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: +260 (0) 9 7799 9001
Carl Irwin, Director-Strategy and Developments
Tel: +260 (0) 9 7799 9002
Strand Hanson Limited
Tel: +44 (0) 20 7409 3494
Panmure Gordon (UK) Limited
Tel: +44 (0) 20 7459 3600
Renaissance Capital Limited
Tel: +44 (0) 20 7367-7777
Tel +260 (211) 220 707
Tel: +44 (0) 20 7466 5000
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
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