AAAP Anglo African Agriculture Plc

 
TIDMAAAP 
 
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. 
 
For immediate release 
 
1st October  2021 
 
                         Anglo African Agriculture plc 
 
                           ("AAA" or the "Company") 
 
 
               Corporate Update - Update on Comarco transaction 
 
The following is an update on the proposed acquisition of the Comarco group of 
companies (the "Comarco Group").  The Comarco Group is based in a port in 
Mombasa, Kenya (the "Port") and is engaged in port and marine logistics 
activities in East Africa. 
 
Comarco transaction update 
 
The Board of AAA has been informed by certain shareholders of Comarco that they 
are unwilling to proceed with the RTO and that they will arrange for the 
repayment of the loan and interest due to AAA which amounts to approximately 
$1.5mn. 
 
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 is due for 
repayment on 30 September 2021.  The Loan is secured by way of an option (the " 
Option") to acquire the shares in Touchwood Investments Limited ("Touchwood") 
should the Loan not be repaid, for a nominal consideration.  Touchwood owns a 
4.74 acre section of land within the Port.  The Board believes that the Option 
would be worth considerably more than the Loan. 
 
The Board of AAA is very aware that this transaction has gone on for far too 
long and has had a detrimental effect on the share price of the Company.  The 
fact that certain shareholders of Comarco have now decided not to proceed with 
the transaction is extremely disappointing after all the work and effort that 
AAA has put in. 
 
The Loan is now due to be repaid immediately and the Comarco shareholders have 
proposed to pay it by the end of October 2021.  The Board of AAA believes it is 
still in everyone's interests to try and resolve new terms for a transaction 
and had been in discussions to resolve one with the Comarco shareholders. AAA 
is still open to continue discussions and then complete should the shareholders 
of Comarco wish. 
 
As no monies have been received yet, AAA has the right to exercise its option 
over the Touchwood shares (last valued at $12mn) and is considering whether to 
exercise this option. Further information will be provided in due course. 
 
For further information, please visit www.aaaplc.com or contact the following: 
 
 
Anglo African Agriculture plc 
 
Andrew Monk, Non-Executive Chairman                +44 (0)20 7440 0640 
 
Rob Scott, Executive Director                      +27 (0)84 6006 001 
 
VSA Capital Limited (Financial Adviser and         +44 (0)20 3005 5000 
Corporate Broker) 
 
Andrew Raca, Maciek Szymanski (Corporate Finance) 
 
 
 
END 
 
 

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