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Africa is, sadly, very used to dealing with diversity and will bounce back. Europe has more to lose but hopefully the response systems are much improved for any new cycle of infection.
Will this new variant have a big impact on DI… hopefully it can stay in business
Thanks for the feedback Mike. Very disappointing news and I hope the company is able to extract some recompense for the significant sums outlayed on this proposed RTO.
Completely agree Bigmj, absolute disgrace. To drag it out this long before then reneging on the deal, really is unbelievable. Glad to hear you are supportive and hopefully AAAP can find a more suitable partner/growth plan in the near future (preferably one who has morals and decency this time!)
What’s happened is disgraceful, I can’t say too much but I am supportive of legal action and willing to help as you can see by me renegotiating my CLN.
I believe we have a robust claim and will be putting my weight behind it
Well there goes that theory then, RNS out.
What a waste of time, effort and money this has been for AAAP. I hope they continue with legal action against Comarco. Their behaviour has been appalling.
28 October 2021
Anglo African Agriculture plc
(“AAA” or the “Company”)
Corporate Update – termination of Comarco discussions
The Company announces that, as agreement was not capable of being reached with the vendors, discussions concerning the acquisition of the Comarco group of companies (the “Comarco Group”) have terminated.
Comarco transaction update
AAA made a $1m loan available to Comarco in November 2018 for an initial period of 24 months (the “Loan”). The Loan was subsequently extended and was due for repayment on 30 September 2021. The Loan, together with accrued interest, amounting in aggregate to $1.5m has been repaid.
The Company is pleased to have received repayment of the Loan, although it is considering taking legal action against the vendors of the Comarco Group to recover certain costs and expenses incurred by AAA.
Convertible Loan Note
The Board of AAA has also been in discussion with the holder of £250,000 Convertible Loan Notes that expired on 30 September 2021. The holder has informed AAA that he is agreeable to the Convertible Loan Notes being extended. The Convertible Loan Notes will continue to accrue interest at the previously agreed rate of 12%.
Andrew Monk, Chairman of the Company commented “We are obviously very disappointed that after such a long period of time, the vendors of Comarco Group could not reach agreement among themselves to combine with AAA and achieve a listing and also clearly behaved in a manner that caused harm to AAA. By contrast, we behaved honourably, have a supportive shareholder base and we will now be looking for a new direction in which to grow the Company”
I agree Optimist13, looks highly likely the deal is back on, in what shape or form we don’t yet know, but hopefully we hear very shortly, as surely this is a material enough development to require a RNS…
Why would you post the message if the RTO was not going ahead!....we will hopefully here some better news very shortly.
AGAplc (LSE:AAAP)
@AGA_Plc
·
36m
#AGA #AAAP @AGA_Plc
?????????? ?????????????? ?????????????????????? - ????????????????????????????
The company is heading in a radical new direction with its soon-to-complete acquisition of The Comarco Group, a Kenyan port and marine logistics firm
https://buff.ly/3hqLjnw
The company tweets about Comarco have restarted....
Hopefully a compromise has been found to salvage the deal otherwise a lot of time and money will have been wasted.
If one has a prospective investment and proposed partner such as this, their behaviour as indicated in the recent RNS should throw up a large red flag to further joint activity. Clear Comarco have found an alternative partner or income source. In that regard they have let down and failed in their agreement with AAAP. While clearly AAAP would be desirous of the return of the $1m advance, AAAP if they have use for that land, (and it is free of other unknown perhaps encumbrances), should proceed to recover it for their sole benefit. Comarco's fleet is basically a collection of old bangers. With the present availability of comparable tonnage they should just go ahead and acquire a core new(er) fleet to suit their particular needs. Better management can be bought.
As an additional pain it seems also they may optionally consider dropping 30% of the new venture on this individual in Comarco who is attempting to rescind an agreed deal for a long time. If there were concerns this presumably could have been raised in good time, not as a contributory to further delay the process. Embarrassing to encounter a result as this, but on reflection AAAP may consider they have dodged a bullet, as proven good faith seems to be a no-show. Jmo..
Don't worry , I will get involved as much as I am able to , to ensure a fair outcome for all shareholders.
The best option for all parties, is to continue with the transaction
Good to see that the talks have not broken down completely.
As you are the major shareholder in AAAP Mike, no doubt you will make sure all parties get the best deal possible.
Positive news, Thanks
13 October 2021
Anglo African Agriculture plc
(“AAA” or the “Company”)
Corporate Update
The Company is pleased to provide a progress update on the proposed acquisition of the Comarco group of companies (the “Comarco Group”). The Comarco Group is based in a port in Mombasa, Kenya (the “Port”) and is engaged in port and marine logistics activities in East Africa.
Extension of expiring Convertible Loan Notes and Comarco transaction update
As announced on 1 October 2021, the Board of AAA was informed by certain shareholders of Comarco that they were unwilling to proceed with the sale of the Comarco Group to AAA and that they will arrange for the repayment of the loan and interest due to AAA which amounts to approximately $1.5mn.
The Board has offered an alternative solution to the shareholders of Comarco representing approximately 70% of the combined businesses. The Board of AAA have proposed to continue the transaction by acquiring just their shares and allowing the one shareholder who is not currently in favour of the Comarco transaction to remain invested directly in Comarco as a minority shareholder. Should the business then require funding in future the minority shareholder will either have to match the funding up to the relevant percentage or be diluted down. This proposal has a verbal acceptance subject to it being in accordance with the articles of the relevant Comarco companies.
The Board of AAA has also been in discussion with the holder of a £250,000 Convertible Loan Notes that expired on September 30th 2021. The holder has informed AAA that he is agreeable to the loan being extended until the outcome of the proposed Comarco Group Acquisition is determined. The Convertible Loan Notes will continue to accrue interest at the previously agreed rate of 12%.
As the above proposal gives no certainty of an outcome to the Company, AAA intends to start legal procedures under the terms of the loan agreement with Touchwood Investments Limited (“Touchwood”) and reserves its right to exercise the option to acquire the entire issued share capital of Touchwood for a nominal consideration.
Having mike Joseph’s full backing for the board and shareholders gives me confidence that he will do everything in his power to try and resolve this matter GLA
Twitter message from Mike Joseph:
Mike Joseph
@benchpressmike
·
Oct 2
This is appalling , I will be pushing the board to make sure we get full value from the security we have in place , not letting @ComarcoGroup
get away with this , I have the funds and connections and will back the board
Sorry to hear that Bloodshot. I hope your luck turns elsewhere and you can recover your losses
Decided to sell out. Absolutely gutted.
I was already deeply under water with this on paper after hanging on to my investment on repeated promises that didnt materialise and have now taken a massive loss that will affect my future plans.
Good luck to all that remain. Maybe I made another big mistake to sell now but just couldnt risk losing it all.
Good luck to all that remain.
Gutted!
yes we can but its obviously quite a complicated and lengthy process
Hi Mike,
Yes, very disappointing news. Especially given how long this has been drawn out. I don’t suppose there is any further information you are able to share?
What is your expectation from this point? Is claiming Touchwood the most viable option as they have pulled out of the transaction?
As funds are due to be repaid immediately, I assume this furthers the breach of contract by Comarco by suggesting end of October repayment, as AAAP has full right to claim the land rather than wait for payment?
Extremely frustrating either way!
Thanks
At the last hurdle too, if we have passed the loan repayment date can we not take Touchwood as they didn't uphold the terms of the loan agreement?
Not great news today but as they say, its not over until the fat lady sings, I will be doing my utmost to make sure of this
I guess it it going to take a day or two extra they may not need to RNS it but any longer they will. Certainly last minute if it is going to be completed.
Either way, we will know something in the next few days.