TIDMAAAP 
 
The information contained within this announcement is deemed to constitute 
inside information as stipulated under the Market Abuse Regulations (EU) No. 
596/2014. Upon the publication of this announcement, this inside information is 
now considered to be in the public domain. 
 
15 December 2020 
 
                         Anglo African Agriculture plc 
 
                           ("AAA" or the "Company") 
 
 
                      Positive Update on the Proposed RTO 
 
The Company is providing an update on the proposed acquisition of the Comarco 
group of companies (the "Comarco Group") and the associated fundraising. The 
Comarco Group is based in Mombasa, Kenya and is engaged in port and marine 
logistics activities in East Africa. 
 
As per the update on the Proposed Reverse Takeover and Positive Trading update 
on Comarco announcement dated 16 November 2020, Heads of Terms agreement were 
signed in order to progress the Reverse Takeover ("RTO") and to move towards 
negotiating the definitive SPAs. In order to facilitate negotiations between 
the parties, AAA agreed to extend the Port Loan to Comarco for a four week 
period past its original repayment due date. AAA is pleased to announce that 
the parties reached an agreement on the commercial terms of the RTO, the 
definitive SPAs are being finalised and the agreements are expected to be 
signed shortly. AAA has therefore agreed to extend the Port Loan facility until 
31 December 2020 in order to allow the finalisation and signing of the SPAs. 
 
AAA and Comarco have received a $41million refinancing term sheet, subject to 
due diligence and approvals, regarding new debt facilities for the enlarged 
AAA-Comarco Group with an established commercial bank. It is expected that 
$31million of the funding would refinance all existing debt and the $10million 
would be earmarked for working capital purpose of the enlarged group. In 
addition to this potential debt funding facility and the potential equity 
funding from an international fund, AAA will undertake to secure further 
fundraising as part of the RTO. Further details will be provided by AAA in due 
course. 
 
The finalisation of the SPAs and securing of the funding both represent major 
steps towards a brighter future for both AAA and Comarco Group. 
 
For further information, please visit www.aaaplc.com or www.comarcogroup.com 
contact the following: 
 
Comarco Group 
Simon Phillips (Chief Executive)     +27 (0)82 6191 
Charlie Pettifer                     081 
                                     +44 (0)77 8811 
                                     4411 
 
VSA Capital Limited (Financial       +44 (0)20 3005 
Adviser and Corporate Broker)        5000 
 
Andrew Monk (Corporate Broking) 
Andrew Raca (Corporate Finance) 
Maciek Szymanski (Corporate Finance) 
Sean Urquhart (Corporate Finance) 
 
 
Anglo African Agriculture plc 
 
Rob Scott, Executive Director        +27 (0)84 6006 
                                     001 
 
 
 
END 
 

(END) Dow Jones Newswires

December 15, 2020 02:00 ET (07:00 GMT)

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