Business
Directors' Report and Financial Statements
Directors' Report and Financial Statements.
About this update from Everest Global Plc
[{"type":"text","content":"\n \n The information contained within this announcement is deemed to constitute inside information pursuant to the EU (Withdrawal) Act and amended pursuant to Market Abuse (Amended) (EU Exit) Regulations 2019. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n 23 March 2021\n Anglo African Agriculture plc\n (“AAAP” or the “Company”)\n DIRECTORS’ REPORT AND FINANCIAL STATEMENTS\n FOR THE YEAR ENDED 31 OCTOBER 2020\n Company Registration No. 07913053 (England and Wales)\n Overview\n As mentioned in the prior year the 100% subsidiary, Dynamic Intertrade, on its own cannot sustain a Plc listing. In order to diversify its revenue stream, 30 months ago in 2018, AAA announced a $1 million loan to Comarco Group and the subsequent intended acquisition of Comarco Group by means of a Reverse Takeover (“RTO”). Since then, a large amount of work has been expended to finalise the acquisition. Unfortunately, the breakout of COVID-19 during 2020 and issues resulting from the UK General Election and Brexit as well as institutional capital flight from the small cap market during 2020 has delayed the RTO. Over the last year we managed to secure a letter of intent for both an equity placement of $4.5m in AAA and a loan facility of $41m for the Company and the Comarco Group. These are subject to the usual due diligence and compliance checks that are currently ongoing.\n The transaction long stop date was initially 31 December 2019. This has now been extended to 30 April 2021. This demonstrates the commitment from both sides to work together to consummate this transaction. The world class Liquefied Natural Gas project in Mozambique has at long last been initiated and the project has a strong necessity for barges and landing craft. There has been a small interruption in the project mobilization due to insurgent activity in the area and the COVID-19 pandemic, however the project has had final approvals and it is expected to commence on a large scale with both on-shore and off-shore construction commencing during 2021. This is expected to provide a substantial boost to the marine logistics revenue of the Comarco Group for the coming 10 years.\n AAA’s primary operations and source of revenue remains Dynamic Intertrade, our Cape Town based spice trader. DI’s operation have been affected by C...