Agriterra Ld Regulatory News (AGTA)

Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture

Agriterra Ltd ('Agriterra' or the 'Company')

Corporate Update and Senior Management and Board Changes

Following its announcement of 9 November 2017, Agriterra, the AIM listed African agricultural company, announces that it has appointed Mr Adelino Fernandes as Group Finance Director (non-board) with effect from 15 January 2018. Mr Fernandes will oversee all operational accounting and finance functions, reporting directly to the Board, and will be based in Chimoio, Mozambique, the Company's main operational centre.

Mr Brendan Scott, who recently assumed the position of interim Chief Executive Officer, will be stepping down from this position and as a director with effect from the end of February 2018 to take up a permanent position elsewhere.

Mr George Naude, the Company's long-standing Chief Operating Officer (Mozambique), will assume additional responsibilities to ensure the continued operation of the Company's businesses thereby supporting the Company's growth strategy which is focussed on expanding core businesses and developing complementary agricultural and food production businesses in Mozambique.

Ms Caroline Havers, will continue to steer the Company's corporate and commercial strategy from London in the new role of Executive Chair whilst the Board evaluates the need for additional executive appointments to further strengthen the Company's core management team.

Ms Havers, Executive Chair of Agriterra said, "I am delighted to welcome Adelino to the Agriterra team and I am confident that his experience, and presence on the ground at our operations in Mozambique, will support our focused growth strategy which is aimed at building Agriterra into a leading food producer in southern and East Africa.

 "I would also like to thank Brendan for his contribution in the evolving Agriterra story and wish him the best in his new position.

"In terms of our ongoing strategy, the focus of Agriterra will be on profitability, driven by aggressive cost cutting in corporate overheads and increased revenue generation in the maize meal and beef business. The business will be right-sized in its current operating environment before it can embark on any new projects. We believe that a leaner, meaner, focussed management team driven by the Board to generate cash and profits in 2018 will have a positive effect.

"Separately, an analysis has been commissioned and conducted by specialist third party consultants to determine crop suitability options on each of our farms. When this analysis has been completed the results will be reviewed and will assist us in developing a medium term strategy to capitalise, capacitate and monetise underutilised assets in order to contribute to the business of Agriterra."

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

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