Zambeef Products PLC Related Party Transactions (6200M)
12 Maggio 2020 - 9:26AM
UK Regulatory
TIDMZAM
RNS Number : 6200M
Zambeef Products PLC
12 May 2020
Zambeef Products plc
("Zambeef" or the "Group")
Related Party Transactions
Zambeef (AIM: ZAM), the fully integrated food producer with
operations in Zambia, Nigeria and Ghana, announces the following
related party transactions involving Non-Executive Director, Mr.
John Rabb, and the former Chief Executive Officer, Mr. Francis
Grogan, over cattle purchases for the calendar year 2020.
Mr. John Rabb is one of a class of beneficiaries in Sussex
Trust, an organisation that owns 100% shareholding in Wellspring
Ltd ("Wellspring") and Mr. Francis Grogan is a 50% shareholder in
Chisamba Ranching and Cropping Ltd ("CRC"). The two companies will
be contracted to supply cattle to the Company commencing in April
2020 (and ending December 2020), as they have done in previous
years.
Based on 2019 supplied quantities, Wellspring is expected to
supply approximately 1,343 cattle with an approximate value of
K4,600,185 (c. US$260,000) and CRC is expected to supply 1,480
cattle with an approximate value of K7,830,617 (c. US$440,000).
Further information
Further details on the cattle supply agreements are set out
below:
Wellspring CRC
Period of Contract April -December 2020 April -December 2020
Number of Cattle 1,343 1,480
Type of cattle. Qty. Price/kg live wt. Qty. Price/kg live
wt.
Culled Bulls 25 K11.70 30 K11.10
Culled Cows 504 K11.70 150 K11.10
Steers/Heifers. 814 K14.50 1,300 14.60
Zambeef buys weaners (heifer and steers) culled cows and Bulls
from these two suppliers and these are placed in the feedlot for
about six months before being slaughtered. For the year 2019, CRC
supplied 1,522 cattle and Wellspring supplied 1,056 cattle. Zambeef
also buys cattle from other traditional and commercial farmers
throughout the year. On average, the Company keeps about 8,000
cattle in the feedlot during the year.
Related Party Transactions
The cattle supply agreements with Wellspring and CRC fall to be
treated as related party transactions pursuant to the AIM Rules for
Companies ("AIM Rules"). The Directors of Zambeef, other than Mr
John Rabb, having consulted with Strand Hanson Limited in its
capacity as the Company's Nominated Adviser for the purposes of the
AIM Rules consider that the terms of these cattle supply agreements
to be fair and reasonable insofar as shareholders are
concerned.
Zambeef Products Plc Tel: +260 (0) 211 369003
Walter Roodt, Chief Executive Officer
Faith Mukutu, Chief Financial Officer
Strand Hanson Limited Tel: +44 (0) 20 7409
James Spinney 3494
Ritchie Balmer
Rob Patrick
Finncap Tel: +44 (0) 20 7220
Christopher Raggett 0500
Powerscourt Tel: +44 (0)20 7250
Nick Dibden 1446
Bethany Johannsen
Pangaea Securities Tel: +260 (0) 211 220
Wendy Tembo 707
Notes to Editors
The Zambeef Group is one of the largest integrated cold chain
food producers in Zambia, involved in the production, processing,
distribution and retailing of beef, chicken, pork, milk, eggs,
dairy products, fish, flour and stock feed. The Group also has
large cereal row cropping operations (principally maize, soya beans
and wheat), with approximately 7,971 hectares of row crops under
irrigation, which are planted twice a year and a further 8,623
hectares of rain-fed/dry-land crops available for planting each
year.
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. Upon the
publication of this announcement via Regulatory Information
Service, this inside information is now considered to be in the
public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGRGDUSDBDGGD
(END) Dow Jones Newswires
May 12, 2020 03:26 ET (07:26 GMT)
Grafico Azioni Zambeef Products (LSE:ZAM)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Zambeef Products (LSE:ZAM)
Storico
Da Apr 2023 a Apr 2024