Operational update, Placing and Directors’ De...

About this update from Everest Global Plc

[{"type":"text","content":"\n \n\n\n11 April 2016\nFor Immediate Release\n\n\n\nAnglo African Agriculture plc\n\n(“AAA” or the “Company”)\n\nOperational update, Subscriptions to raise £75,000 and Directors’ Dealings\n\nAAA is pleased to announce that it has raised £75,000, through a placing of 15,000,000 new ordinary shares of 0.1p each in the Company (the \"Placing Shares\") at a price of 0.5p per Placing Share (the “Placing Price”), among Directors, a related trust and an investor (the \"Placing\").\n\nThe proceeds of the Placing will be used to support working capital requirements at the Company’s subsidiary, Dynamic Intertrade, during a period of expansion of Dynamic Intertrade’s business through diversification of both its product range to higher margin products, and its client base.\n\nOperational update\n\nSince the beginning of the year we have re-positioned Dynamic Intertrade’s trading activities to include blended spice mixes and seasonings and expanded our existing processing capabilities.  The Placing will facilitate the trading benefits.  The Placing was supported by two Directors and an investor who had previously expressed interest in supporting the Company.  \n\nNeil Herbert, Non Executive Chairman of the Company commented:\n\n“Following the 2015 relocation of AAA's wholly owned spice and seasonings business to a modern and fully certified food processing facility in Cape Town, the focus of the new management team is to expand both the client base and enhance the product range with higher margin products to meet growing demand.   We look forward to an exciting year for the spice and seasonings business and we are actively reviewing other potential food business acquisitions for AAA.”\n\nDetails of the Placing\n\nThe proceeds of the Placing have been received by the Company.  In accordance with Listing Rule 14.3.4 Admission of the Placing Shares will be made as soon as possible and in any event within one year of the allotment.  The number of Placing Share comprises more than 10% of the Company’s issued share capital, and although the Placing Shares have been allotted, Admission of the Placing Shares will require the publication of a prospectus in accordance with Prospectus Rule 1.2.1.  The Company intends to publish a prospectus in accordance with the requirements of Listi...

More updates from Everest Global Plc