23rd Sep 2013 15:28
LONDON (Alliance News) - Investment firm Craven House Capital PLC Monday said it has acquired a 50% stake in agricultural production firm, Farm Lands of Africa Limited, a British Virgin Islands registered company, in a settlement deal with Farm Lands of Africa Inc.
Farm Lands of Africa Ltd owns 90% of Land and Resources (Guinea) SA (LRG), which has negotiated lease terms over approximately 9,000 hectares of potential arable farmland and surveyed more than 100,000 further hectares for development. The deal means Craven House now holds an effective 45% stake in LRG.
The completion of the settlement agreement has resulted in Craven House receiving USD60,000 cash and 20,000,000 shares in Farm Lands.
The stock was trading at 0.359 pence, up 0.079 pence or 28.1%, Monday afternoon.
By Anthony Tshibangu; [email protected];
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