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Pin to quick picksZambeef Prod. Regulatory News (ZAM)

Share Price Information for Zambeef Prod. (ZAM)

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Settlement of Zamanita tax demand

3 May 2016 09:44

RNS Number : 0236X
Zambeef Products PLC
03 May 2016
 

 

 

3 May 2016

 

Zambeef Products plc

("Zambeef" or the "Group")

 

Settlement of Zamanita tax demand

 

Further to the announcements of 4 November 2015 and 21 December 2015, the board of directors of Zambeef (the "Board") is pleased to confirm that subsequent to the Zambian Revenue Authority's ("ZRA") decision to appeal the judgement by the Tax Appeals Tribunal, which ruled in favour of Zambeef's appeal against a ZMW49.15 million assessment (approximately US$9.7 million at the date the assessment was made), that Zambeef has entered into a formal agreement with the ZRA (the "Agreement") dated 31 March 2016, as detailed below.

The Agreement provides that Zambeef will pay the ZRA a total of ZMW14.4 million (approximately US$1.5m million at yesterday's exchange rate) in six equal monthly instalments beginning 30 April 2016. Approximately ZMW2m of the ZMW14.4m is recoverable VAT. So long as Zambeef adheres to this payment schedule, interest and penalties totalling ZMW3.1 million (approximately US$0.3million) will be waived.

Zambeef Joint Chief Executive Officer, Carl Irwin, commented, "I am delighted that we have now concluded this long standing issue and that we can now put this matter behind us. This Agreement will also allow us to reverse approximately ZMW33.6m (approximately US$3.5m using the prevailing exchange rate) provision into our income statement."

 

For more information please visit www.zambeefplc.com or contact:

 

Zambeef Products plc

Carl Irwin, Joint Chief Executive Officer

Francis Grogan, Joint Chief Executive Officer

 

Tel: +260 (0) 211 369003

Strand Hanson Limited

James Spinney

Ritchie Balmer

Frederick Twist

 

Tel: +44 (0) 20 7409 3494

Finncap

Christopher Raggett

Joanna Scott

 

Tel: +44 (0) 20 7220 0500

Powerscourt

Nick Dibden

Sophie Moate

Nick Brown

 

Tel: +44 (0)20 7250 1446

Pangaea Securities

Chenge Mwenechanya

Wendy Tembo

 

Tel: +260 (0) 211 220 707

 

- Ends -

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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