REG - Amala Foods PLC - Statement re Corporate Update

Amala FoodsAnnouncement

28/02/2022 07:00

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RNS Number : 9924C  Amala Foods PLC  28 February 2022

 

Amala Foods Plc

("Amala" or the "Company")

 

Re: Corporate Update

 

Amala Foods Plc (LON: DISH), a food technology company, is pleased to announce
that following the announcement of 17 February 2022 that due diligence is now
progressing in relation to the Rare Earths Elements potential transaction and
a further market update will follow in due course.

The Company announced on several occasions the intention for the venture
builder business to be spun out into a separate listing.  This technology
business is effectively housed within the Company and has continued to develop
positively over recent months. As a consequence of this, discussions have
recently taken place with third-party investors to provide additional funding
into a new company which will seek an Aquis listing by the summer of 2022 and
where it is anticipated that a £3 million market capitalization upon
Admission will be achieved.  Should this ultimately conclude, Amala Foods Plc
will be the majority shareholder in this new company and if successful, the
Company intends to distribute its shareholding to current shareholders.

 

Furthermore, should the Company successfully conclude a transaction with Terra
Rara UK Limited as announced last week then the Company would seek to create
value from its stake in the plant-based foods joint venture company.  The
Company announced last week that it was preparing to supply a second local
pizza chain which has progressed to receiving an initial order
for plant-based pepperoni.

 

Aidan Bishop, Director, commented:

 

"Our optimism for a rebirth of Amala Foods Plc continues to grow by the day
and it is reassuring that we have numerous levers to pull in regards to
creating value for shareholders that has the potential to reflective value
beyond the current market capitalisation"

 

Enquiries:

 

Jonathan Morley-Kirk, Non-Executive Chairman

jmk@bigdish.com

 

 

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