would like to thank the retiring directors, Margaret Kunda
Chalwe-Mudenda, Professor Enala Lyson Tembo-Mwase and John Rabb for
their significant contributions to the Company and wish them well
in their future endeavours.
I would like to welcome to Zambeef the new directors, Monica
Musonda, Pearson Gowero and Roman Frenkel. These Board changes
effective today, together with the two recent retirements, has
reduced the number of Directors from eleven to nine, with an
appropriate balance of knowledge, experience and independence. I
consider that the Board's commercial skill set will be augmented by
the new appointments and I look forward to working with the new
Board."
For further information, please visit www.zambeefplc.com or contact:
Zambeef Products plc Tel: +260 (0) 211 369003
Walter Roodt, Chief Executive Officer
Faith Mukutu, Chief Financial Officer
finnCap (Nominated Adviser and Broker) Tel: +44 (0) 20 7220
0500
Ed Frisby/Kate Bannatyne/Tim Harper (Corporate Finance)
Tim Redfern (ECM)
About Zambeef Products plc
Zambeef Products plc is the largest integrated cold chain food
products and agribusiness company in Zambia and one of the largest
in the region, involved in the primary production, processing,
distribution and retailing of beef, chicken, pork, milk, eggs,
dairy products, fish, flour and stockfeed, throughout Zambia and
the surrounding region, as well as Nigeria and Ghana.
It has 228 retail outlets throughout Zambia and West Africa.
The Company is one of the largest suppliers of beef in Zambia.
Five beef abattoirs and three feedlots are located throughout
Zambia, with a capacity to slaughter 230,000 cattle a year. It is
also one of the largest chicken and egg producers in Zambia, with a
capacity of 8.8m broilers and 22.4 million day-old chicks a year.
It is one of the largest piggeries, pig abattoirs and pork
processing plants in Zambia, with a capacity to slaughter 75,000
pigs a year, while its dairy has a capacity of 120,000 litres per
day.
The Group is also one of the largest cereal row cropping
operations in Zambia, with approximately 7,973 hectares of row
crops under irrigation, which are planted twice a year, and a
further 8,776 hectares of rainfed/dry-land crops available for
planting each year.
Zambeef employs over 7,400 people with a total wage bill of K38
million per month.
New Directors - AIM Rule 17 Disclosure
The following information is disclosed in accordance with Rule
17 and Schedule Two paragraph (g) of the AIM Rules for
Companies:
Full name: Katebe Monica Musonda (known as Monica Musonda)
Age: 46
Zambeef shares held: 555 Ordinary Shares
Current Directorships / Partnerships Directorships / Partnerships
held in last 5 years
Airtel Networks Plc Zambia Sugar Plc
-----------------------------
Zambian Breweries Plc Kwacha Pension Trust Fund
-----------------------------
Scaling Up Nutrition Business Sanlam Life Insurance Zambia
Network Advisory Council* Limited
-----------------------------
Lead Group on Scaling Up National Food and Nutrition
Nutrition* Commission
-----------------------------
Arcelor Mittal South Africa
Plc
-----------------------------
Dangote Industries Limited
-----------------------------
Financial Sector Deepening
Zambia
-----------------------------
Mixta Real Estate Plc
-----------------------------
Java Foods Limited
-----------------------------
*UN Advisory Council, member only (not Board)
Full name: Pearson Gowero
Age: 62
Zambeef shares held: None
Current Directorships / Partnerships Directorships / Partnerships
held in last 5 years
Delta Corporation Limited None
-----------------------------
SeedCo International Limited
-----------------------------
SeedCo Zimbabwe Limited
-----------------------------
African Distillers Limited
-----------------------------
Nampak Zimbabwe Ltd
-----------------------------
National Breweries PLC
-----------------------------
United National Breweries
Pty Ltd
-----------------------------
Marksbury Investments Pvt
Ltd
-----------------------------
Delta Beverages Pvt Ltd
-----------------------------
Full name: Roman Frenkel
Age: 41
Zambeef shares held: Roman Frenkel, together with existing Board
director Frank Braeken, are Board representatives of CDC Group plc
("CDC") under the terms of the relationship agreement between CDC,
the Company, and the Company's Nominated Adviser, which became
effective on 16 September 2016. CDC is a holder of 17.5% of
Ordinary Shares and holders of 100,057,658 convertible redeemable
preference shares. These preference shares have four voting rights
for every five preference shares held resulting in CDC having in
total 34.8% of the voting rights.
Current Directorships / Partnerships Directorships / Partnerships
held in last 5 years
None Mefar Ilac Sanayii AS
-----------------------------
Birgi Sanayi AS
-----------------------------
Birgi Holding AS
-----------------------------
Defar Ilac Depoculugu Sanayi
ve Ticaret As
-----------------------------
Existing Board - AIM Rule 17 Disclosure
The Company announces the following additional director
disclosures pursuant to AIM Rule 17 and Schedule 2(g) of the AIM
Rules for Companies.
Frank Braeken was appointed to the Board of Zambeef in July
2018. Mr Braeken was Non-Executive Chairman from November 2014 to
May 2020 of Feronia Inc., a TSX-V listed business which, on 23
November 2020, announced the completion of a third party sale and
restructuring transaction whereby it initiated debtor in possession
insolvency proceedings under the Bankruptcy and Insolvency Act
(Canada). Following completion of the sale transaction, Feronia
Inc. was declared bankrupt pursuant to the Bankruptcy and
Insolvency Act, with losses to creditors which included the
majority shareholder of Feronia Inc.
In addition to the disclosure made in their respective
announcements of appointment, the following directorships are
disclosed:
Date of Announcement Zambeef Director Company Current, or in Last
of Appointment 5 Years
to Zambeef
Board
5 September Faith Mukutu Lesotho Traditional Directorship held in
2019 Beverages last 5 years, at time
(Pty) (Dormant) of appointment to Zambeef
----------------- -------------------- ---------------------------
18 April 2017 Yollard Kachinda Levy Business Directorship held at
Park Ltd time of appointment
to Zambeef
----------------- -------------------- ---------------------------
18 April 2017 Yollard Kachinda Society House Directorship held at
Development time of appointment
Company Limited to Zambeef
----------------- -------------------- ---------------------------
18 April 2017 Yollard Kachinda Lusaka Trust Directorship held in
Hospital Staff last 5 years, at time
Pension Scheme of appointment to Zambeef
----------------- -------------------- ---------------------------
18 April 2017 Yollard Kachinda Pensions and Directorship held in
Insurance last 5 years, at time
Authority of appointment to Zambeef
----------------- -------------------- ---------------------------
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