Anglo African Ag PLC AAA moves ahead with Kenyan oil and logistics port loan

 
TIDMAAAP 
 
12 November 2018                                        For Immediate Release 
 
                         Anglo African Agriculture plc 
                           ("AAA" or the "Company") 
 
            AAA moves ahead with Kenyan oil and logistics port loan 
 
Further to the announcement made by the Company on 14 September 2018 concerning 
the proposed provision of a loan to the privately-owned, Kenyan-based port and 
marine logistics group, Comarco Group ("Comarco"), the Board of AAA is pleased 
to announce that all the conditions precedent for the loan have been met and 
the $1 million loan has been advanced to Comarco. 
 
David Lenigas, Non-Executive Chairman, commented; 
 
"I am delighted that we have completed our due diligence and decided to advance 
this loan to Comarco.  This transaction and funding will allow them to fully 
capture the recent upswing in its port activities and for AAA to develop our 
relationship.  Since our announcement that we intended entering into this loan, 
we have been approached by numerous parties expressing their interest to 
cooperate with us in various forms.  This is significant, as this clearly 
demonstrates that we have managed to find a very valuable and uniquely 
positioned asset with potentially very large upside potential. The recent oil 
price rise has been highly beneficial for the port, as it is heavily exposed to 
oil and gas related services (although not solely reliant thereon). I am also 
delighted that the trading at both our fully owned subsidiary, Dynamic 
Intertrade (Pty) Ltd as well as our 46.8% owned subsidiary, Dynamic Intertrade 
Agri (Pty) Ltd, are continuing on their improved trend. We are now well 
positioned to grow the AAA business significantly and deliver the type of 
performance our shareholders expect." 
 
The 24-month loan will be used to help fund the growth of Comarco's port and 
marine logistics business and repay existing debt.  The secured loan is 
provided at a 12% rate per annum increasing to 15% after nine months. In 
addition to this, AAA has begun to provide assistance with Comarco's 
restructuring.  The Directors are confident that the loan will open new avenues 
for both AAA and Comarco to jointly find and work on investment opportunities. 
 
For further information please contact: 
 
Anglo African Agriculture plc                       [phone] 
 
David Lenigas, Non-Executive Chairman 
 
Rob Scott, Executive Director                       [phone] 
 
VSA Capital Limited (Financial Adviser and          [phone] 
Corporate Broker) 
 
Andrew Raca 
 
 
 
 
END 
 

(END) Dow Jones Newswires

November 12, 2018 02:00 ET (07:00 GMT)