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AIM:PACS · Financials · Agriculture (formerly African grain/beef/maize-based food products); now an AIM-listed cash shell under AIM Rule 15
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Pacsco Limited

PACSCo Limited (formerly Agriterra Limited) is a Guernsey-incorporated, AIM-listed company whose historical operating business was the Mozambique Agricultural Businesses (grain trading, beef production and maize-based food products, via subsidiaries DECA, Compagri, Mozbife and Deca Snax). On 31 March 2025 shareholders approved disposal of these businesses to Chepstow Investments Limited (the company's 50.58% controlling shareholder) and the renaming of the company from Agriterra to PACSCo. Following deconsolidation, the company is now an AIM Rule 15 cash shell seeking a new investment opportunity or reverse takeover, funded by an unsecured working capital facility from Chepstow.

Export the Pacsco Limited factsheetfree accountOpen the FY2025 report
Filings

6 annual reports read, FY2020 to FY2025

Open a year to see what its report said. Every line in it carries the page it was read from.

Sources: Company website (6)

  1. FY2026Next report expected 5 Nov 2026

  2. Open the reportJSONComing soon
    Sixty seconds on the FY2025 report

    PACSCo Limited, formerly Agriterra, ran grain, beef and maize food businesses in Mozambique. In the year to 31 March 2025 those businesses brought in revenue of $13,591,000, up from $10,393,000, but the company's loss after tax grew to $28.7m from $3.2m. The jump comes mostly from a one-off cost. Shareholders voted on 31 March 2025 to sell the Mozambique businesses to Chepstow Investments, the company's controlling shareholder, and the sale produced a loss of $26,531,000. After the sale, net assets, meaning assets minus debts, fell to $1k from $6.8m. No shares were issued and no dividend was paid. Chepstow has agreed to lend up to £750,000, with £253,000 drawn by the report date. The company is now a "cash shell", a listed company with no business, looking for a new investment or takeover. The sale still awaits Bank of Mozambique approval, with a deadline of 31 March 2026. Once it completes, the company has six months to find a deal or its shares will be suspended. The auditor gave a clean opinion, raising no doubt it can keep going.

    From the reportevery line sits on the page it names
    What drove revenue

    Sale of grain, beef and maize-based food products at fixed price lists in Mozambique (discontinued operations)

    All of the Group's revenue is derived from selling goods with revenue recognised at a point in time... All of the Group's revenue is derived from fixed price lists

    page 21
    What moved the margintailwind

    Gross profit on discontinued operations improved to $2,516k from $1,832k

    Gross profit (discontinued) $2,516,000 (FY24: $1,832,000) despite cost of sales of $10,985,000

    page 28
    Andheadwind

    Decrease in fair value of biological assets (cattle herd)

    Decrease in fair value of biological assets $(90,000) (FY24: $(437,000))

    page 28
    One-offs in the year

    $26.5m charge: Loss on disposal of discontinued Mozambique Agricultural Businesses

    page 28
    What management said

    Chepstow has agreed to provide a working capital facility, to enable the Company to seek suitable alternative investments; the Board are reviewing the future investment strategy and will implement this once the Disposal has been completed.

    page 4
    After the year end

    Application for regulatory approval of the Mozambique disposal made to the Competition Regulatory Authority (approval received) and the Bank of Mozambique (approval awaited as at report date); long-stop date for completion extended to 31 March 2026 following amendments to the disposal agreement announced 27 January 2026.

    page 36
    The dividend

    No final dividend recommended for FY25 (FY24: US$ nil); no interim dividends paid in either year.

    page 7
    Going concern and the audit

    Unqualified ('true and fair') audit opinion from PKF Littlejohn LLP; auditor identified no material uncertainty relating to going concern. The sole key audit matter was the accounting and presentation of the divestment of the Mozambique Operations (related-party transaction with controlling shareholder Chepstow, judgement over loss of control pending regulatory approval). Going concern is based on 12-month cash flow forecasts supported by the £750,000 Chepstow working capital facility (£253,000 drawn).

    page 10
    The risks it names first
    • Regulatory approval of the Disposal is not received (Bank of Mozambique approval still outstanding)p.4
    • Availability of working capital for the Company to remain as an AIM Rule 15 cash shellp.4
    • Time to secure and fund an appropriate investment opportunity within the 6-month deadline from completion of the Disposal under AIM Rule 15, failing which trading in shares would be suspended, leading to possible delistingp.4
    • Dependence on and related-party exposure to controlling shareholder Chepstow for financing and for completion of the disposal transactionp.35

    Read from C000965-AR-2025-website.

  6. FY2022Year to 31 Mar 2022 Opens with a free accountThe report, its reading and its figures
  7. FY2021Year to 31 Mar 2021 Opens with a free accountThe report, its reading and its figures
  8. FY2020Year to 31 Mar 2020 Opens with a free accountThe report, its reading and its figures