11th Apr 2016 10:23
LONDON (Alliance News) - Anglo African Agriculture PLC on Monday said it has raised GBP75,000 through the placing of 15 million shares at 0.5 pence each.
The proceeds will be used to support the working capital requirements of Anglo African's subsidiary Dynamic Intertrade, as it works to expand its product range and client base.
Non-Executive Chairman Neil Herbert subscribed for 5 million of the new shares, following which he now owns 11 million shares in the company, representing 10% of its issued share capital.
Non-Executive Director George Roach subscribed for 1.3 million shares, taking his total holding to 4 million shares, representing 3.6% of the company's issued share capital.
"Following the 2015 relocation of AAA's wholly owned spice and seasonings business to a modern and fully certified food processing facility in Cape Town, the focus of the new management team is to expand both the client base and enhance the product range with higher margin products to meet growing demand," Herbert said in a statement.
"We look forward to an exciting year for the spice and seasonings business and we are actively reviewing other potential food business acquisitions for AAA," he added.
Shares in Anglo African were untraded on Monday, last quoted at 0.560 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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