REG - Agriterra Ltd - HY-2022 Interim Results
15/12/2021 14:30
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RNS Number : 7813V Agriterra Ltd 15 December 2021
The information communicated 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.
Agriterra Limited / Ticker: AGTA / Index: AIM / Sector: Agriculture
Agriterra Limited ('Agriterra' or the 'Company')
HY-2022 Interim Results
Agriterra Limited, the AIM listed African agricultural company, announces its
unaudited results for the six months ended 30 September 2021.
Chair's Statement
I am pleased to provide an update on our performance in the first half of the
2022 financial year ('HY-2022'). These results will be made available on the
Company's website.
Operational update
Grain division
The Grain division has become more efficient over these last 6 months: the
mill upgrades have improved the overall extraction rate from 75% in FY21 to
79%; and cheaper maize purchases have improved the overall gross margin to
26.7% vs the 15.41% achieved in prior period. These efficiencies have enabled
the division to improve its overall performance per ton sold. However, volumes
sold declined to 7,981 tons (HY-2021: 10,103 tonnes) which was mitigated by
favourable average selling price of MZN29,977 per ton (HY-2021: 28,792).
The drop in sales is mainly due to the excessive volume of maize being
imported from Malawi and Zambia, where favourable climatic conditions and
government subsidised fertiliser schemes have resulted in exceptionally high
maize production. The supply is far greater than the local demand and as such,
the grain is entering Mozambique and eventually making its way south to
Chimoio, Beira and Maputo, forcing our meal to compete with the cheaper grain
available in the markets.
A total of $6.1m was secured, contributing towards the purchase of 30,000 tons
of maize needed for this season. The business has in silo a total stock of
18,942 tons of maize (HY-2021:11,222 tons), which will see the Company through
to June 2022, when the new crop will be available to purchase.
Revenue for the 6 months decreased to $3.6m (HY-2021: $4.1m). Operating costs
increased by $0.2m to 0.7m resulting from appointment of senior management and
bush buying administrative and transport expenses. EBITDA increased to $ 0.2m
(HY-2021: EBITDA of $ 0.1m) due to extraction efficiencies and reduced maize
cost as compared to the prior year. However, finance costs increased to $0.7m
(HY-2021: $0.4m) and the assets revaluation led to an increase in depreciation
cost to $0.25m from $0,09m in HY-2021 resulting in a loss after tax of $0.9m
(HY-2021: loss $ 0.4m).
In response to the depressed sales and excessive maize availability and to
avoid a price war that would negatively impact on the potential margins to be
earned from the 18,942 tons of maize in stock, we have taken the following
steps:
· Approached smaller wholesalers, offering them volume-based deals,
subject to them increasing their average monthly sales to an agreed target
over the next 6 months.
· Implementing a DECA meal marketing and advertising campaign from
December to March in the cities of Beira, Tete and Chimoio. This will involve
social media, radio adverts, music, jingles, competitions, events and
promotions.
· Improving the distribution network for our meal, by selling and
delivering directly to the small to medium retailers.
· Improving out potential gross margins, by driving the 1kg DECA
meal package sales along with the larger bags.
· Protecting our maize to guarantee that we are ready to supply
meal to the market in the first half of 2022 (before harvest and a time when
there is a shortage of maize in the market).
Beef division
The Beef division suffered a loss in business between March and April 2021,
following the suspension of all oil and gas related activities by Total Energy
and Exon, response to the terrorist attacks in the north. The division has
focussed on identifying new customers, improving operating margins and cutting
overheads. With a new feedlot and sales teams, these initiatives are
delivering improvements.
The revised approach has improved our Gross Margin to 25% (HY-2021: 9.62%)
resulting from higher average selling price of MZN 254 per kg (HY-2021: MZN
240) and increased average dress out rate of 52%. The latter is a result of
larger carcasses due to the improved feed lot performance, better cattle
buying practises and training of small farmers (average quarter weight is now
50kg vs the historical average weight of 40kg). This in turn has allowed the
business to improve quality and increase unit prices.
Company overheads have been reducing at an average of $0.1m per month, as we
offered voluntary retrenchments and agreed not to replace staff that either
resigned or whose contract came to an end. We still have the cost of the 3
farms that remain in care and maintenance and which are up for sale, but these
have been slow to move, given the economic and travel challenges experienced
with the COVID-19 pandemic.
Despite these challenges, the team have begun to recover those lost sales
(more carcass sales in Maputo and Pemba) and our revenue for the 6 months is
now $1.5m (HY-2021: $1.5m). However EBITDA improved to a loss of $0.08m
(HY-2021: loss $0.1m). Finance costs decreased to $29,000 (HY-2021: $74,000)
and the loss after tax decreased to $0.3m (HY-2021: loss $0.4 m).
There has been a monthly improvement in sales and revenue, and to increase the
profitability of the beef division, the management team has begun to implement
the following strategies:
· Offering of a new economy cut stewing meat package for retailers
to purchase and sell in smaller portions in the informal markets. This is
proving to be very popular and the sales are increasing rapidly each month and
indirectly driving up the value of the overall carcasses
· Diversify into the supply of goat meat. The first goat slaughter
of 17 animals was received well. We sold most of it in our outlet in Chimoio
and as carcasses in Beira. This initiative offers a high Gross Margin of 37%
and we have been increasing the monthly slaughters, with a goal of achieving
300 per month.
· Diversifying the farm operations to include the
production/purchasing of sugar beans, which will be packed into 500g and 1kg
packs and sold along side the meal. We currently have 100 tons in stock and
expect to start sales in January 2022.
· Pushing more carcass sales to supermarkets in northern
Mozambique, where the imported South African meat cannot be supplied at
competitive rates.
Snax Division
The Snax division has now been operating for 6 months and we have a better
understanding of the market dynamics. It has become clear that our main
consumers are school children, who have until recently, been studying from
home, following a national lock down response to COVID-19. These same
consumers and their parents have not been exposed to the products and as such
have very limited knowledge of the quality, range or pricing. The sales have
been lower than expected, but the Gross Margin % is currently at 31% and the
overall profits are within the target for this period.
The focus now is to get the brand known in the market and to turn it into a
household name, using the following activations from December 2021:
· Introduce a catchy Snax jingle that will be played on the radio
· Establish an Instagram, Facebook and web page running, engaging
the younger consumers and getting them involved
· Drive competitions and events, to allow consumers the chance to
taste the product
· Introduce new flavours and products, in line with client
preferences
Group Results
Group revenue for the half-year ended 30 September 2021 decreased by 11% to $
4.9m (H1-2021: $5.5m). As a result of cost management in all divisions, and
despite the difficulties in the Beef division, the Group's gross profit is
double that of the same period last year (HY-2022: $1.3m vs HY-2021: $0.6m),
while the trading operations showed an increase in the operating loss before
interest to $0.51m (HY-2021: loss $0.45m). The containment of the direct cost
of production due to aggressive cost monitoring and control measures
implemented by the management team during the period. Operating expenses
increased to $1.9m (HY-2021: $1.2m due to revaluation of land and building
which increased depreciation, appointment of senior management and
restructuring of farms which increased salaries and maize bush buying strategy
which increased other operating expenses by $0.2m, $0.2m and $0.3 million
respectively. Finance costs increased by 40% to $0.7 million (H1-2021: $0.5
million). The Group loss after tax increased to $1.2 million (H1-2021: loss
$0.997 million). During the period, inventories have increased by $1.6m to
$4.3m). Net debt at 30 September 2021 was $10.7m (31 March 2021: $6.2m).
Increase in net debt resulted from procurement of grain stock using the
overdraft facility, which will provide sufficient grain to mill in the second
half of the year.
COVID-19 and security in the northern region
COVID-19 continues to have a significant negative impact in Mozambique, both
economically and socially. The risk of the virus escalated in June/July when
many of the team tested positive. Fortunately, many staff already had their
first round of vaccinations, but this had a negative impact the Group's
operation. Currently the incidence of COVID-19 is very low but appears to be
heading towards a 4(th) wave. The recent closure to travel to and from
Mozambique by the UK and the EU due to the new Omicron variant has had a
significant impact on the tourism sector, which has historically been an
important sector, contributing to sales, especially during the festive season.
The security situation in the Northern Province of Cabo Delgado appears to be
under control, as troops from Rwanda, South Africa and Botswana continue to
assist in removing the insurgents from the major towns and villages. Total and
Exxon have indicated that they will consider resuming activities in Q2-2022 if
the security situation has improved and stabilized.
Outlook for H2-2022
The business is entering H2-2022 with over 18,000 tons of grain in silo and
the prospect of a higher demand for meal and beef in Q4 of FY-2022. We believe
that the initiatives of marketing, the new products launches and the reopening
of the Oil & Gas sector in the north will contribute towards improving our
overall performance in the second half of the financial year. Additionally,
for the FY-23 period, we are working on a financing program to rebuild the
beef stocks and to improve our overall distribution of products.
CSO Havers
Chair
15 December 2021
For further information please VISIT www.agriterra-ltd.com or contact:
Agriterra Limited Strand Hanson Limited
Caroline Havers caroline@agriterra-ltd.com Ritchie Balmer / James Spinney / Rob Patrick Tel: +44 (0) 207 409 3494
Consolidated income statement
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
Note $000 $000 $000
CONTINUING OPERATIONS
Revenue 2 4,869 5,525 14,250
Cost of sales (3,512) (4,740) (11,581)
(Decrease)/Increase in fair value of biological assets (32) (104) (615)
Gross profit 1,325 681 2,054
Operating expenses (1,900) (1,166) (3,156)
Other income 57 7 78
Profit on disposal of property, plant and equipment 8 26 37
Operating loss (510) (452) (987)
Net finance costs 3 (715) (545) (1,207)
Share of profit in equity-accounted investees, net of tax 47 - -
Loss before taxation (1,178) (997) (2,194)
Taxation - - -
Loss for the period 2 (1,178) (997) (2,194)
Loss for the period attributable to owners of the Company (1,178) (997) (2,194)
LOSS PER SHARE
Basic and diluted loss per share - US Cents 4 (5.54) (4.69) (10.3)
Consolidated Statement of comprehensive income
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
$000 $000 $000
Loss for the period (1,178) (997) (2,194)
Items that may be reclassified subsequently to profit or loss:
Foreign exchange translation differences 711 (121) 1,433
Items that will not be reclassified to profit or loss
Revaluation of Property, plant and equipment - 12,563
Other comprehensive income/(loss) for the period 711 (121) 13,996
Total comprehensive (loss)/income for the period attributable to owners of the (467) (1,118) 11,802
Company
Consolidated statement of financial position
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
(Restated)
Note $000 $000 $000
Non-current assets
Property, plant and equipment 25,464 5,526 23,974
Intangible assets 40 75 59
Equity-accounted investees 47 - 1
25,551 5,601 24,034
Current assets
Biological assets 436 561 451
Inventories 4,380 2,843 933
Trade and other receivables 1,595 1,586 1,752
Cash and cash equivalents 283 411 231
6,694 5,401 3,367
Total assets 32,245 11,002 27,401
Current liabilities
Borrowings 5 8,575 5,061 4,016
Trade and other payables 2,330 3,741 2,046
10,905 8,802 6,062
Net current liabilities (4,211) (3,401) (2,695)
Non-current liabilities
Borrowings 5 2,418 2,102 2,409
Deferred tax liability 6,371 - 5,912
8,789 2,102 8,321
Total liabilities 19,694 10,904 14,383
Net assets 12,551 98 13,018
Share capital 6 3,373 3,373 3,373
Share premium 151,442 151,442 151,442
Share based payments reserve 87 87 87
Revaluation reserve 12,563 - 12,563
Translation reserve (16,229) (18,494) (16,940)
Accumulated losses (138,685) (136,310) (137,507)
Equity attributable to equity holders of the parent 12,551 98 13,018
The unaudited condensed consolidated financial statements of Agriterra Limited
for the six months ended 30 September 2021 were approved by the Board of
Directors and authorised for issue on 15 December 2021.
Signed on behalf of the Board of Directors:
CSO Havers
Chair
Consolidated statement of changes in equity
Share Share premium Share based payment reserve Translation reserve Revaluation reserve Accumulated Total
losses
capital Equity
Note US$000 US$000 US$000 US$000 US$000 US$000 US$000
Balance at 1 April 2020 3,373 151,442 87 (18,373) - (135,313) 1,216
Loss for the period - - - - - (997) (997)
Other comprehensive income:
Exchange translation loss on foreign operations restated - - - (121) - - (121)
Total comprehensive loss for the period - - - (121) - (997) (1,118)
Transactions with owners
Share based payments - - - - - - -
Total transactions with owners for the period - - - - - - -
Balance at 30 September 2020 3,373 151,442 87 (18,494) - (136,310) 98
Loss for the period - - - - - (1,197) (1,197)
Other comprehensive income:
Revaluation of land and buildings - - - - 12,563 - 12,563
Exchange translation gain on foreign operations - - - 1,554 - - 1,554
Total comprehensive income for the period - - - 1,554 12,563 (1,197) 12,920
Transactions with owners
Share based payments - - - - - - -
Total transactions with owners for the period - - - - - - -
Balance at 31 March 2021 3,373 151,442 87 (16,940) 12,563 (137,507) 13,018
Loss for the period - - - - - (1,178) (1,178)
Other comprehensive income:
Exchange translation gain on foreign operations - - - 711 - - 711
Total comprehensive loss for the period - - - 711 - (1,178) (467)
Transactions with owners
Share based payments - - - - - - -
Total transactions with owners for the period - - - - - - -
Balance at 30 September 2021 3,373 151,442 87 (16,229) 12,563 (138,685) 12,551
Consolidated cash flow statement
Note 6 months ended 6 months ended Year
30 September 30 September ended
2021 2020 31 March
Unaudited Unaudited 2021
Audited
$000 $000 $000
Loss before tax for the period (1,178) (997) (2,194)
Adjustments for:
Amortisation and depreciation 2 425 208 574
Profit on disposal of property, plant and equipment (48) (26) (47)
Foreign exchange loss 219 37 1,411
Decrease / (increase) in value of biological assets 32 (104) (401)
Net decrease in biological assets 15 172 615
Net Finance costs 715 545 1,207
Operating cash flows before movements in working capital 180 (165) 1,165
Increase in inventories (3,447) (2,018) (108)
Decrease / (increase) in trade and other receivables 157 (337) (503)
Increase / (decrease) in trade and other payables 284 426 (1,269)
Cash used in operating activities (2,826) (2,094) (715)
Corporation tax paid - - -
Interest received 3 - - -
Net cash used in operating activities (2,826) (2,094) (715)
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment, net of expenses 48 26 47
incurred
Acquisition of property, plant and equipment (368) (79) (77)
Acquisition of intangible assets (3) - (9)
Net cash used in investing activities (323) (53) (39)
Cash flow from financing activities
Finance costs 3 (715) (545) (1,207)
Net drawdown of overdrafts 5 4,087 1,639 1,170
Net (repayment) / drawdown of loans and finance leases 5 (171) 489 (12)
Net cash generated from/(used in) financing activities 3,201 1,583 (49)
Net increase/(decrease) in cash and cash equivalents 52 (564) (803)
Effect of exchange rates on cash and cash equivalents - (59) -
Cash and cash equivalents at beginning of period 231 1,034 1,034
Cash and cash equivalents at end of period 283 411 231
General information
Agriterra Limited ('Agriterra' or the 'Company') and its subsidiaries
(together the 'Group') is focussed on the agricultural sector in Africa.
Agriterra is a non-cellular company limited by shares incorporated and
domiciled in Guernsey, Channel Islands. The address of its registered office
is Connaught House, St Julian's Avenue, St Peter Port, Guernsey GY1 1GZ.
The Company's Ordinary Shares are quoted on the AIM Market of the London Stock
Exchange ('AIM').
The unaudited condensed consolidated financial statements have been prepared
in US Dollars ('US$' or '$') as this is the currency of the primary economic
environment in which the Group operates.
1. Basis of preparation
The condensed consolidated financial statements of the Group for the 6 months
ended 30 September 2021 (the 'H1-2022 financial statements'), which are
unaudited and have not been reviewed by the Company's Auditor, have been
prepared in accordance with the International Financial Reporting Standards
('IFRS'). The accounting policies adopted by the Group are set out in the
annual report for the year ended 31 March 2021 (available at
www.agriterra-ltd.com). The Group does not anticipate any significant change
in these accounting policies for the year ended 31 March 2021.
This interim report has been prepared to comply with the requirements of the
AIM Rules of the London Stock Exchange (the 'AIM Rules'). In preparing this
report, the Group has adopted the guidance in the AIM Rules for interim
accounts which do not require that the interim condensed consolidated
financial statements are prepared in accordance with IAS 34, 'Interim
financial reporting'. Whilst the financial figures included in this report
have been computed in accordance with IFRSs applicable to interim periods,
this report does not contain sufficient information to constitute an interim
financial report as that term is defined in IFRSs.
The financial information contained in this report also does not constitute
statutory accounts under the Companies (Guernsey) Law 2008, as amended. The
financial information for the year ended 31 March 2021 is based on the
statutory accounts for the year then ended. The Auditors reported on those
accounts. Their report was unqualified and referred to going concern as a key
audit matter. The Auditors drew attention to note 3 to the financial
statements concerning the Group's ability to continue as a going concern which
shows that the Group will need to renew its overdraft facilities, maintain its
current borrowings and raise further finance in order to continue as a going
concern.
The H1-2022 financial statements have been prepared in accordance with the
IFRS principles applicable to a going concern, which contemplate the
realisation of assets and liquidation of liabilities during the normal course
of operations. Having carried out a going concern review in preparing the
H1-2022 financial statements, the Directors have concluded that there is a
reasonable basis to adopt the going concern principle.
2. Segment information
The Board consider that the Group's operating activities during the period
comprised the segments of Grain Beef and Snax, undertaken in Mozambique. In
addition, the Group has certain other unallocated expenditure, assets and
liabilities.
The following is an analysis of the Group's revenue and results by operating
segment:
6 months ended 30 September 2021-Unaudited Grain Beef Snax Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000 $000
Revenue
External sales((2)) 3,361 1,508 - - - 4,869
Inter-segment sales((1)) 247 - - - (247) -
3,608 1,508 - - (247) 4,869
Segment results
- Operating loss (121) (276) - (188) - (585)
- Interest expense (686) (29) - - - (715)
- Share of profit in equity accounted investees - - 47 - - 47
- Other gains and losses 54 21 - - 75
Loss before tax (753) (284) 47 (188) - (1,178)
Income tax - - - - - -
Loss for the period (753) (284) 47 (188) - (1,178)
6 months ended 30 September 2020 - Unaudited Grain Beef Snax Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000 $000
Revenue
External sales((2)) 3,990 1,535 - - - 5,525
Inter-segment sales((1)) 128 - - - (128) -
4,118 1,535 - - (128) 5,525
Segment results
- Operating loss (46) (283) - (203) - (532)
- Interest expense (430) (74) - (41) - (545)
- Other gains and losses 69 11 - - 80
Loss before tax (407) (346) - (244) - (997)
Income tax - - - - - -
Loss for the period (407) (346) - (244) - (997)
Year ended 31 March 2021 - Audited Grain Beef Snax(1) Unallo-cated Elimina-tions Total
US$000 US$000 US$000 US$000 US$000 US$000
Revenue
External sales((2)) 11,061 3,189 - - - 14,250
Inter-segment sales((1)) 309 - - - (309) -
11,370 3,189 - - (309) 14,250
Segment results
- Operating profit / (loss) 275 (970) (0) (389) - (1,084)
- Interest expense (1,071) (136) - - - (1,207)
- Other gains and losses 54 43 - - - 97
Loss before tax (742) (1,063) (0) (389) - (2,194)
Income tax - - - - - -
Loss after tax (742) (1,063) (0) (389) - (2,194)
The segment items included within continuing operations in the consolidated
income statement for the periods are as follows:
6 months ended 30 September 2021 - Unaudited Grain Beef Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000
Depreciation and amortisation 247 178 - - 425
6 months ended 30 September 2020 - Unaudited Grain Beef Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000
Depreciation and amortisation 85 123 - - 208
Year ended 31 March 2021 - Audited Grain Beef Unallo-cated Elimina-tions Total
$000 $000 $000 $000 $000
Depreciation and amortisation 181 380 13 - 574
3. NET FINANCE COSTS
6 months ended 6 months ended Year
30 September 30 September ended
2021 2020 31 March
Unaudited Unaudited 2021
Audited
$000 $000 $000
Interest expense:
Bank loans, overdrafts and finance leases 715 545 1,207
Interest income:
Bank deposits - - -
715 545 1,207
4. LOSS per share
The calculation of the basic and diluted loss per share is based on the
following data:
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
US$000 US$000 US$000
Loss for the period/year for the purposes of basic and diluted earnings per (1,178) (997) (2,993)
share attributable to equity holders of the Company
Weighted average number of Ordinary Shares for the purposes of basic and 21,240,618
diluted lossper share
21,240,618 21,240,618
Basic and diluted loss per share - US cents (5,54) (4.69) (14.09)
The Company has issued options over ordinary shares which could potentially
dilute basic loss per share in the future. There is no difference between
basic loss per share and diluted loss per share as the potential ordinary
shares are anti-dilutive.
5. Borrowings
30 September 2021 30 September 2020 31 March
2021
Unaudited Unaudited Audited
$000 $000 $000
Non-current
Bank loans 2,148 1,766 2,107
Leases 270 336 302
2,418 2,102 2,409
Current
Bank loans and finance leases 393 1,059 365
Bank overdrafts 8,182 4,002 3,651
8,575 5,061 4,016
10,993 7,163 6,425
Grain division
At 30 September 2021, the principal outstanding balance on the term loan is
155 million Metical ($ 2.4m) and during the period MZN 7.8 million ($ 0.12
million) of the principal amount was repaid. The outstanding loan balance was
MZN 162 million ($ 2.4 million) at 31 March 2021. The loan matures on 06 July
2023 with an interest rate of Bank's prime lending rate +0.25%. The Grain
division was granted a reduced capital repayment of $ 22 600 during the period
with the objective of raising working capital to purchase grain during the
harvest period. The maturity date of the loan was not changed.
MZN 1,2 million ($ 17 653) of the MZN 9 million ($ 130 609) of the outstanding
motor vehicle finance lease was repaid during the period and the outstanding
balances as at 30 September 2021 is MZN 7.8 million ($ 122 200). The finance
lease arrangements mature in 2023 and attract an interest rate of 16.5% per
annum.
The Group obtained additional working capital finance in the form of an
overdraft facility during the period amounting to MZN 271 million ($ 4.1
million). The overdraft facility is secured by $ 6.1 million bank guarantee
from Magister and MZN 90 million pledge on maize stock. The overdraft facility
was used to purchase maize during the harvest season and will be repaid before
31 May 2022. The overdraft portion secured by bank guarantee incurs an
interest of Prime lending rate minus 3.75% whilst the overdraft portion
secured by maize stock incurs interest of Prime lending rate plus 1%.
Beef division
The outstanding balance on agricultural equipment finance lease is MZN 16.6m
($ 0.26m). During the period, MZN2.3 million ($ 35,056) of the principal
balance was repaid. The finance lease is repayable over 5 years maturing in
July 2023 and is secured on certain agricultural equipment.
Reconciliation to cash flow statement
At 31 Cash flow Foreign Exchange At 30 September 2021
March
2021
Non-current bank loans and finance leases 2,409 (171) 180 2,418
Current bank loans and finance leases 364 - 29 393
Overdrafts 3,652 4,087 443 8,182
6,425 3,916 652 10,993
6. Share capital
Authorised Allotted and fully paid
Number Number US$000
23,450,000 21,240,618 3,135
At 31 March 2021, 30 September 2021 and 2020
At 31 March 2021, 30 September 2021 and 2020
Deferred shares of 0.1p each 155,000,000 155,000,000 238
Total share capital 178,450,000 176,240,618 3,373
The Company has one class of ordinary share which carries no right to fixed
income.
The deferred shares carry no right to any dividend; no right to receive
notice, attend, speak or vote at any general meeting of the Company; and on a
return of capital on liquidation or otherwise, the holders of the deferred
shares are entitled to receive the nominal amount paid up after the repayment
of £1,000,000 per ordinary share. The deferred shares may be converted into
ordinary shares by resolution of the Board.
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AnnouncementREG - Agriterra Ltd - 2023 Annual Results and Trading Restoration
AnnouncementREG - AIM Agriterra Ltd - Restoration - Agriterra Limted
Announcement