Further Re: Zamanita

RNS Number : 1829C

Zambeef Products PLC

27 April 2012

 



FOR IMMEDIATE RELEASE

27 April 2012

Zambeef Products plc

("Zambeef" or the "Company")

Further re. Assessment from the Zambia Revenue Authority (the "ZRA")

Zambeef (AIM: ZAM), the fully integrated agri-business with operations in Zambia, Nigeria and Ghana, announces that, further to the announcement of 3 February 2012, in which the Company included details of a tax demand made by the ZRA in respect of its wholly owned subsidiary, Zamanita Limited ("Zamanita"), Zambeef has been in on-going discussions with the ZRA in order to reach an appropriate settlement, which, in the view of the Company's directors (the "Directors"), would take account of the previous agreement between the ZRA and Zambeef set out in the ZRA's demand of 15 December 2010.

Unfortunately, despite the best endeavours of the Directors, no such settlement has been reached and Zambeef has formally advised the ZRA that it will now proceed with its action at the Revenue Appeals Tribunal.

We will update shareholders with further developments, as appropriate, in due course.

For further information, please contact:

Zambeef Products plc
Francis Grogan, Chief Executive Officer	Tel: [phone]
Carl Irwin, Director-Strategy and Developments	Tel: [phone]
Strand Hanson Limited	Tel: [phone]
Angela Peace
James Spinney
Panmure Gordon (UK) Limited	Tel: [phone]
Callum Stewart
Hannah Woodley
Renaissance Capital Limited	Tel: [phone]
James Etherington Nikita Turkin
Wendy Tembo	Tel [phone]
Buchanan	Tel: [phone]
Mark Edwards
Nicola Cronk

Notes to Editors

The Zambeef Group is one of the largest integrated agri-businesses in Zambia, involved in the primary production, processing, distribution and retailing of beef, chickens, pork, milk, eggs, dairy products, fish, flour, bread, edible oils and stock feed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana. The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 8,350 Ha of irrigated land and approximately 8,650 Ha of dry land, available for planting each year. The Group has approximately 4,750 employees.

Further information can be found on www.zambeefplc.com

 

END

 

 

FURIFMATMBITBBT