Posting of Circular & Notice of EGM

6 December 2019 

Zambeef Products Plc

("Zambeef" or the "Company")

Posting of Circular & Notice of EGM

Zambeef, the fully integrated agri-business with operations in Zambia, Nigeria and Ghana, announces that further to the Company's announcement on 17 September 2019, the Company hereby gives notice that an Extraordinary General Meeting of the Shareholders of Zambeef will be held at the Taj Pamodzi Hotel, Church Road, Lusaka, at 11:30am (Zambian time), on Monday 30 December 2019. The EGM will follow the Company's Annual General Meeting which is being at 9:00am (Zambian time) on the same day.

The Company is today posting a circular (the "Circular") to Shareholders of Zambeef who were registered as Shareholders on 6 December 2019 (the "Record Date") in line with the requirements of the Securities Act, Cap 354, of the laws of Zambia and the Lusaka Stock Exchange ("LuSE") Listing Requirements.

The Circular includes detailed information on the Disposal of Zambeef's Sinazongwe Farm. Details of the action to be taken by Zambeef Shareholders are detailed in the Circular, which can be found on the Company's website (www.zambeefplc.com)

 AGENDA

1)     TO READ THE NOTICE OF THE MEETING AND CONFIRM A QUORUM IS PRESENT

2)    TO PASS THE FOLLOWING RESOLUTIONS:

a)   ORDINARY RESOLUTION NUMBER 1 - AUTHORITY TO IMPLEMENT THE PROPOSED TRANSACTION (SALE OF ENTIRE INTEREST IN SINAZONGWE FARM TO CHENGUANG)

AN ORDINARY RESOLUTION, in terms of the LuSE Listing Rules, that the Company be and is hereby authorised to implement the Proposed Transaction of the sale of Sinazongwe Farm which constitutes a Category 1 Transaction for the purposes of the LuSE Listing Rules (and therefore requires shareholder approval).

b)    ORDINARY RESOLUTION NUMBER 2 - AUTHORITY OF DIRECTORS

AN ORDINARY RESOLUTION that any Director of the Company be and is hereby authorised to do all such things and sign all such documentation as are necessary to give effect to the Resolutions set out in this Notice, hereby ratifying and confirming all such things already done and documentation already signed.

Being a Category 1 Transaction in terms of the LuSE Listing Requirements, approval is required for the Disposal from a simple majority of Zambeef shareholders.

VOTING AND PROXIES

A member is entitled to appoint one or more proxies to attend and speak and vote in his/her stead. A proxy need not be a member of the Company. The Company's Articles of Association provide that instruments of proxy must be deposited at the registered office of the Company, Plot 4970, Manda Road, Industrial Area, P/B 17, Woodlands, Lusaka, Republic of Zambia.

Capitalised terms are as per the definitions section in the Circular, unless otherwise defined herein.

-Ends-

Notes to the 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 7,973 hectares of row crops under irrigation, which are planted twice a year and a further 8,776 hectares of rain-fed/dry-land crops available for planting each year.

Chenguang Biotech (Zambia) Agri-Dev Limited is a subsidiary of the Chenguang Biotech Group Co. Limited based in China ("CCGB"). CCGB is a listed company on the Shenzhen stock exchange with 22 subsidiary companies. The Chenguang Group is one of the world's leading producers and suppliers of natural plant extraction for paprika oleoresin, capsicum oleoresin and marigold oleoresin. The Chenguang Group also manufactures natural pigments, natural spice extracts, essential oils, natural nutrient and medicinal extracts and protein.

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. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

- Ends -