AAAP Anglo African Agriculture Plc

 
TIDMAAAP 
 
8 December 2016 
 
                         Anglo African Agriculture plc 
 
                           ("AAA" or the "Company") 
 
      Anglo African Agriculture Updates on Sale of Guar Bean JV interest 
 
                        First payment received from PMR 
 
Anglo African Agriculture plc (LSE: AAAP), the London Main board listed food 
manufacturing company is pleased to announce that its Guar Bean joint venture 
company, African Projects and Ventures ("APV"), has received the initial loan 
of ZAR 560,000 (c.GBP31,500) from Prime Meridian Resources Corporation ("PMR") as 
the first part of the transaction to sell AAA's 49.9% indirect interest in this 
loss making entity (the "Transaction"). This Transaction was previously 
announced by the Company on 22 November 2016. 
 
Under the terms of the Transaction, PMR was required to pay ZAR 560,000 (c.GBP 
31,500) by way of an initial loan to APV in order to settle existing creditors 
and then make monthly payments of ZAR 150,000 (c.GBP8,400) to APV to fund ongoing 
operations for a further 4 months whilst the Transaction closed. 
 
The completion of the Transaction, which would see AAA's subsidiary, Dynamic 
Intertrade (Pty) Limited ("DI"), receive a full and final payment, net of any 
loans advanced by PMR, of ZAR 1.4 million (c.GBP80,000), is subject to PMR 
securing their necessary funding. However the Company expects the Transaction 
to conclude in early 2017. 
 
David Lenigas, the Company's Chairman, commented: 
 
"As announced last week, AAA has seen outstanding growth from its main food 
manufacturing and agricultural commodity trading businesses in the past few 
months. Having taken us now through critical mass we are now gearing up for a 
very strong trading performance for 2017. To relieve the Company of any further 
financial obligation and undue stress with what is now our only loss making 
business is important for the future growth potential we now see in front of 
us." 
 
This announcement contains inside information for the purposes of Article 7 of 
EU Regulation 596/2014. Upon the publication of this announcement via 
Regulatory News Service ("RNS"), this inside information is now considered to 
be in the public domain. 
 
For further information, please contact: 
 
Anglo African Agriculture plc                      +44 (0) 20 7440 0640 
 
David Lenigas, Non-Executive Chairman 
Rob Scott, Non-Executive Director 
 
VSA Capital Limited (Financial Adviser and Broker) +44 (0) 20 3005 5000 
 
Andrew Raca / James Asensio 
 
 
Notes to Editors: 
 
Anglo African Agriculture (LSE: AAAP) is a London Stock Exchange Main board 
listed food manufacturing and agricultural commodity trading company. AAA is 
the 100% owner of Dynamic Intertrade (Pty) Limited. 
 
Dynamic, works from its modern 3,000 m² FSSC compliant facility in Cape Town 
and is focused on the manufacture, import and distribution of herbs, spices and 
seasonings for the food manufacturing sector. It has the required approvals and 
licenses to export Dynamic's products globally. Dynamic also offers Halaal and 
Kosher Certification on all of its products and these products can either be 
purchased under Dynamic's own brand or contract packed and labelled under 
customer's own label. Dynamic has created its own bottled spice range and is 
looking to commercialize it both locally and internationally. 
 
http://www.dynamicintertrade.co.za 
 
 
 
END 
 

(END) Dow Jones Newswires

December 08, 2016 02:00 ET (07:00 GMT)

Anglo African Agriculture (LSE:AAAP)
Historical Stock Chart
From Apr 2024 to May 2024

Anglo African Agriculture (LSE:AAAP)
Historical Stock Chart
From May 2023 to May 2024