Agriterra Ltd Issue of Equity and Total Voting Rights (6278C)
April 18 2013 - 2:00AM
UK Regulatory
TIDMAGTA
RNS Number : 6278C
Agriterra Ltd
18 April 2013
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector:
Agriculture
18 April 2013
Agriterra Ltd ('Agriterra' or 'the Company')
Issue of Equity and Total Voting Rights
Agriterra Ltd, the AIM listed pan-African agricultural company,
announces that pursuant to the agreement announced on 17 January
2013 regarding the acquisition of further 2,500 hectares of
farmland (the 'Acquisition') to expand the Company's cattle
ranching operations in Mozambique, the Company is issuing 2,102,240
new ordinary shares of 0.1p each in the Company ('Ordinary Shares')
as partial consideration.
The Acquisition is in line with the Company's strategy to expand
its beef herd, which currently stands at 6,213 across the 2,350
hectare Mavonde Stud Ranch and the 15,000 hectare Dombe Ranch. The
newly acquired farm, known as the Irmaos Ranch, will further
diversify the Company's agricultural product range as it comprises
a producing banana plantation and macadamia orchard, in addition to
the land capacity for cattle. The Irmaos Ranch is located
approximately 25km north of the Company's Mavonde Stud Ranch and is
irrigated by the bordering Nyadzonya River.
Under the terms of the Acquisition, 2,102,240 new Ordinary
Shares ('the Consideration Shares') will be issued (calculated
using the prevailing US$/GBGBP exchange rate as at 31 January 2013,
the effective date of the Acquisition). Application has been made
to the London Stock Exchange for the Consideration Shares to be
admitted to trading on AIM ('Admission') and it is expected that
Admission will occur, and dealings in the Consideration Shares will
commence, on 23 April 2013.
The Consideration Shares will, when issued, rank pari passu in
all respects with the existing issued ordinary shares of Agriterra,
including the right to receive any dividends and other
distributions declared following Admission.
Following Admission, the Consideration Shares will represent
0.198% of the enlarged issued ordinary share capital, which will
then comprise 1,061,818,478 Ordinary Shares, with each Ordinary
Share carrying the right to cast one vote.
The number of Ordinary Shares quoted above may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company.
** ENDS **
For further information please visit www.agriterra-ltd.com or
contact:
Andrew Groves Agriterra Ltd Tel: +44 (0) 20 7408
9200
David Foreman Cantor Fitzgerald Europe Tel: +44 (0) 20 7894
7000
Rick Thompson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894
7000
Andy Cuthill MC Peat & Co LLP Tel: +44 (0) 20 7104
2332
Susie Geliher St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Notes
Agriterra Ltd is an AIM listed agricultural company with five
divisions: beef, maize, cocoa, fruit and palm oil. Its cattle
ranching business, Mozbife, has a herd in excess of 6,200 head, a
land holding of over 21,000 hectares, a feedlot, a 4,000 head per
month capacity abattoir and retail units. In addition to selling
meat from its own herds, throughput for the feedlot and abattoir is
supplemented with cattle bought in from local communities. The
Company also owns a proximal banana plantation and macadamia
orchard.
The Company's maize buying and milling operations, DECA and
Compagri, are located in Chimoio and Tete in central and
north-western Mozambique respectively. These collect maize from
circa 350,000 farmers using the Company's own vehicle fleet,
process it into maize meal, the African staple, and then sell it
back to the local market, into supermarkets and to the World Food
Programme.
Agriterra's cocoa business is based in Sierra Leone, through its
100% subsidiary Tropical Farms Limited, which includes buying,
trading and production operations. The Company holds over 1,200
hectares of land for cocoa cultivation and also has a strong buying
register with three main hub stores, 41 satellite stores and a
direct buying register of more than 3,500 farmers across the
country. Its strategy is to establish itself as a secure,
sustainable and traceable source of supply to meet the requirements
of the major cocoa consumers who are placing increased emphasis in
this area.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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