REG - Zambeef Products PLC - CONVERSION OF PREFERENCE SHARES & ISSUE OF EQUITY

Zambeef ProductsAnnouncement

29/04/2026 08:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260429:nRSc3835Ca&default-theme=true

RNS Number : 3835C  Zambeef Products PLC  29 April 2026

ZAMBEEF PRODUCTS PLC

("Zambeef", the "Company" or the "Group")

Incorporated in the Republic of Zambia

Company registration number: 31824 Share Code: ZAMBEEF

ISIN: ZM0000000201

 

                      CONVERSION OF PREFERENCE SHARES AND ISSUE OF
 EQUITY

Zambeef (AIM: ZAM; LuSE: ZAMBEEF), the fully integrated cold chain food
products and retail business with operations in Zambia, Nigeria and Ghana,
announces the Conversion of the British International Investment plc ("BII")
Preference Shares and Issue of Equity.

As announced by the Company on 13 March 2026, and in accordance with the terms
of the investment agreement dated 3 August 2016 between the Company and BII
(the "Investment Agreement"), BII has exercised its right to convert all of
its 100,057,658 convertible redeemable preference shares into ordinary shares
of the Company (the "Conversion").

Pursuant to the Conversion, the Company has issued 308,511,112 new ordinary
shares of ZMW 0.01 each (the "Conversion Shares") to BII, credited as fully
paid, at a conversion ratio determined in accordance with the Investment
Agreement. The Conversion became effective on 29 April 2026 (the "Conversion
Date"), and was subject to the completion of the necessary regulatory and
listing processes.

Admission to Trading

Applications were made for the 308,511,112 Conversion Shares to be admitted to
trading on AIM. An application to register the shares with the Securities and
Exchange Commission and to be listed on the Lusaka Securities Exchange shall
be made. Admission to trading on the AIM has become effective on the
Conversion Date.

The Conversion Shares rank pari passu in all respects with the Company's
existing issued ordinary shares.

Total Voting Rights

Following the issue of the Conversion Shares, the Company's issued share
capital consists of:

·      609,090,742 ordinary shares of ZMW 0.01 each, each carrying one
voting right.

Additional Information

Following the completion of the Conversion, the 100,057,658 preference shares
previously held by BII were cancelled and extinguished in accordance with the
terms of the Investment Agreement and the Company's Articles of Association.

 

 

 

 

 

For further information, please visit www.zambeefplc.com
(http://www.zambeefplc.com) or contact:

 

 Zambeef Products plc                                               Tel: +260 (0) 211 369003
 Faith Mukutu, Chief Executive Officer
 Patrick Kalifungwa, Chief Financial Officer

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)   Tel: +44 (0) 20 7220 0500
 Ed Frisby/Isaac Hooper

 Autus Securities Limited                                           Tel: +260 (0) 211 840 513

 (Sponsoring Broker)
 Mataka Nkhoma (Sponsoring Broker)
 By Order of the Board

 Mwansa M Mutimushi

 COMPANY SECRETARY

 Issued in Lusaka, Zambia on 29 April 2026

 

Notes to Editors

 

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, dairy products, fish, flour and stockfeed, throughout
Zambia and the surrounding region, as well as Nigeria and Ghana.

 

It has 248 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
producers in Zambia, with a capacity of 12.5m broilers and
31.2-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
102,000 pigs a year, while its dairy has a capacity of 140,000 litres per day.

 

The Group is also one of the largest cereal row cropping operations in Zambia,
with approximately 7,254 hectares of row crops under irrigation, which are
planted twice a year, and a further 7,943 hectares of rainfed/dry-land crops
available for planting each year.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAXLNAAAKEEA



            Copyright 2019 Regulatory News Service, all rights reserved