In accordance with the provision of section 39, of the Securities Act, Cap 354, 1993 and Clause 10 of the Securities (Takeover and Mergers) Rules 1993 and section 9 of the Listings Requirements of the Lusaka Stock Exchange, “Transaction”, and further to the Cautionary Announcement issued on 6 May 2009, it is hereby announced that an extraordinary general meeting of Zambeef Products Plc, was held at Pamodzi Hotel Lusaka on 4th June 2009 at 10:00hrs.

In this meeting the shareholders were advised that in accordance with the Conditions Precedent, in the Sale and Purchase Agreement, the implication of the volatile fluctuation in the exchange rate of the Kwacha against the United States Dollars has been a revised price for sale of 85.73% of Nanga Farms PLC. In this regard a revised Resolution was tabled to shareholders reflecting the agreed price and put to the vote. The shareholders unanimously approved the disposal consideration, for 85.73% of Nanga Farms PLC to Illovo Sugar (Zambia )Limited, which amounted to Zambia Kwacha One Hundred Fifty One point Eight Billion (K151,800,000,000).

Cautionary

Shareholders are however advised to continue exercising caution when trading in the Company’s shares and should seek professional advice of a broker or investment advisor for guidance, until such time that the transaction is finalised which will be upon all outstanding Conditions Precedent being satisfied and all final approvals from the various regulatory bodies obtained.

Dated: 8 June 2009

Issued By
Pangaea Renaissance Securities Limited
(Member of the Lusaka Stock Exchange)
(Regulated by the Securities and Exchange Commission)

First Issued on 20 March 2009

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