For Immediate Release |
3rd December 2014 |
Zambeef Products plc
("Zambeef" or the "Group")
Preliminary discussions re. potential disposal of subsidiary/Zamanita
Zambeef (AIM: ZAM), the fully integrated agribusiness with operations in Zambia, Nigeria and Ghana, announces that it is in preliminary discussions with a third party regarding the potential full disposal of Zamanita Limited (the "Transaction"), the Group's wholly owned subsidiary and one of the largest edible oil and soya meal producers in Zambia.
This announcement is being made following the publication of a cautionary announcement regarding the Transaction on the Lusaka Stock Exchange on 3 December 2014, which was required under the rules and regulations of that exchange.
For the 12 months ended 30 September 2014 Zamanita recorded revenue of ZMW399.2 million (USD67.9 million), a gross profit of ZMW58.3 million (USD9.9 million) and net assets of ZMW137.4 million (USD21.9 million) (audited).
Completion of the Transaction, which is likely to constitute a substantial transaction under the AIM Rules for Companies, remains subject to inter alia, due diligence and certain conditions precedent and there can be no certainty that any binding offer for Zamanita will ultimately be made, nor as to the final terms of any such offer should one be forthcoming.
For further information, please contact:
Zambeef Products plc Francis Grogan, Joint CEO Carl Irwin, Joint CEO |
Tel: +260 (0) 211 369003 |
Strand Hanson Limited Angela Hallett James Spinney |
Tel: +44 (0) 20 7409 3494 |
Panmure Gordon Hugh Morgan Tom Salvesen Peter Steel |
Tel: +44 (0) 20 7886 2500 |
Buchanan Mark Edwards Sophie McNulty Robbie Ceiriog-Hughes |
Tel: +44 (0) 20 7466 5000 |
