REG - Zambeef Products PLC - Notice of BII Conversion and TVR

Zambeef ProductsAnnouncement

13/03/2026 14:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260313:nRSM6419Wa&default-theme=true

RNS Number : 6419W  Zambeef Products PLC  13 March 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

 

 RECEIPT OF NOTICE OF CONVERSION OF PREFERENCE SHARES

 BY BRITISH INTERNATIONAL INVESTMENT PLC

 and

 INCREASE IN TOTAL VOTING RIGHTS

 

Zambeef (AIM: ZAM), the fully integrated cold chain food products and retail
business with operations in Zambia, Nigeria and Ghana, announces receipt of
notice of Conversion of the Preference Shares.

 

NOTICE BY BII OF CONVERSION OF ITS PREFERENCE SHARES INTO ORDINARY SHARES

Pursuant to the terms of the Preference Shares, as set out in the Investment
Agreement, British International Investment plc ("BII") is entitled to convert
all or part of its Preference Shares into Ordinary Shares ("Conversion Right")
at any time on giving the Company 30 Business Days' written notice
("Conversion Notice") ("Conversion").

 

In terms of the Investment Agreement and the Articles of Association of the
Company, the Preference Shares stand converted into Ordinary Shares at the
expiration of the Conversion Notice or on such later date specified in the
Conversion Notice.

 

On 13 March 2026, following the approval of the Waiver Resolution on 11 March
2026 by the Independent Shareholders at the extraordinary general meeting of
the Company, the Board of Zambeef received a formal Conversion Notice from BII
stating the exercise of its right to convert all 100,057,658 of its Preference
Shares into 308,511,112 Ordinary Shares in Zambeef with Conversion to occur on
29 April 2026.

 

INCREASE IN TOTAL VOTING RIGHTS, AND ADMISSION OF THE NEW ORDINARY SHARES TO
LISTING

The voting rights of Zambeef today consist of 300,579,630 Ordinary Shares and
100,057,658 Preference Shares, where the Preference Shares have four voting
rights for every five Preference Shares held. Therefore, the total voting
rights are currently 380,625,756.

 

Following Conversion, the total issued Ordinary Share capital of the Company,
and voting rights, will be 609,090,742 Ordinary Shares, with no Ordinary
Shares held in treasury. Following Conversion, this figure of 609,090,742 may
be used by all shareholders as the denominator for the calculation by which
they will determine if they are required to notify their interest in, or a
change to their interest in the Company, under the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority of the United Kingdom.

 

Application will be made for the 308,511,112 new Ordinary Shares to be
registered with the SEC and thereafter admitted to listing and trading on the
LuSE which is expected to occur on or around 8.00 a.m. CAT on 29 April 2026.
Application will also be made for the 308,511,112 new Ordinary Shares to be
admitted to trading on the AIM market of the London Stock Exchange and
admission is expected to occur on or around 8.00 a.m. BST on 29 April 2026.
The new Ordinary Shares will rank pari-passu in all respects with the
Company's existing Ordinary Shares currently admitted to trading on the LuSE
and AIM.

 

Capitalised terms used in this announcement have the meanings given to them in
the Company's EGM announcement of 10 February 2026, unless the context
provides otherwise.

 

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

 

Zambeef Products Plc

Faith Mukutu, Chief Executive
Officer
Tel: +260 (0) 211 369003

Patrick Kalifungwa, Chief Financial Officer

 

Autus Securities Limited (Sponsoring Broker)

Mataka Nkhoma (Sponsoring Broker)
 
                           Tel: +260 (0) 211 840 513

 

Cavendish Capital Markets Ltd (Nominated Adviser and Broker)

Ed Frisby/Isaac
Hooper
 
 
            Tel: +44 (0) 20 7220 0500

 

Stockbrokers Zambia Limited (Transaction Advisor)
 
Tel: + 260 (0) 211232456

Mchema Chinzewe (Corporate Finance)

 

By order of the Board

Mwansa Mutimushi Company Secretary

 

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 12.5 million 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.

 

 

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

Issued in Lusaka, Zambia on 13 March 2026

 

 

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  TVRAKNBBQBKDOND



            Copyright 2019 Regulatory News Service, all rights reserved