Business
Subscription of New Shares Raising US$4.32 million
Subscription of New Shares Raising US$4.32 million.
About this update from Pacsco Limited
[{"type":"text","content":"\n \nRNS Number : 9678N Agriterra Ltd 14 August 2017 \n\nThe information communicated 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 \nAgriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture\n14 August 2017\nAgriterra Ltd ('Agriterra' or the 'Company')\n \nSubscription of New Shares Raising $4.32 million \nProposed Board Changes, Waiver of Rule 9 of the Takeover Code and\nNotice of General Meeting\n \n \nAgriterra Limited, the AIM listed African agricultural company, is pleased to announce, subject to shareholder approval, a proposed Subscription for new Ordinary Shares in the Company, raising approximately $4.32 million. \n \nSummary of the Proposed Subscription:\n \n· Cash subscription by Magister Investments Limited (\"Magister\") for 1,062,243,291 new Ordinary Shares \n· Subscription price of 0.3126 pence per Ordinary Share, represents a premium of 60.3 per cent. to the closing share price of the Company as at 11 August 2017\n· Magister will hold 50.01 per cent. of the Enlarged Share Capital immediately following completion of the Subscription\n· Strengthening of the Board with the appointments of Mr. Hamish Rudland, Mr. Gary Smith and Mr. Brendan Scott. Mr. Groves will also step down from the Board immediately following the General Meeting\n \nCaroline Havers, Non-Executive Chair of Agriterra said: \"This proposed investment comes at a pivotal time in the development of Mozambique's agricultural markets, and I am confident that this injection of capital will position Agriterra strongly as we look to build and grow our grain and beef businesses. Following the end of a two-year drought, coupled with an ameliorating political and economic environment which is attracting increasing foreign investment to Mozambique, we believe the agricultural platform which we have established is now ripe for growth.\n \n\"Importantly, this investment not only provides us with significant capital to execute our development plans, but also brings with it th...