6 Sep 2013 07:00
AfriAg plc
("AfriAg" or the "Company")
Completion of investment in South African agri-logistics business
On 30 July 2013 AfriAg (AIM: AFRI), the AIM-listed agricultural value chain investing company, announced that it had signed the sale and purchase agreement ("SPA") to acquire a 40% shareholding in South African company AfriAg (Pty) Ltd ("AfriAg SA"). The Company is pleased to announce that it has completed this investment and confirms that as per the previous announcements all necessary approvals have been obtained and that the balance of the consideration comprising 188,000,000 new ordinary shares in AfriAg ("Consideration Shares") have now been issued in accordance with the details disclosed in the previous announcement dated 30 July 2013.
Application will be made for the Consideration Shares to be admitted to trading on AIM ("Admission"). The Consideration Shares will represent approximately 18.55% of the enlarged issued share capital of AfriAg on Admission. The new ordinary shares will rank pari passu with the existing ordinary shares of 0.1pence each ("Ordinary Shares") in the Company and trading of the Consideration Shares on AIM is expected to commence on or about 12 September 2013.
On Admission, the Company's enlarged issued share capital will comprise 1,013,374,824 Ordinary Shares each with each share carrying the right to one vote. There are no shares held in treasury. The total number of voting rights in the Company is therefore 1,013,374,824. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in AfriAg under the Disclosure Rules and Transparency Rules of the UK Financial Conduct Authority.
For further information please contact:
AfriAg plc: +44 (0) 20 7440 0640
David Lenigas
Donald Strang
Nominated Adviser and Broker:
Allenby Capital Limited +44 (0) 20 3328 5656
Nick Harriss/Nick Athanas/
Michael McNeilly
Public Relations:
Square1 Consulting +44 (0) 20 7929 5599
David Bick