Further to the Cautionary Announcement of 17 December 2010 and in compliance with the provisions of Section 39, Securities Act, Cap 354, 1993 and Clause 10 of The Securities (Takeover and Mergers) Rules and the Listing Requirements of the Lusaka Stock Exchange, shareholders and investors are advised that Zambeef has entered into a Heads of Agreement with ETC Bio-Energy Limited in order to engage in formal discussions regarding the possibility of acquiring Nampamba, Chambatata and Kampemba Farms together with related assets (“Targeted Assets”).

Furthermore the Zambia Competition Commission has granted interim approval for the intended acquisition of the Targeted Assets to proceed. The completion of the transaction is still subject to the execution of the Sale and Purchase Agreement and Zambeef securing the necessary final approval from its shareholders. The market and shareholders will be advised of all developments. Accordingly, investors in Zambeef are advised to exercise caution when trading in the Company’s shares and should seek the professional advice of a broker or investment advisor for guidance. Shareholders and the market will be kept fully informed of subsequent developments.

Dated: 31 January 2011

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

First Issued On: 17 December 2010

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