Zambeef Calls EGM as BII Seeks Waiver on Mandatory Takeover Offer

Zambeef Product ( (GB:ZAM) ) has issued an announcement.

Zambeef Products has reminded investors that British International Investment holds over 52 million ordinary shares and 100 million convertible redeemable preference shares, acquired in 2016 under an investment agreement that allows an enhanced conversion ratio after the eighth anniversary. If BII converts its preference shares, its stake would rise from 34.85% to about 59.29%, breaching Zambia’s 35% threshold that normally triggers a mandatory takeover offer.

To avoid this, BII has secured a conditional waiver from the Securities and Exchange Commission, subject to independent shareholders approving a waiver of their right to participate in such an offer. Zambeef’s board will convene an extraordinary general meeting and circulate an information memorandum, with the outcome likely to shape the company’s ownership structure and the balance of influence between BII and other shareholders.

More about Zambeef Product

Zambeef Products is Zambia’s largest integrated cold chain food producer and agribusiness, spanning primary production, processing, distribution and retail of beef, chicken, pork, dairy, fish, flour and stockfeed. The group operates 248 retail outlets across Zambia and West Africa, and runs significant livestock, dairy and cereal cropping operations, positioning it as a key regional food supplier.

Average Trading Volume: 35,359

Technical Sentiment Signal: Sell

Current Market Cap: £17.83M

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