VSA Capital Market Movers - Zambeef Products, RCL Foods


VSA Agri Thought for the Month

This month saw a UK-listed stock operating in the African agriculture sector with a market capitalisation of just US$26m attract a US$65m funding package from CDC Group, the UK’s development finance institution.

As we said at the time this is an extremely significant (and unexpected) deal for Zambeef Products (LON:ZAM), which had otherwise been poised to deliver significant dilution to its investors (c50%) to satisfy an outstanding put option on its poultry joint ventures with RCL Foods (JSE:RCL).

In This Issue
In this issue we have taken a look at the African agriculture sector more widely and asked whether this deal signals a revival of investor interest in the sector as a whole or just a specific bright point in what has been a pretty disappointing sector for public equity investors over the last few years.

The note also contains our regular features - stocks that we have been recently discussing with investors, changes to global crop forecasts, performance of our primary crop production index and commentary on global commodity price movements.
• African Agriculture Stocks: Renewed Hope?
• Selected Company News from the Past Month
• Stocks on Our Radar
• USDA Global Crop Forecasts, 2016/17
• The VSA Primary Crop Production Index
• Commodity Pricing and Comments

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