REG - Woodbois Limited - Business Update

WoodboisAnnouncement

05/02/2025 10:45

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RNS Number : 0331W  Woodbois Limited  05 February 2025

This announcement is released by the Company and the information contained
within this announcement is deemed by the Company to constitute inside
information for the purposes of Article 7 of the UK version of the EU Market
Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information Service, such
information is now considered to be in the public domain. The person
responsible for arranging for the release of this announcement on behalf of
the Company is Paul Shackleton, Non-executive Director.

 

5 February 2025

 

WOODBOIS LIMITED

("Woodbois" or the "Company")

 

Business update

 

Following the disruption to the business last year, which saw production halt
and a number of management changes, the Company is now experiencing the
financial effect of this, with tight working capital and a heightened level of
creditors. Once production has fully restarted we believe that the business
will generate cash and we will be able to normalise payments for all creditors
over a few weeks.

 

The patience of some of our creditors has understandably worn thin,
exacerbated perhaps by a lack of communication in the last quarter of 2024,
which we are seeking to redress; we note a court decision in Gabon in favour
of BGFI Bank ("BGFI"), a Gabon based financial institution, allowing it to
commence procedures to recover funds of EUR 790k owed to it by Woodbois. We
believe that the best outcome for all stakeholders, including BGFI, our loyal
employees in Gabon and long suffering shareholders will be achieved through
production. The Company has begun to ship containers of existing stock from
the port in Libreville, and is now beginning to move stock from the warehouse
in Mouila to the port.

 

We are discussing with advisers financing options to bridge our working
capital needed for production over the next few weeks. Further announcements
will be made as appropriate.

 

Enquiries:

 

 Woodbois Limited

 Clive Roberts, Independent Non-executive Director

 Paul Shackleton, Independent Non-executive Director

 Allenby Capital Limited (Nominated Adviser)           +44 (0)20 3328 5656 info@allenbycapital.com

 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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