Result of EGM and Director Appointments

9 September 2016

Zambeef Products Plc

("Zambeef" or the "Company")

Result of EGM and Director Appointments

Result of EGM

Zambeef is pleased to announce that all resolutions put to Shareholders at the Extraordinary General Meeting of the Company held yesterday in Lusaka to approve, inter alia, the entering into the Investment Agreement with CDC Group plc ("CDC") (as announced on 4 August 2016) were duly passed.

Accordingly, 52,601,435 new ordinary shares with a par value of ZMW 0.01 each in the capital of the Company ("Ordinary Shares") and 100,057,658 new convertible redeemable shares with a par value of ZMW 0.01 each in the capital of the Company ("Preference Shares") have been issued and allotted to CDC. The Preference Shares carry the right to four votes for every five Preference Shares held, save for certain exceptions as detailed in the circular sent to Shareholders on 18 August 2016.

Admission of the new Ordinary Shares to trading on AIM is expected to occur at 8.00 a.m. on 12 September 2016 ("Admission"). Following Admission, the total number of Ordinary Shares in issue will be 300,579,630. There are no shares held in treasury.

The total number of voting rights in the Company following Admission and the issue of the Preference Shares will be 380,625,756. This figure may be used by Shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Director Appointments

The Board of Zambeef, is pleased to announce the appointment of David Osborne and Tim Pollock as non-executive directors representing CDC with effect from 9 September 2016.

David joined CDC in 2014 and is a Director and Head of Portfolio Management. He previously spent 24 years at 3i as a partner based in London and latterly Singapore. He then ran the Islamic Infrastructure Fund and was a managing partner at CapAsia, an emerging Asian infrastructure fund manager.

Tim Pollock joined CDC Group plc in August 2016 as Investment Director. Prior to joining CDC, Tim spent seven years as Director of Strategic Development for multinational Lallemand Animal Nutrition. Tim has over 35 years of director level and international experience across the food and agribusiness sectors gained with Cargill, Elders, Grainfarmers, Macquarie Bank and Armajaro. His experience covers "plough to plate" and includes primary production of crops and livestock, crop inputs, animal feeds, soft commodity trading & distribution and food ingredients processing, as well as transactional and post investment value creation. Tim studied Agriculture at the Royal Agricultural College, Cirencester and Corporate Finance at London Business School and lives in Oxfordshire, UK. He is a Trustee of the Thames Valley Air Ambulance.

Zambeef Chairman, Dr Jacob Mwanza, commented

"I am delighted to welcome both David and Tim to the Board. Their skills and food and agricultural experience will complement those of the other directors." 

Further information of David Osborne and Tim Pollock as required under the AIM Rules

David Delano Franklin Osborne, aged 52

Timothy (Tim) Hugo Pollock, aged 57

Other than the information set out above there is no other information required to be disclosed in connection with the appointment of Mr Osborne or Mr Pollock under AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

-Ends-