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Social Development Grant

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RNS Number : 8113E
Agriterra Ltd
08 July 2019
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

8 July 2019

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

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

 

Social Development Grant

 

Agriterra Limited, the AIM-quoted African agricultural company with operations in Mozambique is pleased to announce that the Company's 100 per cent owned local operating subsidiary has today received the first tranche payment under a total grant award of US$822,674 (MTN 49,360,440 the "Grant") from Fundo Catalitico Para Inovacao E Demonstracao ("FCID").

The confirmation of the award of the Grant and receipt of the first tranche payment (in the amount of US$447,196; MTN 26,831,771) follows completion of a successful application process undertaken by the Company's local executive team. The Grant will be applied towards the creation and development by the Agriterra group of nine "centres of cattle sales" in the Mozambique Province of Manica (the "Buying Points"). The remaining payment under the Grant is due to be received in August 2019, in accordance with the schedule of works agreed with FCID, and it is anticipated that the project as a whole will be completed by the end of October 2019.

 

In carrying out this development project, Agriterra will put in place kraals, water pits and dip tanks at Buying Points so that animals which have travelled to the Buying Points for purchase by Agriterra can rest and rehydrate after their journey. Agriterra will also initiate education programmes at the Buying Points focussed on animal welfare. It is expected that this education programme will assist local farmers in delivering their cattle for sale to Agriterra in better condition, thereby improving overall margins within the beef processing division, as well as allowing farmers to command an increased sales prices on the animals sold to Agriterra. 

 

Executive Chair, Caroline Havers, commented "We are delighted to have been successful in our application to FCID and to have received funding for this important development project which will not only improve the quality of our inputs, but will also benefit our local small scale farmer partners both financially and educationally, at limited cost to the Company. Having conducted appropriate studies we are convinced that improved facilities at buying points will have a positive impact on our operations and to have the opportunity to develop these with a partner such as FCID demonstrates the high regard in which our operations are held in Mozambique."

About FCID

FCID's objective is to "improve the market access capacity of small farmers and MSMEs in the Zambezi Valley and the Nacala Corridor through private investments and complementary market-oriented public investments". Investments made by FCID are intended to "play a catalytic role, demonstrating the increased returns that can be achieved through access to technology and the market". The Grant will therefore achieve these aims by supporting the link between, on the one hand, medium and large enterprises and, on the other hand, small farmers. FCID was conceived as a competitive, demand-driven fund; its selection process is based on evidence that demonstrates business practices with benefits to smallholder and MSMEs.

Further information on FCID can be found on its website at www.fundocatalitico.co.mz

 

** ENDS **

 

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

 

Agriterra Ltd

Strand Hanson Limited
(Nominated & Financial Adviser and Broker)

Caroline Havers

James Spinney / Ritchie Balmer/ Eric Allan

[email protected]

 

+44 (0) 207 409 3494

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 5.475

Market: AIM
Market Cap: £1.16 m
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