TEN plans to acquire Block Commodities delay annual report

Block Commodities has successfully completed the preliminary due diligence phase with The Eelleet Network (TEN), it announced on Friday, and said it would continue to progress the legal and technical aspects of the transaction over the coming weeks.

The AIM-traded company said that, to streamline workflows and reduce costs in relation to the TEN transaction, it had taken the decision to delay the publication of its annual report for the year ended 30 June.

As a result, its annual report would be published no later than 31 December.

Block Commodities had announced on 21 September that it had signed a non-binding letter of intent for the acquisition of the entire issued share capital of Block Commodities by TEN.

On the trading front, it said recent months had seen “steady progress” in the implementation and expansion of its ‘Farmer 3.0’ ecosystem, with a pilot project underway in Uganda and an agreement in place to carry out a similar project in Zambia.

“This has been a fruitful year for Block Commodities,” said chairman Chris Cleverly.

“We have established key partnerships to allow our African strategy to come to life and have launched pilot projects in Uganda and Zambia.

“We have other exciting prospects to work on in the year to come.”