Comarco Port12 Mar 2019 10:30
I have just been reviewing my notes on this and re-read an article published by the Evening Standard last September and the RNS released by the company on the 30 August 2018.
The extract from the article says that AAAP gets the right to buy the 4.7-acre strip of land next to the port, which is earmarked for an LNG depot. It is worth reading the full article:
https://www.standard.co.uk/business/market-minnows-anglo-african-agriculture-a3926361.html
The RNS from the company says:
"The loan will be secured by a guarantee from Comarco group companies. Should the loan not be repaid, AAA will also have the right, for no further consideration, to exercise an option to acquire 100% of a wholly owned Comarco subsidiary called Touchwood Investments Ltd (“Touchwood”)."
Interestingly, the statement does not mention whether AAAP can buy the land or not, only that it security against the loan.
If AAAP are indeed negotiating a deal where they are a major partner in the LNG facility, you can understand why the directors are talking very positively about the future.
Andrew Monk said last week that the groundwork's for the LNG facility may begin this week. I will be reading very carefully the next news release to ascertain who are the beneficiaries of the deal.