Agriterra has completed the sale of its Sierra Leone cocoa assets in a management buy-out transaction for a cash consideration of US$750,000. Under the terms of the MBO, the company has disposed of its interests in Baranca Tide Limited and West Africa Cocoa Services Limited (the intermediate holdings companies which hold the assets comprising the company's cocoa business in Sierra Leone) with immediate effect.
Payment of the consideration will be deferred for a period of 65 business days from completion of the MBO; in the event that the consideration is not paid on the due date, the ownership of the target companies will immediately revert to the company. The target companies have been sold in excess of their collective current book value of approximately US$460,000.
At 4:01pm: (LON:AGTA) Agriterra Ltd share price was -0.01p at 0.2p