AfriAg Global Plc - Update on Apollon UK Acquisition PR Newswire

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