Everest Global PLC - London-based investment company focused on African agricultural sector - Extends exercise period of put-and-call option agreement with K2 Spice Ltd to January 31 from December 31. In October, K2 subscribed to new shares in Everest subsidiary Dynamic Intertrade for ZAR10,982, around USD579, bringing its interest in the company to 49%. Everest also agreed to assign debts owed by Dynamic, amounting to GBP4.2 million, to K2. K2 agreed to pay GBP100,000 and to fund Dynamic's business operations until Everest ceased to hold its remaining 51% stake in the company.
Companies also entered an option agreement, granting K2 the option to acquire Everest's remaining interest in Dynamite for GBP1.00. Option was exercised by K2 Spice on January 16.
Current stock price: Everest Global closed down 3.9% at 3.12 pence each in London on Wednesday.
12-month change: down 17%
By Hugh Cameron, Alliance News reporter
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Everest Global (EVST)