Business
Update on the Comarco transaction and COVID-19
Update on the Comarco transaction and COVID-19.
About this update from Everest Global Plc
[{"type":"text","content":"\n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n 11 May 2020 \n \n Anglo African Agriculture Plc\n \n (“AAA” or the “Company”)\n \n \n \n Update on the Comarco transaction and COVID-19\n \n The Board of AAA today issues an update on its existing operations in the current Coronavirus environment and progress on the proposed Reverse Takeover of the Comarco group of companies (the “Comarco Transaction”).\n We are pleased to report that the Company’s trading subsidiary, Dynamic Intertrade (“DI”), is fully operational despite the Coronavirus lockdown in South Africa. As a food manufacturer DI is an essential manufacturer under South African regulations. In addition, all staff working at DI have always kept to an extremely high standard of hygiene as dictated by FSSC requirements and worn masks and protective clothing ensuring safety of employees and products. Although DI is trading in a difficult environment it is still supplying to its major customers and production is continuing at a pace. It is expected, based on indicative orders, that for the six months ending 31 October 2020, that revenues will be almost double the corresponding period in the previous year. One of the major customers recently issued a six-month production order amounting to some US$1m starting July this year. Although the indicative orders look positive, due to the uncertainties caused by the Coronavirus the company cannot give future guidance year on year.\n Progress with the Comarco Transaction has been protracted, mainly due to the general capital markets environment and the fact that many investment decisions have been put on hold until the effects of the Coronavirus are understood. Comarco as a Port and Marine logistics operator is currently not materially affected by Coronavirus, however there is a slow down as with all trade worldwide. Activity on the Mozambique LNG project has also slowed down due to contractors not been able to travel and a general 30-day lockdown in Mozambique. \n The parties are in the process of documenting an extension of the longstop date to 31 August 2020. Given that the ...