Business
Update re. disposal of shareholding in Zampalm Ltd
Update re. disposal of shareholding in Zampalm Ltd.
About this update from Zambeef Products Plc
[{"type":"text","content":"\n \nRNS Number : 5897G Zambeef Products PLC 05 March 2018 \n\n5 March 2018\n \n \nZambeef Products plc\n(\"Zambeef\" or the \"Group\")\n \nDisposal of 90 per cent. shareholding in Zampalm Limited - Extension of Long Stop/Completion Date\n \nOn 6 September 2017, Zambeef (AIM: ZAM) announced that it had entered into a Share Sale Agreement, a Shareholders Agreement and a Management Agreement (together the \"Agreements\") with the Industrial Development Corporation of Zambia Limited (\"IDC\") for the sale of 90 per cent. of Zambeef's shareholding in its wholly owned subsidiary, Zampalm Limited (\"Zampalm\") to IDC for a cash consideration of USD16 million (the \"Transaction\"). \n \nCompletion was subject to certain conditions precedent to be satisfied within 180 calendar days (the \"Long Stop Date\") following signing of the Agreements (the \"Conditions Precedent\"), that is by 5 March 2018. \n \nThe Parties have mutually agreed to extend the Long Stop Date to 6 April 2018 to allow the Parties to fulfil the outstanding conditions precedent to the Share Sale Agreement. \n \n\n\n\n\nFor further information, please contact:\n\n\n\n\n\n\n\n\n\nZambeef Products plc\n\n\nTel: +260 (0) 211 369003\n\n\n\n\nCarl Irwin, Joint Chief Executive Officer\n\n\n\n\nFrancis Grogan, Joint Chief Executive Officer \n\n\n\n\n\n\n\n\n\nStrand Hanson Limited (Nominated & Financial Adviser)\n\n\n Tel: +44 (0) 20 7409 3494\n\n\n\n\nJames Spinney\n\n\n\n\nRitchie Balmer\n\n\n\n\nFrederick Twist\n\n\n\n\n\n\n\n\n\nfinnCap (Broker) \n\n\nTel: +44 (0) 20 7220 0500\n\n\n\n\nEmily Morris\nChristopher Raggett\n\n\n\n\n\n\n\n\n\nPowerscourt (Financial PR)\n\n\nTel: +44 (0) 20 7250 1446\n\n\n\n\nNick Dibden\n\n\n\n\n\n\n\n\n\nNotes to the editors\n \nInformation on Zambeef\nThe 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 a...