Notice of AGM

RNS Number : 1127A

Agriterra Ltd

27 March 2012

 



Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture

27 March 2012

Agriterra Ltd ('Agriterra' or 'the Company')

Notice of AGM

Agriterra Ltd, the AIM listed pan African agricultural company, announces that its Annual General Meeting ('AGM') will be held at 2.45 p.m. on 25 April 2012 at Richmond House, St. Julian's Avenue, St Peter Port, Guernsey, GY1 1GZ.

A notice convening the AGM has been sent to shareholders and is available to download from the Company's website at www.agriterra-ltd.com.

** ENDS **

For further information please visit www.agriterra-ltd.com or contact:

Andrew Groves	Agriterra Ltd	Tel: [phone]
Jonathan Wright	Seymour Pierce Ltd	Tel: [phone]
David Foreman	Seymour Pierce Ltd	Tel: [phone]
Andy Cuthill	MC Peat & Co LLP	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Susie Geliher	St Brides Media & Finance Ltd	Tel: [phone]

Notes

Agriterra Ltd is an AIM listed agricultural company with four divisions: beef, maize, cocoa and palm oil.  Its cattle ranching business, Mozbife, currently has a 2,350 strong herd, a land holding of over 16,000 hectares, a feedlot and a 4,000 head per month abattoir which is under construction.  In addition to selling meat from its own herds, throughput for the feedlot and abattoir will be supplemented using cattle bought in from local communities.

The Company's maize buying and milling operations, DECA and Compagri, are located in Chimoio and Tete in central and north-western Mozambique respectively.  These collect maize from circa 350,000 farmers using the Company's own vehicle fleet, process it into mealie meal, the African staple, and then sell it back to the local market, into supermarkets and to the World Food Programme.  Combined sales for the year ended 31 May totalled 28,822 tonnes maize meal generating revenue of US$13.6 million.

Agriterra's cocoa business is based in Sierra Leone, through its 100% subsidiary TFL, which is currently a buying and trading operation, but provides an ideal conduit to branch out into cocoa production in West Africa.  Its strategy is to establish itself as a secure, sustainable and traceable source of supply to meet the requirements of the major cocoa consumers who are placing increased emphasis in this area.

The Company has expanded its portfolio of agricultural products through the addition of palm oil, and holds a lease over approximately 45,000 hectares of brownfield agricultural land in an area suitable for palm oil production in the Pujehun District in the Southern Province of Sierra Leone.  This area of Sierra Leone, which is close to the Liberian border, receives one the highest levels of rainfall in Sierra Leone, which in itself, receives some of the highest rainfall globally.  In addition, the lease area is located on the equatorial belt, which is the most favourable geographical location for palm oil production. 

 

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