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 
 
13 October  2021 
 
                         Anglo African Agriculture plc 
 
                           ("AAA" or the "Company") 
 
 
                               Corporate Update 
 
The Company is pleased to provide a progress 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. 
 
Extension of expiring Convertible Loan Notes and Comarco transaction update 
 
As announced on 1 October 2021, the Board of AAA was informed by certain 
shareholders of Comarco that they were unwilling to proceed with the sale of 
the Comarco Group to AAA and that they will arrange for the repayment of the 
loan and interest due to AAA which amounts to approximately $1.5mn. 
 
The Board has offered an alternative solution to the shareholders of Comarco 
representing approximately 70% of the combined businesses.  The Board of AAA 
have proposed to continue the transaction by acquiring just their shares and 
allowing the one shareholder who is not currently in favour of the Comarco 
transaction to remain invested directly in Comarco as a minority shareholder. 
Should the business then require funding in future the minority shareholder 
will either have to match the funding up to the relevant percentage or be 
diluted down.  This proposal has a verbal acceptance subject to it being in 
accordance with the articles of the relevant Comarco companies. 
 
The Board of AAA has also been in discussion with the holder of a £250,000 
Convertible Loan Notes that expired on September 30th 2021.  The holder has 
informed AAA that he is agreeable to the loan being extended until the outcome 
of the proposed Comarco Group Acquisition is determined.  The Convertible Loan 
Notes will continue to accrue interest at the previously agreed rate of 12%. 
 
As the above proposal gives no certainty of an outcome to the Company, AAA 
intends to start legal procedures under the terms of the loan agreement with 
Touchwood Investments Limited ("Touchwood") and reserves its right to exercise 
the option to acquire the entire issued share capital of Touchwood for a 
nominal consideration. 
 
For further information, please visit www.aaaplc.com or contact the following: 
 
 
Anglo African Agriculture plc 
 
Andrew Monk, Non-Executive Chairman                    +44 (0)20 3005 5000 
 
Rob Scott, Executive Director                          +27 (0)84 6006 001 
 
VSA Capital Limited (Financial Adviser and Corporate   +44 (0)20 3005 5000 
Broker) 
 
Andrew Raca, Maciek Szymanski (Corporate Finance) 
 
 
 
END 
 
 

(END) Dow Jones Newswires

October 13, 2021 02:00 ET (06:00 GMT)

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