Anglo African
Agriculture plc
(“AAA” or the
“Company”)
Offer to buy Guar
Bean JV interest.
Anglo African Agriculture plc (LSE: AAAP), the London Main board
listed food manufacturing company announces that it has received an
offer, subject to due diligence and final contract, from Prime
Meridian Resources Corporation (“PMR”) of Canada to buy the Company’s 49.9% interest in
its Guar Bean Production Joint Venture in South Africa. The result of this deal
concluding will see all debt within the Guar Bean JV company
eliminated, PMR paying all ongoing costs and also the return of
ZAR 1.4 million back to AAA on
successful closing.
The offer is currently non-binding and it is anticipated that it
will become binding within 30 days, subject to the necessary due
diligence by PMR and formal sale agreements being signed within the
30 day period.
David Lenigas, the Company’s Chairman, commented:
“Should this deal close, AAA will be able to direct the sale
proceeds and the money currently being spent on the loss making
Guar Bean JV directly in to growing our core business of
manufacturing, import and distribution of herbs, spices and
seasonings for the food manufacturing sector where we see
significant upside.”
For further information, please
contact:
Anglo African Agriculture
plc |
+44 (0) 20 7440 0640 |
David Lenigas,
Non-Executive Chairman
Rob Scott, Non-Executive Director |
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VSA Capital Limited
(Financial Adviser and Broker) |
+44 (0) 20 3005 5000 |
Andrew Raca / James Asensio |
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