11th Jun 2014 15:04
LONDON (Alliance News) - AfriAg PLC said Wednesday that it had agreed to cancel its equity swap agreement for GBP600,000 with YA Global Master SPV Ltd, instead securing YAGM as a long term shareholder.
AfriAg will issue YAGM with 32.5 million new shares, representing 2.74% of the company's enlarged share capital.
Shares in ArfriAg were trading down 4% at 0.480 pence Wednesday.
"This deal with YAGM was restructured at the company's request to remove the uncertainty in the market on the swap component on the equity swap and YAGM have now become a strategic investor in AfriAg," said Chairman David Lenigas in a statement.
By Hana Stewart-Smith; [email protected]; @hanassallnews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Afriag Global