1st Oct 2021 15:47
Anglo African Agriculture PLC - agriculture investment company - Company has been informed by certain shareholders in Mombasa, Kenya-based Comarco that it is unwilling to proceed with the reverse takeover, and will instead arrange for the repayment of a loan and interest due to the company, which amounts to USD1.5 million.
Anglo African had made a USD1 million loan available to Comarco in November 2018 for an initial period of 24 months, but was extended and due for repayment on Thursday.
The loan is due, and the Comarco shareholders have proposed to pay it by the end of 2021.
Anglo African said the decision not to proceed with the transaction is "extremely disappointing".
"The loan is now due to be repaid immediately and the Comarco shareholders have proposed to pay it by the end of October 2021. The board of AAA believes it is still in everyone's interests to try and resolve new terms for a transaction and had been in discussions to resolve one with the Comarco shareholders. AAA is still open to continue discussions and then complete should the shareholders of Comarco wish," the company states.
Current stock price: 4.325 pence, down 20% on Friday
Year-to-date change: down 40%
By Dayo Laniyan; [email protected]
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