Update on the MBO of Sierra Leone Cocoa Assets
RNS Number : 5817T
Agriterra Ltd
06 January 2017
Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture
6 January 2017
Agriterra Ltd (‘Agriterra’ or the ‘Company’)
Update on the MBO of Sierra Leone Cocoa Assets
The Company provides an update to its announcement of 5 October 2016 regarding the sale of its Sierra Leone cocoa assets in a management buy-out transaction (the “MBO”) for a cash consideration of US$750,000 (the “Consideration”), which is due for payment on 9 January 2017.
The Company has been informed that payment of the Consideration will not be possible by 9 January 2017. Discussions are ongoing with the MBO team, who remain committed to the transaction, and their potential investors. The Company expects to be able to release an update on the outcome of those negotiations during January 2017.
