Agriterra
Agriterra’s focus is to invest in or acquire businesses and projects operating in the agricultural and associated civil engineering industries in Africa. The Board believes that the agricultural sector in Africa is an area of activity which is resilient to the current economic climate and has the capability to generate healthy returns on investment.
The Company’s current operations are focussed on agricultural trading and processing through its acquisition of Desenvolvimento E Comercialização Agricola Limitada (‘DECA’) and Compagri Limitada (‘Compagri’), as well as cattle ranching and feedlot production through its acquisition of Mozbife Limitada (‘Mozbife’).
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Company Statement:
Agriterra's strategy is to become one of the largest agri-operators and leading food providers in Africa.
The Company is focussed on agricultural investment and sustainable development in Africa, providing high quality produce whilst simultaneously improving the livelihoods of small holder farmers by improving access to markets.
The Company currently has three main divisions: beef ranching; maize processing and farming; and cocoa buying and trading. The Company has built strong brands in its countries of operation, and the Board intends to use these foundations to further grow and diversify its product range in order to gain further market share of the agricultural sector in Africa.
The Company's directors have a wealth of experience operating in Africa, and this experience and the directors' networks of contacts will be fully utilised to fuel the Company's rapid growth.

Current Operations:
DECA
DECA, based in Chimoio in the Manica Province of Mozambique, was founded in 2005 to treat and process maize.
The Company purchases maize directly from thousands of local smallholder farmers through a specialised, proprietary, buying system, whereby Agriterra provides and installs the necessary infrastructure at specific buying points across the Chimoio region.
Local farmers bring their produce to these designated points and are paid cash directly by DECA, thereby supporting economic activity in the relevant rural areas.

DECA is cash generative, has a strong brand, a loyal customer base and currently provides a market outlet for some 350,000 farmers. DECA's operations, involving the enfranchising of locals rather than major land acquisitions, have received strong support from local and national governments since inception, with the President of Mozambique, Armando Guebuza, opening the facility in 2005. The grain processed by DECA sustains thousands of people in the local province and approximately 15% of DECA's products are sold to the UN World Food Programme.
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Compagri
Compagri was established in May 2009 in Tete, 400km to the north of Chimoio, as a second agricultural buying and processing facility in Mozambique.
As at Chimoio, operations at Tete are focussed on the purchase of maize from indigenous out-growers, which is then processed into corn flour/maize meal, a key African food staple. The current total storage capacity for maize at the facility is 12,600 tonnes, consisting of four 1,500 tonne silos, one 600 tonne silo, and an additional two large warehouses each with the capacity to store 3,000 tonnes.
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Mozbife
Mozbife is a vertically integrated cattle ranching and feedlot production business which is developing into a "field to fork" producer, to capture more of the added value available higher up the food chain, benefitting profitability.
The board believes that beef ranching offers a material value opportunity in Africa and its beef business remains an area of significant expansion and investment for the Group. The Company's objective is to build a breeding herd in excess of 10,000 with an initial target for 2012 of over 5,000 head across the 1,000ha Mavonde and 15,000ha Dombe ranches.
In line with Agriterra's vertically integrated "field to fork" strategy, has developed the Vanduzi feedlot project. The feedlot is currently housing animals ahead of slaughter at the Beira abattoir, with dress out weight percentages between 58% and 63% and an average sale price per animal in excess of US$835.
Agriterra is also in the process of establishing an abattoir at Chimoio, to ensure the Company benefits from the full value uplift of the butchered product.
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Tropical Farms ltd
In July 2011, Agriterra acquired Tropical Farms Limited ('TFL'), a cocoa company based in Sierra Leone, creating a third division to the business.
TFL provides the Company with a platform from which to expand into cocoa production by making use of TFL's regional expertise and established buying operations in West Africa.
Agriterra intends to focus on securing cocoa supplies for the business through a combination of forging long term relationships with farmers and out-grower schemes, implementing farm management initiatives and in time, through the development of the Company's own cocoa plantations.
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Management
Phil Edmonds, (MA Cantab), Chairman
Mr. Edmonds is a director of a number of public and private companies and has considerable experience of introducing African focussed companies to AIM, including BioEnergy Africa Limited, African Platinum Plc, Central African Mining & Exploration Company Plc, Central African Gold Plc and White Nile Limited. Mr. Edmonds is currently chairman of Sable Mining, Agriterra Ltd, African Medical Investments Ltd and AMS. He holds an honours degree in land economy from Cambridge University. He was born in Lusaka, Zambia, educated in Zambia and England and played cricket for England and Middlesex from 1974 to 1987.
Andrew Groves, Executive Director
Mr. Groves has significant experience in operations management in Southern and Central Africa and is a director of a number of private companies, including companies in Zambia and Zimbabwe. Mr. Groves also has experience of introducing several African focussed companies to AIM together with Mr. Edmonds. Mr. Groves’ current directorships include Sable Mining, Agriterra Ltd, Central African Tantalum Limited and African Medical Investments Ltd. He was born in Harare, Zimbabwe and educated in Zimbabwe and South Africa.
Euan Kay, Executive Director
Mr. Kay has extensive experience in the sub-Saharan agricultural sector, managing the Company’s subsidiary Desenvolvimento E Comercialização Agricola Limitada (‘DECA’) since inception in 2005. He is based in Mozambique full-time and oversees all operational activities at DECA, Compagri and Mozbife.
Michael Pelham, Non-executive Director
Mr. Pelham is a Zimbabwean national and has worked in various countries across Africa throughout his 18 year career. Before joining White Nile as Operations Manager in 2006, Mr. Pelham held the position of Operations Liaison Manager at Ardan Safaris, and whilst in this role built strong significant relationships with local government officials and decision makers across southern, central and east Africa. Mr. Pelham has a wealth of experience in project management, environmental consultancy, construction and risk management accumulated through his current directorship positions with Ardan Energy Services DMCC, Soszim Limited and Ardan Risk and Support Services (HK) Limited.
Major Shareholders
Key Shareholders as at 27/01/2012 which hold more than 3% in the Company:
Key Shareholders |
Number |
Percent |
| Beyond Africa Fund Limited | 106,776,005 | 10.08% |
| CIR Group | 85,420,804 | 8.06% |
| Libra Fund LP | 78,451,865 | 7.40% |
| US Global | 47,600,000 | 4.49% |
| Perella Weinberg Partners Xerion Master Fund Ltd | 41,566,667 | 3.92% |
| Gartmore Investments Limited | 40,000,000 | 3.77% |
| Oppenheimer Funds, Inc. | 40,000,000 | 3.77% |
| Andrew Groves | 15,040,000 | 1.42% |
| Phil Edmonds | 15,000,000 | 1.42% |
| Euan Kay | 2,500,000 | 0.24% |
| Michael Pelham | 0 | 0.00% |
Contact Information
Registered Office
Richmond House
St Julian's Avenue
St Peter Port
Guernsey
GY1 1GZ
Business Address
Av 24 Julho 2096
Maputo
Mozambique
Financial PR
St Brides Media & Finance Ltd
Hugo de Salis
Tel: 020 7236 1177
Fax: 020 7236 1188
Email: info@sbmf.co.uk
Investor Relations
Tel: 020 7208 9200
Email: info@agriterra-ltd.com
Corporate Information
Nominated Adviser and
Joint Broker
Seymour Pierce Limited 20 Old Bailey
London, EC4M 7EN
Joint Broker
MC Peat & Co.
11-12 St James's Square
London, SW1Y 4LB
Auditors to the Company
Baker Tilly
Chartered Accountants
25 Farringdon Street
London EC4A 4AB
Registrars
Capital IRG (CI) LimitedTSB House
Le Truchot
St Peter Port
Guernsey GY1 4AE
Solicitors to the Company as to English Law
SalansMillennium Bridge House
2 Lambeth Hill
London EC4V 4AJ
Legal advisors to the Company
as to Guernsey law
Carey Olsen7 New Street
St Peter Port
Guernsey GY1 4BZ
Financial Public Relations
St Brides Media & Finance Ltd
38 Bow Lane
London
EC4M 9AY























