- Zambeef has completed the settlement of the put options granted to Rainbow Farms Investments Proprietary (RCL Foods) in 2013 as part of the Zam Chick Limited and Zamhatch Limited joint ventures entered into with RCL Foods.

As announced on 24 March, Zambeef advised shareholders that RCL Foods had exercised the put options on 23 March 2016, requiring Zambeef to acquire its shares in these companies, either by means of the issue of new ordinary shares in Zambeef and/or through the payment of cash.

As settlement of the put options by means of issuing Zambeef shares would, in the opinion of the board, have resulted in an unacceptable dilution of existing shareholders, the board resolved to settle the put options wholly in cash through part of the proceeds from the US$65 million investment from CDC Group PLC, as announced on 4 August.

At 1:07pm: [LON:ZAM] Zambeef Products PLC share price was +0.38p at 16p

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