Business
Director's Report and Financial Statements
Director's Report and Financial Statements.
About this update from Everest Global Plc
[{"type":"text","content":"\n \n \n \n 28 February 2020\n \n \n \n Anglo African Agriculture plc\n (“AAAP” or the “Company”)\n DIRECTORS’ REPORT AND FINANCIAL STATEMENTS\n FOR THE YEAR ENDED 31 OCTOBER 2019\n Company Registration No. 07913053 (England and Wales)\n Overview\n The results today do not reflect the overall direction that AAA is heading in. It has been known over the last few years that AAA could operationally improve Dynamic Intertrade, despite this, Dynamic Intertrade on its own could not sustain a Plc listing. In order to diversify its revenue stream, 18 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. During 2019, a large amount of work was expended to finalise the acquisition. AAA has assisted the management team of Comarco Group to re-organise and prepare themselves to have suitable controls and processes for a listed Company having been a family owned business for 38 years. This included the valuations of all Comarco Group assets, audited review of all the financial accounts and the preparation and publication of a Share Registration Document in anticipation of the finalisation of the transaction and the associated equity fundraise.\n A combination of macroeconomic uncertainty resulting from the UK General Election and Brexit as well as institutional capital flight from the small cap market resulting from the demise of Woodford Investment Management together created difficult capital market conditions to raise the capital required to complete the RTO. During the course of marketing Comarco Group globally, significant interest was raised from major Private Equity firms and Strategic Port operators. Conversations are currently underway and I am pleased on the ongoing progress. The impact of such a structure would mean less dilution for AAA shareholders and yet still provide material exposure to the growth of the port and marine logistic businesses.\n However, this does mean that the transaction will follow a different structure than originally anticipated and will require further time for due diligence to be conducted by the interested parties but to re-iterate, I believe ultimately, the future of AAA is aligned to the Comarco Group. AAA and the management of Comarco Group continue to believe that a listing is strategic...