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AfriAg Plc (AFRI)

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Thursday 30 June, 2016

AfriAg Plc

Board Changes and Operations Update

30 June 2016

AfriAg PLC

(“AfriAg” or the “Company”)

Board Changes and Operations Update

AfriAg PLC (ISDX:AFRI), the rapidly expanding London listed African focused agri-logistics and food sales company, is pleased to announce the appointment of Mr David Lenigas as the new Executive Chairman of the Company. Mr Hamish Harris will assume the position of Non-Executive Director going forward.

David Lenigas has extensive first hand corporate and operational experience with the Company, having previously served as Executive Chairman of the Company until the end of 2015. He is the Chairman of AfriAg’s 100% owned food sales, marketing and export division, AfriAg Marketing (Pty) Limited in South Africa and is also Chairman of the company’s 40% owned Agri-logistics AfriAg SA (Pty) Limited in South Africa.

David Lenigas, the Company’s new Executive Chairman, commented;

“I’m excited to be heading up AfriAg once again as the Company continues its expansion. The Company has seen significant growth from its birth only a few years ago and I plan to assist the team accelerate this growth over the coming years as many countries in the world rely more and more on African fresh produce as a proportion of their overall food import equation to feed their growing populations.”

“The recent referendum result in the UK to potentially leave the European Union should have little impact on AfriAg’s business of exporting African fresh food to the global marketplace as the business trades in multiple currencies. Indeed, the Company sees additional opportunities arising from this situation.”

Update on Operations:

AfriAg Marketing Pty Ltd ("AfriAg Marketing"), the 100% owned food sales, marketing and export division, which grew in excess of 400% in 2015 with full year revenues of South African Rand (“ZAR”) 38.395 million (approximately £1,9 million), continues to motor ahead in 2016.

Unaudited management accounts for the year to 24th June 2016 (nearly 6 months) shows significant revenue growth to ZAR 29.7 million (approximately £1.47 million), with month to date revenues to 24th June of ZAR 7.1 million (approximately £0.35 million).

This month, AfriAg Marketing is primarily selling and exporting significant quantities of:

  • Peas (sugar snap and mange tout) to Holland, UK and New Zealand (air-freight)
  • Pineapples to the USA and Holland (air-freight)
  • Passionfruit to Holland and Switzerland (air-freight)
  • Apples and Citrus from South Africa in to Africa (trucking)

An update on our 40% owned specialist African agri-logistics group AfriAg SA (Pty) Ltd ("AfriAg SA") which reported full year revenues to 31 December 2015 of ZAR 119.522 million (approximately £6.155 million) will be provided in the Company’s Interims in the next few months.

David Lenigas holds 121,000,000 ordinary shares representing approximately 8.76% of the Company's issued share capital.

The directors of the Company accept responsibility for the contents of this announcement.

For further information, please contact:

AfriAg Plc:                                                                 
David Lenigas (Executive Chairman)
Anthony Samaha (Finance Director)
Hamish Harris (Non-Executive Director)
Donald Strang (Non-Executive Director)
+44 (0)20 7440 0640
Peterhouse Corporate Finance Limited
Guy Miller
Fungai Ndoro
+44 (0)20 7469 0930

ABOUT AFRIAG PLC:

AfriAg was formed only a few years ago with the view of establishing a significant African based agri-logistics and perishable food sales, marketing and export investment company, with the principal aim of exporting African food products to the global marketplace. Our client base continued to grow, with the Group now providing bespoke total agri-logistics solutions (trucking, airfreight and seafreight) for some of the largest companies and names in southern Africa and indeed globally.

Additional Information:

In addition to his directorship of the Company, David Lenigas holds or has held the following directorships in the five years prior to the date of this announcement:

Current directorships Past directorships
Doriemus Plc
Active Resource Realisation Fund
AfriAg plc
Gold Mines of Wales Limited Inspirit Energy Holdings Limited
Central African Investments Plc Evocutis Plc
AfriAg Limited (UK) (formerly Buchanist Limited) Bacanora Mineral Ltd
REM Mexico Limited Rare Earth Minerals plc
Rare Earth Resources Limited Byron Energy Pty Ltd
AfriAg Limited (BVI) (formerly Buchanist Limited) Lonrho Jersey Limited
Emy Services MC Sarl
AfriAg (Pty) Ltd
Lonrho Fresh Limited
AfriAg Holdings (Pty) Limited (SA) Galleon Resources Limited
AfriAg Marketing (Pty) Limited (SA) Lonrho Food Supply Chain Management Limited
AMKI Investments Limited Lonrho Infra One UK Limited
Leni Gas Cuba Limited (formerly Leni Gas and Oil Limited) Polemos plc
TravelWelcome Ltd UKOG Weald Limited
UKOG (GB) Limited
UKOG Solent Limited
UK Oil & Gas Investments plc
Horse Hill Developments Limited
Solo Oil International Limited
Octagonal plc
Lonrho Projects Agri (Pty) Limited
Lonrho Energy (Pty) Limited
Lonrho Securitec (Pty) Limited
Lonrho Amathonga Hotels (Pty) Limited
Swissta Mozambique Lda
Sociedade Comercial Bytes & Pieces Limitada
Cambria Africa plc (formerly LonZim plc)
Blueberry International Services Limited
Wardlaw (1989) Limited
Le Har (Pvt) Limited
Rex Mining (Pvt) Limited
Peak Mines (Pvt) Limited
Gardoserve (Pvt) Limited
Celsys Limited
ForgetMeNot Africa Limited
Lonzim Agribusiness (BVI) Limited
Quickvest 525 (Pty) Limited
Lonzim Air (BVI) Limited
Southern African Management Services
Paynet Limited
African Solutions Limited
Medalspot (Pvt) Limited
Blueberry Print (Zambia) Limited
Morningdale Properties (Pvt) Limited
Lanuarna Enterprises (Pvt) Limited
LonZim Hotels Limited
Celsys Zambia Limited
WS Foods (Pty) Ltd
Linus Business Options (Private) Limited
Firstfood Enterprises (Private) Limited
Chenyakwaremba Farm (Private) Limited
Leopard Rock Hotel Company (Pvt) Ltd
Lyons Africa Holdings Limited
Millchem Holdings Limited (formerly Lonzim
Properties Limited)
Lonzim Holdings Limited
Micobe Property Development Limited
Lonrho Properties Zimbabwe (Pvt) Ltd
Sindu Properties (Private) Limited
One Hundred & Seventeen Baines Avenue
(Private) Ltd
Sol Aviation Company Limited
670 Plc
Zest Music Limited
Zest Songs Limited
Zest Entertainments Limited
Reggae Tunes Limited
Complete Enterprise Solutions Limited
Aldeamento Turistico de Macuti, SARL
Lonrho Auto Distributors Limited
Textile Investment Company Limited
Solo Oil (Argentina) Limited
Vatukoula Gold Pty Ltd (formerly Westech Gold
Pty Ltd)
Vatukoula Finance Pty Ltd (formerly Westech
Finance Pty Ltd
Vatukoula Australia Pty Ltd (formerly Westech
Rollex (Pvt) Limited
Rollex (Pty) Limited
e-Kwikbuild Housing Company (Pty) Limited
Lonrho Management Services Limited
Lonrho Zimbabwe Management Services (Pvt)
Limited
Lonrho Africa Management Services
(Zimbabwe) Limited
Lonrho Africa Motor Sales Limited
Norse Air Limited
South African Independent Liners Services (Pty)
Limited
Lonrho Africa Holdings BV
Lonrho Springs BV
Lonrho Air BV
Lonrho Ports BV
Lonrho Africa Hotels BV
Lonrho Hotels BV
Lonrho Hotels Mozambique BV
Lonrho Africa Agribusiness BV
Lonrho Africa Distributors BV
Lonrho Africa Food Processing BV
Lonrho Africa Motors BV
Lonrho Distributors BV
Lonrho Motors BV
Lonrho Agribusiness Limited
Laytons Offshore Limited
Lonrho Equipment Limited
Mozambique Machines Limited
Crop Harvest Limited
Oceanfresh Seafoods (Pty) Limited
Cultivate Harvest Limited
LAH Jersey Limited
Protea Seafoods Limited
Hotel Accommodation Limited
Afex Holdings Limited
Lonrho Water Limited
Africa Expeditions Limited
Africa Expeditions TZ Limited
Africa Expeditions Uganda Limited
Best In Tents Limited
Global Horizons Limited
Lonrho Hotels Limited
LAH Mozambique Hotels Limited
DRC Hotels Limited
Lonrho Ports & Infrastructure Limited
Lonrho Infrastructure Limited
Lonrho Ports Limited
LAH Jersey 2 Limited
Fish On Line (Pty) Limited
Lonrho Support Services Limited
Lonrho Integrated Support Services Limited
Lonrho Hotels (Holdings) Limited
Lonrho Budget Hotels Limited
Lonrho IT Limited
LAH Jersey 3 Limited
Lonrho Transport Limited
Lonrho Logistics (Pty) Limited
Luba Freeport Limited
Lonrho South Africa (Pty) Limited
Lonrho Management South Africa (Pty) Limited
Lonrho Projects South Africa (Pty) Limited
Lonrho Projects Consulting (Pty) Limited
Lonrho Transport Limited
Stellar Resources Plc
Solo Oil plc
LGO Energy plc (formerly Leni Gas & Oil plc)
Leni Trinidad Ltd
Compania Petrolifera de Sedano S.L.
Lonrho Air Three (BVI) Limited
Lonrho Aviation (BVI) Limited
Lonrho Air (2) (BVI) Limited
Five Forty Africa (BVI) Limited
Lonrho Air Africa (BVI) Limited
Lonrho Air (BVI) Limited
Five Forty Aviation Limited
FastJet plc
Lucapa Diamond Company Ltd (formerly Lonrho
Mining Limited)
Reef Resources Limited
River Diamond UK Limited
Tanzania Machines Limited
Tanzania Harvest Limited
Lonrho Ports Ghana Limited
Lonrho Ghana Ports Limited
LonAgro (SS) Limited
Lonrgo Market Expansion Services Limited
Benson Global Trading Limited
RET Services Limited
Rare Earth Resources Limited
Lon Agro Tanzania Limited
Yuagong (Pty) Limited
Lonrho Hotels Nigeria Limited
Lonrho Hotels SA Limited
Lonrho Hotels Ghana Limited
Lonrho Hotels Kenya Limited
Lanitrim (Pty) Limited
Caropix (Pty) Limited
Lonrho Investments Limited (formerly Lonrho
African (Investments) Ltd)
Lonrho Support Limited (formerly Lonrho
Holdings Limited)
Swissta Holdings Limited
Lonrho Plc (now Lonrho Limited)
Lonrho Africa (Holdings) Limited
Strenner Holdings Limited
Lonrho Ports Limited
Oceanfresh Seafoods (UK) Limited
Lonrho Resources Ltd
Lonrho Finance Ltd
Lontel Ltd
Lonrho Water Limited
Fresh Direct Limited
Lonrho Oil (Malawi) Limited
Lonrho Infrastructure (BVI) Limited
Lonrho Hotels Congo (BVI) Limited
Indit Technology Distribution (Pty) Limited
Complete Enterprise Solutions South Africa (Pty)
Ltd
Lonrho Hotels Management Services
(BVI)Limited
Lonrho Agriculture Angola Limited

David Lenigas was a director of:

  1. SA Independent Liner Services Pty Ltd (‘‘SAILS’’) when it was placed into liquidation on

    15 October 2008. SAILS was a subsidiary within the Lonhro Plc group of companies

    (‘‘Lonrho Group’’). A unanimous board resolution placed SAILS into liquidation, the

    Lonrho Group being the major creditor, within the liquidated business being shown as a

    discontinued activity in the historic financial statements in the Lonrho Group; and

  2. Norse Air Limited (‘‘Norse’’) which was placed into liquidation on 20 December 2010. At

    the point of liquidation, Norse was a wholly owned subsidiary within the Lonrho Group

    and was placed into liquidation by a unanimous board resolution of Norse, with this

    business being shown as a discontinued activity in the historic financial statements of

    Lonrho Group.

    Certain of the directorships above, are positions held as a result of Mr Lenigas' role as a board director of Lonrho plc (from which he resigned in September 2012), and in respect of which Mr Lenigas has resigned and in some instances is awaiting formal confirmation from the local Companies House equivalent.

    There is no further information that is required to be disclosed pursuant to Paragraph 21, Appendix 1 of the ISDX Growth Market – Rules for Issuers.


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