REG - Woodbois Limited - Conversion of 65 million Non-Voting Shares

WoodboisAnnouncement

27/06/2022 07:00

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RNS Number : 2056Q  Woodbois Limited  27 June 2022

27 June 2022

Woodbois Limited

 

("Woodbois", the "Group" or the "Company")

 

Conversion of 65 million Non-Voting Shares

 

Woodbois, the African focused sustainable forestry and timber trading
company, has received a request by Rhino Ventures Limited ("Rhino") for the
conversion, on a one-to-one basis, of 65,000,000 of its remaining 300,000,000
Non-Voting Ordinary Shares into Voting Ordinary Shares in the Company (the
"Conversion"). The Conversion will be effective on Admission (as defined
below).  Upon Conversion, Rhino will transfer the 65,000,000 shares to its
beneficial owner, Mr Miles Pelham.

Application has been made to the London Stock Exchange for the admission to
trading of the 65,000,000 new Voting Ordinary Shares resulting from the
Conversion, which is expected on 30 June 2022 ("Admission").

Following Admission, Rhino and Mr Miles Pelham together will hold 442,500,000
Voting Ordinary Shares in the Company, which represents 21.30% of the enlarged
Voting Ordinary Shares.  Rhino's holding of 235,000,000 Non-Voting Ordinary
Shares post Conversion will represent 57.32% of the 410,000,000 Non-Voting
Ordinary Shares in the Company.  Also, as announced on 13(th) January 2022,
the Company has a $2.0 million unsecured general-purpose two-year facility
outstanding from Rhino.

Following Admission, the Company's total number of Ordinary Shares in issue
will remain 2,487,988,873 and this will consist of 2,077,988,873 Voting
Ordinary Shares and 410,000,000 Non-Voting Ordinary Shares. The aforementioned
figure of 2,077,988,873 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      + 44 (0)20 7099 1940

 Carnel Geddes - Chief Financial Officer

 Canaccord Genuity, Nominated Advisor      + 44 (0)20 7523 8000

 Henry Fitzgerald-O'Connor

 James Asensio

 Gordon Hamilton

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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