Zambeef’s Non-executive Director Frank Braeken has sold his ordinary shares in Zambeef Plc, according to a statement from the company.
“In accordance with Section 3.63 (a)(i) of the Lusaka Securities Exchange Listings Rules (“LuSE Listings Rules”) Zambeef Products Plc (“Zambeef” or “the Company”), (AIM: ZAM), wishes to announce that Mr. Frank Braeken, Non-Executive Director, sold, in aggregate, 375,000 ordinary shares with a par value of ZMW 0.01 each in the issued share capital of the Company (“Ordinary Shares”) through two separate trades which occurred on 23 June 2021”, read a statement issued by Company Secretary Mwansa Mutimushi on 9th July 2021.
Zambeef, the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, in July 2018 announced the appointment of Frank Braeken to its Board as a Non-Executive Director with immediate effect. According to SENS announcement published on LuSE, “Frank was being appointed as the second representative of CDC Group plc, the Company’s 17.5 per cent ordinary share holder, under the terms of the Relationship Agreement between CDC and the Company, which became effective on 16 September 2016”.
The volume weighted average price of both trades combined was 8.11 pence translating to US$30k (ex taxes) payout to the non-executive director for the sale of his 375,000 ordinary shares.