REG - Woodbois Limited - Appointment of nominated adviser and other matters

WoodboisAnnouncement

11/11/2024 07:00

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RNS Number : 6457L  Woodbois Limited  11 November 2024

 

 

The information contained within this announcement was deemed by the Company
to constitute inside information as stipulated under the UK Market Abuse
Regulation

 

11 November 2024

 

WOODBOIS LIMITED

("Woodbois" or the "Company")

Appointment of Nominated Adviser

Restoration of the Company's shares to trading on AIM

Two Independent Non-Executive Directors join the Board

Gabon Operational Update

Total voting rights

Appointment of Allenby Capital as Nominated Adviser

The Company is pleased to announce the appointment of Allenby Capital Limited
as the Company's Nominated Adviser with effect from today. Following the
appointment of Allenby Capital Limited as its new Nominated Adviser, trading
in the Company's ordinary shares on AIM, a market of the London Stock
Exchange, is expected to be restored with effect from 7.30am today.

New Independent Non-Executive Directors

The Company is also pleased to welcome Paul Shackleton and Clive Roberts as
new independent Non-Executive Directors. Both bring a wealth of capital
markets and regulatory experience that will assist the Board to deliver
shareholder value. The new Independent Directors' initial focus will be on
Corporate Governance and engagement with stakeholders, allowing the Executives
to concentrate on restarting the core business in Gabon and to develop carbon
credit income in the medium term.

Paul Shackleton is an experienced London based corporate finance adviser who,
since 1996, has specialised in both domestic and international AIM traded
companies, including advising companies in the role of a Nominated Adviser.
He brings a wealth of knowledge and experience, particularly in transactions,
fund raising, Corporate Governance and Regulation. He is currently a
Non-Executive Director of Rurelec Plc and GCM Resources PLC.

 

Clive Roberts, with over four decades of experience in the financial sector,
has developed a robust background in stock market trading, portfolio
management, and corporate advisory. Beginning his career as a Stock Market
Dealer at De Zoete and Bevan, he honed his trading skills and built a solid
foundation in market operations. He then joined ABN AMRO Hoare Govett, where
he spent over two decades, advancing from Trader to a Board Member in the
Equity Division. His tenure there was marked by significant contributions to
trading strategies and equity management. Subsequently, he became a Partner at
Exane, leveraging his expertise to drive business growth. Since 2010, he has
successfully managed his own investment portfolio and provided strategic
advisory services to numerous private companies, demonstrating his enduring
commitment and versatility in the financial industry.

It is anticipated that a further non-executive appointment will be made in due
course which will allow the separation of the CEO and Chairman roles and
better balance the board in terms of non-executives versus executives in
accordance with the QCA code.

Update on Gabon Operations

Emmanuel Henriquet has been appointed as the Director General of Woodbois
Gabon SA. Emmanuel is a French national and brings over 30 years of
experience, with extensive expertise in forestry activities. He also has
enviable experience in multi-country financial management, government
relations, strategic development and in restructurings across sub-Saharan
Africa. He will be invaluable as we strengthen our presence and commitment in
Gabon whilst ramping up production and sales.

Our ongoing restructuring efforts are progressing as planned. We have now
achieved further cost reductions and have optimised our workforce for our
planned near-term activity. New flexible employment contracts have been put in
place with workers which are cost-effective and give the Company the ability
to be able to adapt quickly as operational needs arise.

A new shipment process of our existing pre-sold stock is underway. This paves
the way for a radical uplift in production and future exports of our
high-quality veneer and sawn timber on the sales terms intended to enhance
cash flow and reduce counter-party risk.

Funding

The Company confirms the receipt of the £484,400 before expenses from the
placing set out in the Company's announcement on 18 October 2024. These
proceeds will also be used to ramp up production to 50 containers per month.

Total voting rights

The total number of ordinary shares in issue is 4,722,988,873 ordinary shares,
which comprises 4,118,850,726 voting ordinary shares, 19,138,147 treasury
shares and 585,000,000 non-voting ordinary shares. Therefore, the total number
of voting rights in the Company is 4,118,850,726 which may be used by
shareholders 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 FCA's Disclosure Guidance and
Transparency Rules.

Guido Theuns, Executive Chair and CEO, said

"The Company regrets that trading in its shares was suspended, and accordingly
we are pleased that these appointments allow for the listing to continue,
which the Directors recognize is extremely important to shareholders. We will
provide further updates as we progress and we look forward to the 2024 AGM to
be held in December, and for which we will publish a notice shortly. Our team
are fully committed to driving returns for our shareholders through
profitability, efficient operations, sustainable responsible forestry
practices and value-adding growth."

The following information is disclosed pursuant to Rule 17 and Schedule Two
(g) of the AIM Rules for Companies.

Paul Roger Anthony Shackleton, aged 55, holds, or has held in the past five
years, the following directorships and/or partnerships:

Current directorships and/or partnerships:

·    GCM Resources Plc

·    Rurelec Plc

Clive Charles Herbert Roberts, aged 61, holds, or has held in the past five
years, the following directorships and/or partnerships:

Current directorships and/or partnerships:

·    Kibo Energy Plc (Ireland)

·    Laserpod Ltd

·    CCH Roberts Trading Limited

·    West Wales Rivers Trust

Past directorships and/or partnerships within the last five years:

·    Finsac LLP (LLP designated member)

·    Afonydd Cymru Cyfyngedig

Mr. Roberts holds 30,300,000 ordinary shares in the Company.

Guido Theuns was a director of GBC Suisse AG from September 2021 to February
2022. GBC Suisse AG entered into liquidation in September 2022.

There are no further disclosures required under Schedule 2(g) of the AIM Rules
for Companies.

Enquiries:

 Woodbois Limited

 Guido Theuns, Executive Chair & CEO               + 44 (0)20 7099 1940

 Johannes Bloemen, CFO
                                                   +44 (0)20 3328 5656 info@allenbycapital.com

 Allenby Capital Limited  Nominated Adviser

 John Depasquale, Piers Shimwell

 Novum Securities (Joint Broker)                   +44 (0) 20 7399 9427

 Colin Rowbury, Jon Bellis

 Axis Capital Markets Limited (Joint Broker)       +44 (0) 203 026 0449

 Ben Tadd, Lewis Jones

 

 

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