REG - Woodbois Limited - Holding(s) in Company

WoodboisAnnouncement

21/04/2022 07:00

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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      + 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

 Celicourt Communications (IR/PR)          +44 (0)20 8434 2643

 Mark Antelme                              woodbois@celicourt.uk (mailto: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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