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Shell Summary for April 20, 2021

2021-04-20 20:50 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 14.41 points to 914.76 Tuesday. John Greenslade's Antalis Ventures Corp. (ANTV: halted) plans to acquire an Israeli vegan food maker, Peas of Bean Ltd., for the shell's qualifying transaction. The terms are not yet available.

Peas of Bean was founded in 2017. It sells vegan, organic, gluten-free, soy-free and sugar-free food that uses no preservatives but can last 12 months in a freezer. On its website, the company highlights veggie burgers and veggie balls, but in the QT news release, it lists salads and dips instead. Peas of Bean says it sells its products in Israel and North America. We should see its financials when the shell submits a QT filing statement. The shell and its target together are raising $1.8-million at 10 cents. Later, closer to the completion of the QT, they will be raising $2.5-million at 25 cents.

The founder and chief executive officer of Peas of Bean is Noam Ftecha. From 2014 to 2019, he was a project manager at Green Arava Ltd., an agricultural company. While he was there, he led a Kenyan corn farming project worth 7.2 billion Kenyan shillings ($84-million). The Kenyan government had hyped that project as the solution for its food shortage. It sent representatives to Israel to study dryland farming techniques, and it borrowed the equivalent of $74-million from an Israeli bank. The bank agreed on the condition that an Israeli farming contractor be selected, and so the job went to Green Arava. Over the years, the project faced delays for reasons that included extremely bad weather. By 2019, Kenya's National Irrigation Board and Green Arava had apparently become unfriendly to one another. The NIB accused Green Arava of failing to make sufficient progress on the farm, while Green Arava accused the NIB of failing to make payments. The farm, which the government estimated would deliver 1.2 billion shillings worth of corn sales each season, yielded a combined 274 million shillings in its first three seasons. Work on the farm appears to have stopped in 2019; the project was 85 per cent complete. The NIB claims that it has so far paid 5.9 billion shillings to Green Arava, but it is unclear whether this is true. In November, 2020, Kenyan senators called for an audit of the corn farming project amid allegations of corruption.

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