11 Apr 2016 10:32
ANGLO AFRICAN AGRICULTURE PLC - Operational update, Placing and Directors’ DealingsANGLO AFRICAN AGRICULTURE PLC - Operational update, Placing and Directors’ Dealings
PR Newswire
London, April 11
| 11 April 2016 | For Immediate Release |
Anglo African Agriculture plc
(“AAA” or the “Company”)
Operational update, Subscriptions to raise £75,000 and Directors’ Dealings
AAA is pleased to announce that it has raised £75,000, through a placing of 15,000,000 new ordinary shares of 0.1p each in the Company (the "Placing Shares") at a price of 0.5p per Placing Share (the “Placing Price”), among Directors, a related trust and an investor (the "Placing").
The proceeds of the Placing will be used to support working capital requirements at the Company’s subsidiary, Dynamic Intertrade, during a period of expansion of Dynamic Intertrade’s business through diversification of both its product range to higher margin products, and its client base.
Operational update
Since the beginning of the year we have re-positioned Dynamic Intertrade’s trading activities to include blended spice mixes and seasonings and expanded our existing processing capabilities. The Placing will facilitate the trading benefits. The Placing was supported by two Directors and an investor who had previously expressed interest in supporting the Company.
Neil Herbert, Non Executive Chairman of the Company commented:
“Following the 2015 relocation of AAA's wholly owned spice and seasonings business to a modern and fully certified food processing facility in Cape Town, the focus of the new management team is to expand both the client base and enhance the product range with higher margin products to meet growing demand. We look forward to an exciting year for the spice and seasonings business and we are actively reviewing other potential food business acquisitions for AAA.”
Details of the Placing
The proceeds of the Placing have been received by the Company. In accordance with Listing Rule 14.3.4 Admission of the Placing Shares will be made as soon as possible and in any event within one year of the allotment. The number of Placing Share comprises more than 10% of the Company’s issued share capital, and although the Placing Shares have been allotted, Admission of the Placing Shares will require the publication of a prospectus in accordance with Prospectus Rule 1.2.1. The Company intends to publish a prospectus in accordance with the requirements of Listing Rule 14.3.4, but is not currently in a position to announce when this will be. Further announcements will be made in due course. The Placees have agreed that they will not transfer their Placing Shares until Admission of such shares.
The Placing Shares will, rank pari passu in all respects with the existing ordinary shares of 0.1p each in the Company ("Ordinary Shares").
Following the issue and allotment of the Placing Shares, the Company's enlarged issued ordinary share capital will comprise 109,896,125 Ordinary Shares.
This figure of 109,896,125 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Neil Herbert and George Roach, being Directors of the company have subscribed for 5,000,000 and 1,250,000 new Ordinary Shares (the "Director Subscription Shares") respectively at the Subscription Price (the "Director Subscriptions").
Each of the aforementioned directors' interests in the ordinary share capital of the Company will be as follows:
| Director | Current interest in Existing Ordinary Shares | Subscription Shares | Interest in Ordinary Shares on Admission | % of Enlarged Share Capital on Admission |
| Neil Herbert (Note 1) | 6,000,000 | 5,000,000 | 11,000,000 | 10.0% |
| George Roach (Note 2) | - | 4,000,000 | 4,000,000 | 3.6% |
| Andrew Monk (Note 3) | 2,000,000 | - | 2,000,000 | 1.8 |
Notes
Neil Herbert's interest is held in Huntress (CI) Nominees Limited
George Roach is interested in ordinary shares in the Company through Corestar Holdings Limited which owns 8,596,338 ordinary shares and Coc’Roach Limited which owns 5,000,000 ordinary shares, representing 7.8% and 4.5% respectively of the Company’s issued ordinary share capital.Corestar Holdings Ltd is a BVI company which is wholly-owned by the Corestar Trust, a trust established for the furtherance of certain purposes which could include the provision of benefits to George Roach and his family, at the discretion of the trustees of the trust. Coc’roach Limited is owned by the Coc’roach Trust. The Coc’roach Trust is a partial discretionary trust pursuant to the terms of which George Roach and his family may fall within the class of potential beneficiaries.
Andrew Monk’s shareholding is held in his SIPP.
For further information please contact:
| Anglo African Agriculture plc | +44 (0) 20 3005 5000 |
| Neil Herbert, Non-Executive Director | |
| VSA Capital Limited (Financial Adviser) | +44 (0) 20 3005 5004 |
| Andrew Raca |