Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture

9 November 2017

Agriterra Ltd ('Agriterra' or the 'Company')

Corporate Update

Agriterra, the AIM listed African agricultural company, announces that with effect from 31 December 2017, Daniel Cassiano-Silva will step down from his position as Finance Director; Mr Cassiano-Silva will remain a Non-Executive Director of the Company thereafter. 

In order to ensure a period of smooth transition, the Company has started the process to find a suitable candidate to assume responsibility for the Company's financial function during an interim period whilst the Company looks to hire a full time Mozambique based group finance director.  In addition, Brendan Scott, current Chief Operating Officer ('COO'), has agreed to take on the position of acting Chief Executive Officer ('CEO') to support the local management team as they seek to implement the Company's development strategies; the Company intends to hire a permanent CEO (also based in Mozambique) in the coming months, at which point Mr Scott will revert to his current position of COO.

Ms Havers, Chair of Agriterra said, "I would like to take this opportunity to thank Dan for his considerable input into the development of the Company over the past four years. In particular we are grateful for his extensive efforts in realising value from our Sierra Leone assets, facilitating the recent transformational investment by Magister Investments, and developing our Mozambique assets.  I am confident that in his new role of Non-Executive Director we will continue to benefit from Dan's extensive experience in the agricultural industry and particularly his deep knowledge of, and connection to, Mozambique.

"Alongside Dan's change of role, we are delighted that Brendan will assume the acting role of CEO.  Having managed the Company's operations as COO since 2015 Brendan has an unrivalled knowledge of our maize and beef businesses and is ideally suited to oversee current activity whilst we identify a suitable candidate to assume the role on a permanent basis. We look forward to further strengthening our management team in the near term as we look to become a leading food producer in Mozambique and the region, and updates will be provided when suitable candidates have been chosen.  

"The Company will be releasing its interim financial statements for the six month period ended 30 September before our next AGM, which will be held on 30 November 2017."

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