Australasian Food Corporation Ltd – Market Update

Australasian Food Corporation Ltd (AFC) updates the market as follows:

Directors Resignation Mr. Tommy Zhou, a Director of AFC has tendered his resignation today. Mr. Zhou is spending most of his time in Hong Kong and is unable to devote the time required to be a Director of Australasian Food Corporation Ltd. Mr. Brent King, Director said, “Mr. Zhou has been very helpful in assisting AFC set up a number of trading systems for exports including Honey, Beef and other New Zealand products. We understand his personal commitments and thank him for his contribution to AFC.” Mr. King said, “The AFC board will consider a replacement in due course. “

Warrants:

AFC has previously announced the issuance of warrants to all shareholders on a 1:1 basis. The exercise price is 0.2cents per share and the last day for exercise the warrants is today 31 May 2016. Mr. Brent King, a Director of AFC advised, “There has been a very strong uptake of the warrants and we are expecting total number exercised to be over 75%. We will not know the final figure until Close of business today; however we are very encouraged by the number of shareholders who have exercised to date.” Mr. King commented, “These warrants are unlisted however there are AFCWA warrants listed. Holders of the AFCWA warrants are able to exercise the AFCWA warrants anytime up until 31 December 2017.“

On behalf of the Board of Directors

Brent King Director 31 May 2016

May 31, 2016 AFC News
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