Conversion Of Preference Shares & Issue Of Equity

Zambeef (AIM: ZAM; LuSE: ZAMBEEF), the fully integrated cold chain food products and retail business with operations in Zambia, Nigeria and Ghana, announces the Conversion of the British International Investment plc ("BII") Preference Shares and Issue of Equity.

As announced by the Company on 13 March 2026, and in accordance with the terms of the investment agreement dated 3 August 2016 between the Company and BII (the "Investment Agreement"), BII has exercised its right to convert all of its 100,057,658 convertible redeemable preference shares into ordinary shares of the Company (the "Conversion").

Pursuant to the Conversion, the Company has issued 308,511,112 new ordinary shares of ZMW 0.01 each (the "Conversion Shares") to BII, credited as fully paid, at a conversion ratio determined in accordance with the Investment Agreement. The Conversion became effective on 29 April 2026 (the "Conversion Date"), and was subject to the completion of the necessary regulatory and listing processes.

Admission to Trading

Applications were made for the 308,511,112 Conversion Shares to be admitted to trading on AIM. An application to register the shares with the Securities and Exchange Commission and to be listed on the Lusaka Securities Exchange shall be made. Admission to trading on the AIM has become effective on the Conversion Date.

The Conversion Shares rank pari passu in all respects with the Company's existing issued ordinary shares.

Total Voting Rights

Following the issue of the Conversion Shares, the Company's issued share capital consists of:

• 609,090,742 ordinary shares of ZMW 0.01 each, each carrying one voting right.

Additional Information

Following the completion of the Conversion, the 100,057,658 preference shares previously held by BII were cancelled and extinguished in accordance with the terms of the Investment Agreement and the Company's Articles of Association.