12 November 2018 |
For Immediate
Release |
Anglo African Agriculture
plc
(“AAA” or the “Company”)
AAA moves ahead
with Kenyan oil and logistics port loan
Further to the announcement made by the Company on 14 September 2018 concerning the proposed
provision of a loan to the privately-owned, Kenyan-based port and
marine logistics group, Comarco Group (“Comarco”), the Board of AAA
is pleased to announce that all the conditions precedent for the
loan have been met and the $1 million
loan has been advanced to Comarco.
David Lenigas, Non-Executive Chairman, commented;
“I am delighted that we have completed our due diligence and
decided to advance this loan to Comarco. This transaction and
funding will allow them to fully capture the recent upswing in its
port activities and for AAA to develop our relationship.
Since our announcement that we intended entering into this
loan, we have been approached by numerous parties expressing their
interest to cooperate with us in various forms. This is
significant, as this clearly demonstrates that we have managed to
find a very valuable and uniquely positioned asset with potentially
very large upside potential. The recent oil price rise has been
highly beneficial for the port, as it is heavily exposed to oil and
gas related services (although not solely reliant thereon). I am
also delighted that the trading at both our fully owned subsidiary,
Dynamic Intertrade (Pty) Ltd as well as our 46.8% owned subsidiary,
Dynamic Intertrade Agri (Pty) Ltd, are continuing on their improved
trend. We are now well positioned to grow the AAA business
significantly and deliver the type of performance our shareholders
expect.”
The 24-month loan will be used to help fund the growth of
Comarco’s port and marine logistics business and repay existing
debt. The secured loan is provided at a 12% rate per annum
increasing to 15% after nine months. In addition to this, AAA has
begun to provide assistance with Comarco’s restructuring. The
Directors are confident that the loan will open new avenues for
both AAA and Comarco to jointly find and work on investment
opportunities.
For further information please
contact:
Anglo African Agriculture
plc |
+44 (0) 20 7440 0640 |
David Lenigas, Non-Executive
Chairman |
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Rob Scott, Executive Director |
+27 (0) 84 600 6001 |
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VSA Capital Limited
(Financial Adviser and Corporate Broker) |
+44 (0) 20 3005 5000 |
Andrew Raca |
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