Further Cautionary Announcement
Zambeef Products PLC has issued a further cautionary announcement regarding British International Investment plc's (BII) investment. BII, which acquired 52.6 million ordinary shares and 100,057,658 convertible redeemable preference shares in 2016, experienced a change in conversion rights on September 16, 2024. Following the eighth anniversary of the investment, BII's preference shares now convert at a ratio of one for 3.0833 new ordinary shares, a significant increase from the previous one-for-one. This potential conversion could materially affect the Company's securities price, prompting shareholders to exercise caution when dealing in Zambeef's shares.
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Share Code: ZAMBEEF
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the Cautionary Announcement dated 16 September 2024, and subsequent cautionary announcements on the same subject matter, the latest being on 29 September 2025, and in accordance with the Lusaka Securities Exchange ("LuSE") Listings Requirements, shareholders are advised that in 2016 British International Investment plc ("BII"), formally CDC Group Plc, acquired 52.6 million ordinary shares and 100,057,658 convertible redeemable preference shares ("Preference Shares") in Zambeef Products plc. The details of the transaction are as set out in the Company's announcement of 4 August 2016, and in the Investment Agreement which can be found on the Company's website.
The 16th of September 2024 was the eighth anniversary of BII's investment in the Company. After this date BII's conversion rights on their Preference Shares increased from a one-for-one new ordinary share, to a one for 3.0833 (recurring) new ordinary shares. A conversion of BII's preference shares into ordinary shares may have a material effect on the price of the Company's securities. Accordingly, shareholders are advised to exercise caution when dealing in the Company's securities.
Issued in Lusaka, Zambia on 5 November 2025
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.