Anglo African Ag PLC Positive Update on the Proposed RTO
15 Dicembre 2020 - 08:00AM
UK Regulatory
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
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