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AAAP - Anglo African Agriculture News Story

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Last Trade - 07/05/21

Sector
Consumer Defensives
Size
Micro Cap
Market Cap £1.48m
Enterprise Value £2.53m
Revenue £1.77m
Position in Universe 1798th / 1821

Anglo African Ag PLC: Progress on the Proposed RTO

Mon 4th January, 2021 7:00am
The information contained within this announcement is deemed to constitute
inside information pursuant to the EU (Withdrawal) Act and amended pursuant
to Market Abuse (Amended) (EU Exit) Regulations 2019. Upon the publication of
this announcement, this inside information is now considered to be in the
public domain.  

4 January 2021 

Anglo African Agriculture plc
(“AAA” or the “Company”)  

Progress on the Proposed RTO  

The Company is pleased to provide 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. 

AAA has been working with the management of the Comarco Group for over two
years, assisting on the group’s operational restructuring and strategic
positioning for growth. As per the update on 16 November 2020 and
the update dated 14 December 2020, Heads of Terms were signed in order to
progress the Reverse Takeover (“RTO”) and both parties have
been finalising the definitive SPA’s. AAA is pleased to announce that
the extension of the SPA’s have been signed with a long stop date of
30 April 2021, both parties are progressing in order to complete the
RTO as soon as possible. 

The Comarco Port is a strategic asset which benefits from its ideal position
on the East Coast of Africa to serve as both a transhipment hub and a natural
gateway for trade into and out of the wider region and thereby provide
stability and long-term growth in an uncertain world. The Board of
AAA believes and reiterates that the RTO is a solid transaction and
is in the best interest of AAA shareholders. AAA would also like
to express its gratitude to shareholders and their patience and continued
support in the RTO. 

The finalised extension of the SPA’s and the progress
with 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) Charlie Pettifer                                                                       +27 (0)82 6191 081 +44 (0)77 8811 4411  
                                                                                                                                                                                 
 VSA Capital Limited (Financial Adviser and Corporate Broker)                                                                            +44 (0)20 3005 5000                     
 Andrew Monk (Corporate Broking) Andrew Raca (Corporate Finance) Maciek Szymanski (Corporate Finance) Sean Urquhart (Corporate Finance)                                          
 Anglo African Agriculture plc                                                                                                                                                   
 David Lenigas, Non-Executive Chairman                                                                                                   +44 (0)20 7440 0640                     
 Rob Scott, Executive Director                                                                                                           +27 (0)84?6006 001                      



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