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DJ AfriAg Global Plc Update on Apollon UK Acquisition

 
TIDMAFRI 
 
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 
 
 
 
END 
 

(END) Dow Jones Newswires

February 26, 2020 02:00 ET (07:00 GMT)