LONDON (ShareCast) - (Sharecast News) - Pacsco said in an update on Friday that it has agreed to extend the deadline for completing the sale of its agricultural assets in Mozambique to 31 December, citing delays in securing local regulatory approvals.
The AIM-traded company, formerly known as Agriterra, said the revised long stop date was agreed with Chepstow Investments, the buyer and a substantial shareholder in Pacsco.

It first announced the transaction in March, with approval by shareholders following on 31 March.

The extension constituted a related party transaction under the AIM rules.

Pacsco said its board members independent of Chepstow - Caroline Havers, Neil Clayton and Sergio Zandamela - considered the revised terms to be fair and reasonable, following consultation with the company's nominated adviser, Strand Hanson.

Pacsco previously set a 30 May long stop date for the disposal, but said the process had been slowed by unforeseen regulatory hurdles in Mozambique.

Reporting by Josh White for Sharecast.com.

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