Afriag Global logo

AFRI - Afriag Global News Story

6p 0.0  0.0%

Last Trade - 06/08/20

Sector
Industrials
Size
Micro Cap
Market Cap £1.90m
Enterprise Value £667k
Revenue £n/a
Position in Universe 1761st / 1819

AfriAg Global Plc: Update on Apollon UK Acquisition

Wed 26th February, 2020 7:00am
26 February 2020

AfriAg Global PLC
(‘AfriAg’ or the ‘Company’)

Update on Apollon UK Acquisition

AfriAg Global PLC, a company whose shares are admitted to trading on
London’s NEX Exchange, is pleased to provide an update on the proposed
acquisition of Apollon Formularies Ltd (“Apollon UK”). The Company
currently owns 2.68% of the share capital of Apollon UK and is working with
Apollon UK to satisfy all regulatory requirements for the proposed acquisition
of the entire issued share capital of Apollon UK (the “Acquisition”).  In
due course, subject to making an offer to the shareholders of Apollon UK and
obtaining the necessary approvals, the Company intends to send an explanatory
circular and notice of general meeting to its shareholders seeking approval of
the Acquisition.

It is intended that the Company will acquire all the issued and outstanding
shares from the shareholders of Apollon UK pursuant to a right of first
refusal in consideration for the issue and allotment to those shareholders of
new ordinary shares in the capital of the Company at a price of 10 pence per
new ordinary share.

Apollon UK is entitled to 95% of the net profit of Apollon Formularies
Jamaica, Limited (“Apollon Jamaica”).  Subject to approval from the
Cannabis Licensing Authority in Jamaica, Apollon UK has the right to acquire
 a 49% interest in the issued share capital of Apollon Jamaica.

Apollon Jamaica holds the following licenses: 

-      Licence  to cultivate cannabis for the sole purposes of
undertaking research, including clinical research as approved by the Ministry
of Health;

-      License to process and manufacture any cannabis based products
that have been approved by the Ministry of Health for medical, therapeutic and
scientific purposes (Processing Licence 170209113513) at designated premises
of Apollon Jamaica; and

-      License to provide therapeutic services using cannabis (Retail
(Therapeutic Services) Licence 170209153635).

The directors of the Company accept responsibility for the contents of this
announcement.

-ENDS-

For further information on AfriAg Global please visit the www.afriagglobal.com
or please contact;

AfriAg Global Plc: 
David Lenigas (Executive Chairman)       +44 (0)20 7440 0640

Peterhouse Capital Limited        +44 (0)20 7469 0930
Guy Miller/Allie Feuerlein



Copyright (c) 2020 PR Newswire Association,LLC. All Rights Reserved
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.