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7.70 GBX +2.20 (40.00%)
16 Nov, 15:11 GMT · Disclaimer
David Lenigas
@DavidLenigas
Anglo African Ag PLC Announces Update on the Proposed RTO and Trading Update on Comarco. This are moving along very nicely now for a change. #AAAP https://investegate.co.uk/anglo-african-ag-plc/aaap/update-on-the-proposed-rto-and-trading-update-o---/20201116113250P304E/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Anglo%20African%20Ag%20PLC%20Alert
12:32 pm · 16 Nov 2020·Twitter for iPhone
The Parties have secured a non-binding equity investment term sheet from a large international fund, as well as a non-binding term sheet regarding new debt facilities with Comarco Group with an established East African bank
Number one spot on leader board getting noticed now...
Nice stream of buys coming in now, seems the last lot to go below 8.5
Off we go...
Complete lock down. Nt.... Re rate could take ti's to 30p today.
31% up and counting.
Many peeps paid over 20p plus few years ago. I think we are looking at 25p plus
Nt, and 8p paid. A few bags here. Financing deal looks good.
Many peeps paid over 20p plus few years ago. I think we are looking at 25p plus
Have held this for a long time. Excellent RTO RNs. About time.
8p paid....
Auction 7p. What's fair value after rto anyone?
This could be massive....
once the RTO finally happens, this will fly
Trying to buy for 15mins!!nt!!
Any ideas where this will end up
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Monday 16 November, 2020
Anglo African Ag PLC
Update on the Proposed RTO and Trading Update on Comarco
The information contained 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.
16 November 2020
Anglo African Agriculture plc
(“AAA” or the “Company”)
Positive Update on the Proposed RTO and Positive Trading Update on Comarco
The Company is providing 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. On 12 November 2018, the Board of AAA announced that a $1 million loan was advanced to provide general working capital to Comarco Group (the “Port Loan”). The Port Loan was provided as part of AAA’s assistance to restructure the Comarco Group. The Port Loan was repayable on 11 November 2020 and is currently accruing interest at 15%. As of 16 November 2020, the sum repayable under the Port Loan is approximately $1.3mn (c.£1mn), the repayable amount continues to increase as interest accrues daily. On 9 June 2019, AAA signed conditional share purchase agreements (the “SPAs”) to acquire the entire share capital of a number of the Comarco Group companies (the “Proposed Acquisition”). The SPAs were extended until 31 August 2020.
As per the Proposed Reverse Takeover announcement dated 23 September 2020, the Board of AAA and Comarco Group have been discussing terms of a new extension of the SPAs. The Company is pleased to announce that it has signed a Heads of Terms agreement with Comarco Group that confirms the path to the Reverse Takeover (“RTO”).
Highlights of Heads of Terms
Interest in Enlarged Group: Comarco Group vendors will, prior to any fundraising as part of the RTO, have an approximate 93.7% interest and AAA will have an approximate 6.3% interest (ratios unchanged); This means that the ratio remains the same for the new ownership despite the fall in the AAA share price over the last 12 months
Funding: The Parties have secured a non-binding equity investment term sheet from a large international fund, as well as a non-binding term sheet regarding new debt facilities with Comarco Group with an established East African bank. In addition to this funding, AAA will undertake to secure further fundraising as part of the RTO;
Port Loan extension: AAA has extended the term of the Port Loan for a
All aboard
Added a few more myself this morning.
Further news can't be far off now.....I hope
It is clearly a concern for the people in Mozambique who live in the area, but it is certainly not stopping the construction of the LNG facilities. This is old news, but a lot of money is being spent on security by the Government and Total:
https://www.total.com/media/news/communiques/total-signs-agreement-with-the-government-of-mozambique-regarding-the
Extract:
This new Memorandum of Understanding provides that a Joint Task Force shall ensure the security of Mozambique LNG project activities in Afungi site and across the broader area of operations of the project. Mozambique LNG shall provide logistic support to the Joint Task Force. The Government of Mozambique is committed that the Joint Task Force personnel shall act according to the Voluntary Principles on Security and Human Rights (VPSHR).
Anything to be concerned about?
https://www.bbc.co.uk/news/world-africa-54877202
I’ve placed an order for another handful in the morning on the basis that the rto is too good a deal for either party not to go ahead - and soon too for all the long termers here, let’s hope!
Me too..a good time to add methinks.
Fingers crossed things will start to happen soon and like you say..if big Mike is confident, (holding almost a third of the company) then its good enough for me.