REG - Agriterra Ltd - Interim Results <Origin Href="QuoteRef">AGTAR.L</Origin> - Part 2

AgriterraAnnouncement

26/02/2016 07:00

- Part 2: For the preceding part double click  ID:nRSZ2122Qa 

Market value as at 30 November 2014 - Unaudited        1,067  
 Decrease in fair value                                 (691)  
 Market value as at 31 May 2015 - Audited               376    
 Decrease in fair value                                 (311)  
 Market value as at 30 November 2015 - Unaudited        65     
 
 
9.    BORROWINGS 
 
                 30 November 2015    30 November 2014    31 May 2015  
                 Unaudited           Unaudited           Audited      
                 $000                $000                $000         
                                                                      
 Non-current                                                          
 Bank loans      1,091               -                   -            
                                                                      
 Current                                                              
 Bank overdraft  4,086               5,202               3,079        
 Other           142                 -                   -            
                 4,228               5,202               3,079        
                                                                      
                 5,319               5,202               3,079        
 
 
The Group has an overdraft facility of 220,000,000 (30 November 2014 and 31
May 2015: 179,000,000) Mozambique Metical (being approximately $4,400,000 at
the 30 November 2015 Metical to US$ exchange rate) to provide funding for its
grain operations in Mozambique. It is secured against certain of the Group's
property, plant and equipment and all maize inventory and finished maize
products. Interest is charged at the counterparty bank's Mozambique prime rate
less 3%, being a rate of 13% in all periods presented. Unless it is cancelled
by either party, the facility renews annually on 31 May. At 30 November 2015,
the Group had drawn $3,750,000 (30 November 2014: $5,202,000; 31 May 2015:
$3,079,000) under this facility. 
 
On 24 June 2015, the Group agreed new lending facilities totalling 105,000,000
Metical ($2,100,000 at the 30 November 2015 Metical to US$ exchange rate) to
finance its Beef division in Mozambique. The facilities comprise 75,000,000
Metical of term loans for the purchase of cattle, irrigation equipment,
butchery equipment, refrigerated vehicles and general capital purposes, and a
30,000,000 Metical overdraft. The term loans can be drawn until 24 December
2015 (which has been extended with no fixed term), carry interest at the
bank's prime lending rate plus 0.25% (currently 16.75%), and have a five year
term from draw down with a moratorium on capital repayments of 15 months. The
overdraft renews annually and carries interest at the bank's prime lending
rate (currently 16.50%). The lending facilities are secured against the
Group's abattoir in Chimoio and all cattle and meat inventories. At 30
November 2015, the Group had drawn $336,000 (30 November 2014: $nil; 31 May
2015: $nil) under this overdraft and $1,091,000 (30 November 2014: $nil; 31
May 2015: $nil) under the term loans. 
 
Other borrowings at 30 November 2015 represent pre-financing by a leading
global company focussed on natural, organic and speciality foods for the
Group's Cocoa trading operations to source up to 500 tonnes of cocoa on their
behalf. It was unsecured, bore no interest and was repaid through the delivery
of cocoa beans subsequent to the period end. 
 
The term loans are presented above as Non-current borrowings. All other
borrowings are presented as Current. 
 
10. SHARE CAPITAL 
 
                                                        Authorised       Allotted and fully paid  
                                                        Number           Number                   US$000  
 Ordinary shares of 0.1p each                                                                             
 At 30 November 2014, 31 May 2015 and 30 November 2015  2,345,000,000    1,061,818,478            1,722   
                                                                                                          
 Deferred shares of 0.1p each                                                                             
 At 30 November 2014, 31 May 2015 and 30 November 2015  155,000,000      155,000,000              238     
                                                                                                          
 Total share capital                                                                                      
 At 30 November 2014, 31 May 2015 and 30 November 2015  2,500,000,000    1,216,818,478            1,960   
 
 
This information is provided by RNS
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