Sale of Kenyan Companies to Anglo African Agriculture Plc

Anglo African Agriculture plc (“AAA” or the “Company”)

10 June 2019

Comarco is pleased to announce that it has signed conditional share purchase agreements to sell the entire issued share capital of all the companies within the Comarco Group that are based in Kenya and engaged in the port and marine logistics business (the "Proposed Acquisition").

Anglo African Agriculture Plc (AAA) is a London Stock Exchange Main Board listed trading company with an African focus.

The consideration paid will be USD 30m, payable in AAA new ordinary shares at 0.5p per share. The companies are: Consolidated Marine Contractors Limited (CMC); Comarco Properties (EPZ) Limited (CPL); Kenya Marine Contractors (EPZ) Limited (KMC); Touchwood Investments Limited (TIL) and Comarco Supply Base (EPZ) Limited (CSB) (“Comarco Group”).

The Proposed Acquisition by AAA is subject, inter alia, to an equity fundraising, the publication of a prospectus, shareholder approval in general meeting and relevant regulatory and stock exchange approvals.

The Proposed Acquisition by AAA, if completed, would result in current AAA shareholders having a minority interest (expected to be less than 5%) in the Enlarged Group and would constitute a Reverse Takeover ("RTO") under the Listing Rules.

Simon Phillips, CEO of the Comarco Group: “We have been working with the AAA team and their advisers for many months now and quickly came to the conclusion that an RTO of AAA was a good opportunity to access capital markets to drive growth in the group”.

AAA issued an RNS to the Stock Exchange this morning and a full copy of that announcement can be found at link below.

Relevant Links

Disclaimer of Liability: The materials contained on this Website have been prepared for information purposes only. Whilst every care has been taken to ensure the accuracy of the materials, we accept no responsibility for loss or damage which may arise from reliance on information contained on this Website.

© Copyright 2019. All Rights Reserved.