Agriterra LD (AGTA)

Sector:

Food

 0.85p
   
  • Change Today:
      0.000p
  • 52 Week High: 1.50
  • 52 Week Low: 0.73
  • Currency: UK Pounds
  • Shares Issued: 71.83m
  • Volume: 623
  • Market Cap: £0.61m

Agriterra gets $7.9m cash boost from major shareholder

By Josh White

Date: Friday 29 Jul 2022

LONDON (ShareCast) - (Sharecast News) - Agricultural company Agriterra announced a "significant" injection of new funds from its major shareholder on Friday.
The AIM-traded firm said it would allow for the immediate repayment of an existing, high-cost $6.1m working capital facility owed to an external banking institution.

It would also provide cheaper financing of grain purchasing in Mozambique, without making use of local external banking institution working capital and overdraft facilities which typically carry higher interest rates.

The new funding was from its majority shareholder, Magister Investments, for a total of $7.9m.

It said the Magister loans consisted of two unsecured facilities of $6.1m and $1.8m, respectively, and were being provided immediately and in full.

That would facilitate its wholly owned subsidiary, Desenvolvimento E Comercialização Agrícola (DECA), in financing the full repayment of DECA's existing $6.1m facilities with First Capital Bank, as well as its grain purchasing in Mozambique.

Agriterra estimated that the refinancing would enable it to save around approximately $0.6m in annual interest and fee costs during the first year.

"We are delighted to be in a position to repay DECA's external funding and benefit from cheaper working capital to fund grain purchasing, with the continued support of Magister," said chair Caroline Havers.

"This balance sheet realignment should enable DECA to develop and benefit from a strengthened purchasing position, free from the high local costs of the previous borrowing in Mozambique.

"Again, we thank our majority shareholder, Magister, for their support in providing this new debt funding, which demonstrates their ongoing commitment to and faith in our operational plans and management team."

At 0855 BST, shares in Agriterra were up 23.95% at 5.9p.

Reporting by Josh White at Sharecast.com.

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Agriterra LD Market Data

Currency UK Pounds
Share Price 0.85p
Change Today 0.000p
% Change 0.00 %
52 Week High 1.50
52 Week Low 0.73
Volume 623
Shares Issued 71.83m
Market Cap £0.61m

Agriterra LD Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
60.58% above the market average60.58% above the market average60.58% above the market average60.58% above the market average60.58% above the market average
28.00% above the sector average28.00% above the sector average28.00% above the sector average28.00% above the sector average28.00% above the sector average
Price Trend
75.54% below the market average75.54% below the market average75.54% below the market average75.54% below the market average75.54% below the market average
92.86% below the sector average92.86% below the sector average92.86% below the sector average92.86% below the sector average92.86% below the sector average
Income Not Available
Growth
36.64% below the market average36.64% below the market average36.64% below the market average36.64% below the market average36.64% below the market average
28% below the sector average28% below the sector average28% below the sector average28% below the sector average28% below the sector average

Agriterra LD Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
15:28 11 @ 1.00p
15:28 11 @ 1.00p
10:07 612 @ 0.98p

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