26 February 2020
AfriAg Global
PLC
(‘AfriAg’ or the ‘Company’)
Update on Apollon
UK Acquisition
AfriAg Global PLC, a company whose shares are admitted to
trading on London’s NEX Exchange, is pleased to provide an update
on the proposed acquisition of Apollon Formularies Ltd (“Apollon
UK”). The Company currently owns 2.68% of the share capital of
Apollon UK and is working with Apollon UK to satisfy all regulatory
requirements for the proposed acquisition of the entire issued
share capital of Apollon UK (the “Acquisition”). In due
course, subject to making an offer to the shareholders of Apollon
UK and obtaining the necessary approvals, the Company intends to
send an explanatory circular and notice of general meeting to its
shareholders seeking approval of the Acquisition.
It is intended that the Company will acquire all the issued and
outstanding shares from the shareholders of Apollon UK pursuant to
a right of first refusal in consideration for the issue and
allotment to those shareholders of new ordinary shares in the
capital of the Company at a price of 10
pence per new ordinary share.
Apollon UK is entitled to 95% of the net profit of Apollon
Formularies Jamaica, Limited (“Apollon Jamaica”). Subject to
approval from the Cannabis Licensing Authority in Jamaica, Apollon UK has the right to acquire
a 49% interest in the issued share capital of Apollon Jamaica.
Apollon Jamaica holds the
following licenses:
- Licence to cultivate
cannabis for the sole purposes of undertaking research, including
clinical research as approved by the Ministry of Health;
- License to process and
manufacture any cannabis based products that have been approved by
the Ministry of Health for medical, therapeutic and scientific
purposes (Processing Licence 170209113513) at designated premises
of Apollon Jamaica; and
- License to provide therapeutic
services using cannabis (Retail (Therapeutic Services) Licence
170209153635).
The directors of the Company accept responsibility for the
contents of this announcement.
-ENDS-
For further information on AfriAg Global please visit the
www.afriagglobal.com or please contact;
AfriAg Global Plc:
David Lenigas (Executive
Chairman) +44 (0)20 7440
0640
Peterhouse Capital
Limited +44 (0)20
7469 0930
Guy Miller/Allie Feuerlein