Resolution of Zamanita Tax Assessment

RNS Number : 6028E

Zambeef Products PLC

04 November 2015

 

4 November 2015                                                           

Zambeef Products plc

("Zambeef" or the "Group")

Resolution of Zamanita Tax Assessment

Zambeef (AIM: ZAM), the fully integrated agribusiness with operations in Zambia, Nigeria and Ghana, is pleased to announce that, on 3 November 2015, the Revenue Appeals Tribunal upheld Zambeef's appeal against the ZMW49.15 million (approximately US$3.91 million, using the current exchange rate) tax assessment which was received by the company on 31 January 2012, as announced on 3 February 2012 (the "Assessment") (the "Appeal").

The Assessment related to Zambeef's former 100 per cent. owned subsidiary, Zamanita Limited, which was sold to Cargill Holdings BV for total consideration of US$25.7 million, as announced on 3 February 2015 (the "Disposal"). According to the terms of the Disposal, the Group retained the liability relating to the Assessment.

Following the success of the Appeal, the provision which has been held in the Group's accounts since the Assessment, of ZMW 49.15 million was made, will now be released. Zambeef expects to receive a full written judgement in due course.

Zambeef Joint Chief Executive Officer, Carl Irwin, commented, "I am delighted that we have now received this judgement and that we can put this matter behind us."

For further information, please contact:

Zambeef Products plc                                                                                    Tel:  [phone]

Carl Irwin, Joint Chief Executive Officer

Francis Grogan, Joint Chief Executive Officer                                                    

Strand Hanson Limited                                                                                  Tel: [phone]

Angela Hallett

James Spinney

Panmure Gordon                                                                                             Tel: [phone]

Dugald Carlean

Tom Salvesen

Peter Steel                        

Finncap                                                                                                               Tel: [phone]

Joanna Scott

Raymond Greaves

Powerscourt                                                                                                      Tel: [phone]

Nick Dibden

Sophie Moate  

Nick Brown

 

END

 

 

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