Initial Completion of Mozambique Asset Disposal

Pacsco Ltd

23 March 2026

 

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.

23 March 2026

PACSCo Limited

('PACSCo' or the 'Company')

Initial Completion of Mozambique Asset Disposal

Further to the Company's previous announcements regarding the agreed disposal of its Mozambique agricultural assets (the "Disposal") to Chepstow Investments Limited ("CIL") pursuant to the agreement entered into on 10 March 2025 (as subsequently amended, the "SPA"), PACSCo announces that it has now achieved initial completion of the Disposal as a result of completion of share transfers with the effect that CIL now beneficially owns 100% of the shares in companies which together hold the Mozambique agricultural assets.

The Bank of Mozambique's ("BOM") acceptance of the notification of the assignment to CIL of the debt funding previously provided by the Company to the local operating entities in Mozambique will now be sought as a condition subsequent.

The Company is not presently able to provide a definitive timeline for completion of this process with the BOM and as a result advises that a further amendment has been agreed to the SPA to accommodate this uncertainty (the "2^nd Amendment").

Pursuant to 2^nd Amendment, the Company and CIL have agreed that obtaining the BOM's acceptance of the notification of the debt assignments is a condition subsequent to initial completion which shall be achieved no later than 30 June 2026 (or such later date as may be agreed in writing between the parties).  

Related Party Transaction

Entering into the 2^nd Amendment, constitutes a related party transaction under Rule 13 of AIM Rules given that CIL is a substantial shareholder of the Company. In this context, Caroline Havers, Neil Clayton and Sergio Zandamela (being the Directors on the Board who are considered to be independent of CIL) consider, having consulted with the Company's nominated adviser, Strand Hanson Limited, that the terms of the 2^nd Amendment are fair and reasonable insofar as its shareholders are concerned.

Further updates will be provided as soon as possible.

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For further information please visit www.pacsco.co.uk or contact:

PACSCo Limited	Caroline Havers [e-mail]
Strand Hanson Limited Nominated & Financial Adviser	Ritchie Balmer / James Spinney [phone]
AlbR Capital Limited Broker	Duncan Vasey [phone]

 

END