RESULT OF EXTRAORDINARY GENERAL MEETING

Zambeef Products PLC

11 March 2026

 

ZAMBEEF PRODUCTS PLC

[Incorporated in the Republic of Zambia]

Company registration number: 31824

Share Code: ZAMBEEF

ISIN: ZM0000000201

RESULT OF EXTRAORDINARY GENERAL MEETING

Zambeef (AIM: ZAM), the fully integrated cold chain food products and retail business with operations in Zambia, Nigeria and Ghana, announces that at the Extraordinary General Meeting held on 11 March 2026, the ordinary resolution, initially announced in the 'EGM re Conversion of Preference Shares' announcement on 10 February 2026, was duly passed. The full Waiver Resolution is set out below:

Ordinary Resolution: Waiver of Right to Participate in a Mandatory Offer

THAT in accordance with the conditional waiver granted by the Securities and Exchange Commission (SEC) on 29 September 2025 to British International Investment plc (BII) waiving the requirement to make a mandatory offer to Shareholders of Zambeef Products plc under Rule 56 of the Takeovers and Mergers Rules pursuant to the conversion of its 100,057,658 preference shares into 308,511,112 ordinary shares each in the capital of Zambeef Products plc (the Conversion), the independent shareholders of the Company hereby waive their right to participate in a mandatory offer by BII (and persons acting in concert with them) that would otherwise arise as a result of the Conversion and approve the waiver.

Until receipt of any Conversion notice from BII, which would include a 30 business day notice period, no Conversion will take place. At this time, there is no change to the Company's issued share capital of 300,579,630 Ordinary Shares and 100,057,658 Preference Shares.

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 or contact:

Zambeef Products plc                                                                                                   

Faith Mukutu, Chief Executive Officer                                                                    Tel: [phone]

Patrick Kalifungwa, Chief Financial Officer            

Autus Securities Limited (Sponsoring Broker)

Mataka Nkhoma (Sponsoring Broker)                                                                     Tel: [phone]

Cavendish Capital Markets Ltd (Nominated Adviser and Broker)             

Ed Frisby/Isaac Hooper                                                                                                  Tel: [phone]

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.

 

END