26 Oct 2017 07:00
Anglo African Agriculture PLC - SubscriptionAnglo African Agriculture PLC - Subscription
PR Newswire
London, October 25
| 26 October 2017 | For Immediate Release |
Anglo African Agriculture plc
(“AAA” or the “Company”)
Funding to Strengthen AAAP’s Product Range and Business Expansion
The Board of Anglo African Agriculture plc (LSE: AAAP), the London Main board listed food manufacturing and trading company, today announces that it has raised approximately £140,000 (gross) (the “Subscription Amount”) by way of subscription of 20,000,000 new ordinary shares of 0.1p each (the “Subscription Shares”) at a price of 0.7p per Subscription Share.
The Subscription proceeds will be used to provide additional working capital, which will enable the Company to increase stock levels in the Dynamic Intertrade business to provide a wider product range for customers and allow the company to increase stock levels of core mixing ingredients to meet growing customer demand.
David Lenigas, Non-Executive Chairman, commented: “We are coming in to the very busy season for the Dynamic Intertrade and it is imperative we are well funded to keep up with growing customer demand over this period. We are also looking at new business opportunities and it is also important to have a stronger balance sheet whilst reviewing target businesses for acquisition.”
The Subscription Shares will rank pari passu with the existing ordinary shares. The Company has made application for admission of the Subscription Shares and it is expected that admission will become effective and that dealings in the Subscription Shares will commence at 8.00am on 1 November 2017.
Following the issue of the Subscription Shares, the Company will have 226,983,954 shares in issue.
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 Corporate Broker) | +44 (0) 20 3005 5000 |
| Andrew Raca | |