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. 
 
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 
 
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 
 
 

(END) Dow Jones Newswires

October 28, 2021 10:02 ET (14:02 GMT)

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