Completion of Disposal and Rule 15 Classification
PACSCo Limited confirms the completion of its Mozambique agricultural asset disposal, having received final approval from the Bank of Mozambique for the assignment of debt funding. This transaction now classifies PACSCo as a cash shell under AIM Rule 15, and the company is actively evaluating reverse takeover opportunities with a target completion within six months.
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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 it has now received the Bank of Mozambique's ("BOM") acceptance and approval of the assignment of the debt funding previously provided by the Company to the local operating entities in Mozambique, which was the final condition to completion of the disposal of its Mozambique operations.
Accordingly, the Company is now classified as a cash shell for the purposes of AIM Rule 15. The Company intends to complete a reverse takeover transaction within the coming six (6) months and is currently evaluating several opportunities. Further updates will be provided as and when appropriate.
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