Update on Mozambique Asset Disposal
Long stop date for Mozambique asset disposal extended to 31 December 2025 due to regulatory delays.
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Further to the Company's announcement on 30 May 2025, PACSCo Limited announces that the long stop date for completion of the disposal of its Mozambique agricultural assets (as announced on 10 March 2025 and as approved by shareholders on 31 March 2025), has been extended by agreement with Chepstow Investments Limited ("Chepstow") to 31 December 2025 (the "Disposal Agreement Amendment"). The requirement for this extension arises from unexpected delays in the process of obtaining the necessary local regulatory approvals in Mozambique.
Related Party Transaction
Entering into the Disposal Agreement Amendment, constitutes a related party transaction under Rule 13 of AIM Rules given that Chepstow is a substantial shareholder of the Company. In this context, Caroline Havers, Neil Clayton and Sergio Zandamela (being the Directors on the Board who are considered to be independent of Chepstow) consider, having consulted with the Company's nominated adviser, Strand Hanson Limited, that the terms of the Disposal Agreement Amendment are fair and reasonable insofar as its Shareholders are concerned.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.