RE: 99344421 Dec 2018 11:11
Just to clear up a couple of points. AAAP are not involved in the cannabis sector at this present time. You are probable thinking about another DL company, AfriAg Global.
As far as the loan to Comarco is concerned, it is more than just a loan, as the recent RNS alluded too. See below:
"In return for exclusivity in assisting with Comarco restructuring its historic debt set out below, AAA has agreed to make available a 24 month loan of up to US$1,000,000 to Comarco at a rate of 12% per annum increasing to 15% after 9 months
The specific use of funds will be mutually agreed between AAA and Comarco but will include the repayment of debt and the provision of funds for general working capital purposes, which will enable the port facility to grow and expand faster than would otherwise be the case.
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”).
Touchwood’s major asset is a 4.75-acre strip of land at the Comarco port in Mombasa, Kenya, which a recognised global real estate consultant has recently valued at US$12 million. Amongst Comarco’s existing client base of Marubeni, Halliburton and ENI, amongst others, Touchwood has recently signed an agreement with a large international trading and transportation group focused on liquefied petroleum gas (“LPG”), whereby an LPG import and distribution facility will be constructed on the Touchwood property.
Once AAA makes the loan, Comarco will commence a restructuring and consolidation of the Comarco group companies and operations. AAA will provide assistance with this and examine further ways to work or invest together with Comarco."
I am sure we will be seeing further announcements in the near term, and there is always the chance that will results in an RTO.
Also, the existing AAAP businesses are now profitable which should lead to an overall improvement in the bottom line.
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