4 November 2015
Zambeef Products plc
("Zambeef" or the "Group")
Resolution of Zamanita Tax Assessment
Zambeef (AIM: ZAM), the fully integrated agribusiness with operations in Zambia, Nigeria and Ghana, is pleased to announce that, on 3 November 2015, the Revenue Appeals Tribunal upheld Zambeef's appeal against the ZMW49.15 million (approximately US$3.91 million, using the current exchange rate) tax assessment which was received by the company on 31 January 2012, as announced on 3 February 2012 (the "Assessment") (the "Appeal").
The Assessment related to Zambeef's former 100 per cent. owned subsidiary, Zamanita Limited, which was sold to Cargill Holdings BV for total consideration of US$25.7 million, as announced on 3 February 2015 (the "Disposal"). According to the terms of the Disposal, the Group retained the liability relating to the Assessment.
Following the success of the Appeal, the provision which has been held in the Group's accounts since the Assessment, of ZMW 49.15 million was made, will now be released. Zambeef expects to receive a full written judgement in due course.
Zambeef Joint Chief Executive Officer, Carl Irwin, commented, "I am delighted that we have now received this judgement and that we can put this matter behind us."
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 Tel: +44 (0) 20 7409 3494
Angela Hallett
James Spinney
Panmure Gordon Tel: +44 (0) 20 7886 2500
Dugald Carlean
Tom Salvesen
Peter Steel
Finncap Tel: +44 (0) 20 7220 0500
Joanna Scott
Raymond Greaves
Powerscourt Tel: +44 (0)20 7250 1446
Nick Dibden
Sophie Moate
Nick Brown
