The information contained within
this announcement is deemed to constitute inside
information pursuant to the EU (Withdrawal) Act and
amended pursuant to Market Abuse (Amended) (EU Exit) Regulations
2019. Upon the publication of this announcement, this inside
information is now considered to be in the public
domain.
4 January 2021
Anglo African Agriculture plc
(“AAA” or the “Company”)
Progress on the
Proposed RTO
The Company is pleased
to provide an update on the proposed acquisition of the
Comarco group of companies (the “Comarco Group”) and the associated
fundraising. The Comarco Group is based in Mombasa, Kenya and is engaged in port and marine
logistics activities in East Africa.
AAA has been working with the
management of the Comarco Group for over two years, assisting on
the group’s operational restructuring and strategic positioning for
growth. As per
the update on 16 November 2020 and
the update dated 14 December 2020, Heads of
Terms were signed in order to progress the Reverse
Takeover (“RTO”) and both parties have
been finalising the definitive SPA’s. AAA is
pleased to announce that the extension of the
SPA’s have been signed with a long stop date of
30 April 2021, both parties are progressing in
order to complete the RTO as soon as
possible.
The Comarco Port is a strategic
asset which benefits from its ideal position on the East Coast of
Africa to serve as both a
transhipment hub and a natural gateway for trade into and out of
the wider region and thereby provide stability and long-term growth
in an uncertain world. The Board of AAA believes and
reiterates that the RTO is a solid transaction and
is in the best interest of AAA shareholders. AAA
would also like to express its gratitude
to shareholders and their patience and continued support in
the RTO.
The finalised extension of
the SPA’s and the progress
with funding both represent major steps towards a
brighter future for both AAA and
Comarco Group.
For further information, please
visit www.aaaplc.com or www.comarcogroup.com contact
the following:
Comarco Group
Simon Phillips (Chief Executive)
Charlie Pettifer
|
+27 (0)82 6191 081
+44 (0)77 8811 4411
|
|
|
VSA Capital
Limited (Financial Adviser and Corporate Broker)
|
+44 (0)20 3005 5000
|
Andrew Monk (Corporate Broking)
Andrew Raca (Corporate Finance)
Maciek Szymanski (Corporate Finance)
Sean Urquhart (Corporate Finance)
|
|
| Anglo African
Agriculture plc |
|
| David Lenigas,
Non-Executive Chairman |
+44 (0)20 7440 0640 |
| Rob
Scott, Executive Director |
+27 (0)84?6006
001 |