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.
28 October 2021
Anglo African
Agriculture plc
(“AAA” or the
“Company”)
Corporate Update – termination of Comarco discussions
The Company announces that, as agreement was not capable of
being reached with the vendors, discussions concerning the
acquisition of the Comarco group of companies (the “Comarco
Group”) have terminated.
Comarco transaction update
AAA made a $1m loan available to
Comarco in November 2018 for an
initial period of 24 months (the “Loan”). The Loan was
subsequently extended and was due for repayment on 30 September 2021. The Loan, together with
accrued interest, amounting in aggregate to $1.5m has been repaid.
The Company is pleased to have received repayment of the Loan,
although it is considering taking legal action against the vendors
of the Comarco Group to recover certain costs and expenses incurred
by AAA.
Convertible Loan Note
The Board of AAA has also been in discussion with the holder of
£250,000 Convertible Loan Notes that expired on 30 September
2021. The holder has informed AAA that he is agreeable to the
Convertible Loan Notes being extended. The Convertible Loan
Notes will continue to accrue interest at the previously agreed
rate of 12%.
Andrew Monk, Chairman of the
Company commented “We are obviously very disappointed that after
such a long period of time, the vendors of Comarco Group could not
reach agreement among themselves to combine with AAA and achieve a
listing and also clearly behaved in a manner that caused harm to
AAA. By contrast, we behaved honourably, have a supportive
shareholder base and we will now be looking for a new direction in
which to grow the Company”
Anglo African Agriculture plc |
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Andrew Monk, Non-Executive
Chairman |
+44 (0)20 7440 0640 |
Rob Scott, Executive Director |
+27 (0)84 6006 001 |
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VSA Capital Limited
(Financial Adviser and Corporate Broker) |
+44 (0)20 3005 5000 |
Andrew Raca, Maciek
Szymanski (Corporate Finance) |
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