Update on Company's Future Strategy

Further to the Company's previous announcements regarding the agreed disposal of its Mozambique agricultural assets, the board of the Company (the "Board") confirms that receiving the Bank of Mozambique's ("BOM") acceptance of the notification of the assignment the debt funding previously provided by the Company to the local operating entities in Mozambique, is the only remaining outstanding item before the Company will be formally classified as a cash shell for the purposes of AIM Rule 15.

Accordingly, the Board are now actively seeking potential reverse takeover transactions with suitable targets, in accordance with the AIM Rules.

Targets would be considered by the Board that are active in any sector of the economy located in in a jurisdiction with a well-established corporate governance regime and attractive to institutional investment. The Board are looking to acquire a business that has a strong management team ready to run an AIM listed company and which is net cash flow generative ​with the potential for rapid growth, and which could benefit from the access to capital markets that a transaction with PACSCo would afford them.

The Board would therefore welcome approaches from target companies that meet these criteria.

Further updates will be provided as soon as possible.