29 Sep 2016 07:00
ANGLO AFRICAN AGRICULTURE PLC - Offer to Buy Guar Bean JV InterestANGLO AFRICAN AGRICULTURE PLC - Offer to Buy Guar Bean JV Interest
PR Newswire
London, September 28
| 29 September 2016 |
Anglo African Agriculture plc
(“AAA” or the “Company”)
Offer to buy Guar Bean JV interest.
Anglo African Agriculture plc (LSE: AAAP), the London Main board listed food manufacturing company announces that it has received an offer, subject to due diligence and final contract, from Prime Meridian Resources Corporation (“PMR”) of Canada to buy the Company’s 49.9% interest in its Guar Bean Production Joint Venture in South Africa. The result of this deal concluding will see all debt within the Guar Bean JV company eliminated, PMR paying all ongoing costs and also the return of ZAR 1.4 million back to AAA on successful closing.
The offer is currently non-binding and it is anticipated that it will become binding within 30 days, subject to the necessary due diligence by PMR and formal sale agreements being signed within the 30 day period.
David Lenigas, the Company’s Chairman, commented:
“Should this deal close, AAA will be able to direct the sale proceeds and the money currently being spent on the loss making Guar Bean JV directly in to growing our core business of manufacturing, import and distribution of herbs, spices and seasonings for the food manufacturing sector where we see significant upside.”
For further information, please contact:
| Anglo African Agriculture plc | +44 (0) 20 7440 0640 |
| David Lenigas, Non-Executive Chairman Rob Scott, Non-Executive Director | |
| VSA Capital Limited (Financial Adviser and Broker) | +44 (0) 20 3005 5000 |
| Andrew Raca / James Asensio | |