Offer to Buy Guar Bean JV Interest

ANGLO AFRICAN AGRICULTURE PLC - Offer to Buy Guar Bean JV Interest

PR Newswire

London, September 28

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.”

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