Woodbois Limited Holding(s) in Company (8163I)
21 Avril 2022 - 8:01AM
UK Regulatory
TIDMWBI
RNS Number : 8163I
Woodbois Limited
21 April 2022
21(st) April 2022
Woodbois Limited
("Woodbois", the "Group" or the "Company")
Conversion of 50 million Non-Voting Shares
Holdings in Company
Woodbois, the African focused sustainable forestry and timber
trading company, has been informed by Rhino Ventures Limited
("Rhino") that it has disposed of 325,000,000 Non-Voting Ordinary
Shares in the Company to an unconnected third party (the
"Purchaser") (the "Disposal").
The Company has also received a request by the Purchaser, in
accordance with the terms of Non-Voting Shares, for the conversion,
on a one-to-one basis, of 50,000,000 of its 325,000,000 Non-Voting
Ordinary Shares into Voting Ordinary Shares in the Company (the
"Conversion"). The Conversion will be effective on Admission (as
defined below).
The Non-Voting Shares were originally issued to Rhino on 6
August 2020. Under the Company's articles of association Rhino may
not convert its holding of Non-Voting Shares into Voting Ordinary
Shares if by doing so it would increase its holding in the Voting
Ordinary Shares in issue, when taken together with any of its
affiliates or persons acting in concert, to be equal to or exceed
28% of the enlarged issued Voting Ordinary Share capital in the
Company. The Company has received confirmation from Rhino and the
Purchaser that they are not acting in concert.
Following the Disposal and the conversion Rhino still holds
409,400,000 Voting Ordinary Shares in the Company, which will
represent 21.46% of the enlarged issued Voting Ordinary Shares, as
well as 52.17% of the 575,000,000 Non-Voting Ordinary Shares. Also,
as announced on 13(th) January 2022 the Company has a $2.0 million
unsecured general-purpose two-year facility outstanding from
Rhino.
Application has been made to the London Stock Exchange for the
admission to trading of the 50,000,000 new Voting Ordinary Shares
resulting from the Conversion, which is expected at 8.00am on 22
April 2022 ("Admission").
Following Admission, the Company's total number of Ordinary
Shares in issue will remain 2,482,117,053 and this will consist of
1,907,117,053 Voting Ordinary Shares and 575,000,000 Non-Voting
Ordinary Shares. The aforementioned figure of 1,907,117,053 Voting
Ordinary Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
Enquiries:
Woodbois Limited
Paul Dolan - Chief Executive
Officer
Carnel Geddes - Chief Financial + 44 (0)20 7099
Officer 1940
Canaccord Genuity, Nominated
Advisor
Henry Fitzgerald-O'Connor
James Asensio + 44 (0)20 7523
Gordon Hamilton 8000
Celicourt Communications +44 (0)20 8434
(IR/PR) 2643
Mark Antelme woodbois@celicourt.uk
Jimmy Lea
Background on Woodbois
Woodbois Limited (AIM:WBI) is an African-focused forestry
company, divided into three distinct, but highly complementary
divisions comprising the production and supply of sustainable
African hardwood products, the trading of hardwood and hardwood
products, and a reforestation and carbon credit division.
Woodbois' forestry division has production facilities in Gabon
and Mozambique, managing a total of c470,000 hectares of natural
forest concessions. The trading division comprises a highly
experienced team of timber specialists, who source and supply
sustainable timber to a global customer base. Its proprietary
technology developed in house, captures, stores and presents data,
providing a matching engine to build scale and optimise trading
opportunities with its global customer base.
The Company's carbon sequestration and trading division was
formed in March 2021 and aims to generate voluntary carbon credits
for corporate partners through the delivery of large-scale
reforestation projects.
The Company's focus on the transparency and sustainability of
its timber operations has been recognised by The Zoological Society
of London, which ranked Woodbois joint sixth in its Sustainability
Policy Transparency Toolkit ('SPOTT") ESG policy transparency
assessments for the worldwide timber and pulp industries for
2021.
Please follow the Company on Twitter: @WoodboisLtd
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END
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