Zambeef Prod. Regulatory News (ZAM)

Zambeef Products Plc

("Zambeef" or the "Company")

Result of EGM

Zambeef announces that, at the EGM which took place in Lusaka today, all resolutions were approved by Shareholders apart from Resolution E.ii.

Completion of the Proposed Transaction, described in the announcement of 3 February 2015 and the Circular published on 16 March 2015 remains subject to satisfaction of a number of outstanding Conditions Precedent, including, the receipt of approval from the relevant competition authorities. This approval is expected shortly.

Following the decision of Shareholders not to approve Resolution E. ii, which would have authorised the Company to issue new Ordinary Shares in order to satisfy allotments under the Joint CEO Incentive Plan, the Board will consider the best way to proceed, which might include the repurchase of Ordinary Shares sufficient to satisfy allotments under the Joint CEO Incentive Plan, approval for which was granted under Resolution E. i.

Commenting on the transaction, Zambeef chairman Dr Jacob Mwanza said: "The disposal will allow Zambeef to focus on growing its core business, which is the retailing of cold chain meat and dairy products, delivered through the Group's extensive processing, distribution and retail network. The move will also unlock value by freeing capital and cash flow for investment elsewhere and to reduce gearing."

Capitalised terms in this announcement carry the same meaning as those ascribed to them in the Circular, unless the context requires otherwise.

-Ends-

For further Information, please contact:

Zambeef Products plc Tel: +260 (0) 211 369003

Francis Grogan, Joint CEO

Carl Irwin, Joint CEO

Strand Hanson Limited Tel: +44 (0) 20 7409 3494

Angela Hallett

James Spinney

Ritchie Balmer

Panmure Gordon Tel: +44 (0) 113 357 1150

Hugh Morgan

Peter Steel

Buchanan Tel: +44 (0) 20 7466 5000

Mark Edwards

Sophie McNulty