REG - Woodbois Limited - Holding(s) in Company

WoodboisAnnouncement

02/09/2024 07:00

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RNS Number : 4142C  Woodbois Limited  02 September 2024

2(nd) September 2024

 

WOODBOIS LIMITED

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

Holding in Company

Woodbois Ltd (AIM: WBI), a leading company in the international timber
industry, announces that, further to the announcements on 28 June 2024 and 21
August 2024, the Company believes that CHCH Ventures FZ - LLC ("CHCH") has
fallen below a notifiable interest in the voting share capital of the Company.
However, as in the past, the Company has not received any formal notification
from CHCH.

Guido Theuns, Executive Chair and CEO, commented: "I am very pleased to see
this significant and persistent share overhang finally addressed. Since
February, Woodbois shares have experienced a substantial decline in price. The
Directors believe that this downturn was primarily due to the actions of our
major shareholder CHCH (at the time a 20% shareholder), who, without any prior
communication with Woodbois, decided to transfer their shares to a third
party. We have since learned that these shares were held in trust and do not
believe that CHCH was authorized to make this transfer. The third party who
accepted these shares subsequently sold them at progressively lower prices,
driving a sharp price drop.

"Despite the current share price, we firmly believe it does not reflect
Woodbois' true value. With the measures we have implemented and the support
from our dedicated investors who have since absorbed these shares, we are
confident that the share price will soon return to its rightful value. We
appreciate the patience and continued trust of our shareholders during this
period.

"We will provide further updates on strategic and commercial developments as
we continue to implement the rationalisation and turnaround of our Company,
ahead of the release of our full interim statements in September."

 

 Woodbois Limited                                    + 44 (0)20 7099 1940

 Guido Theuns, Executive Chair & CEO

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

 Henry Fitzgerald O'Connor, Harry Pardoe

 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

About Woodbois:

Woodbois is a Guernsey-based company at the forefront of the timber industry,
committed to delivering quality products and sustainable solutions. With a
legacy of innovation and a vision for the future, it strives to set industry
standards and exceed expectations. Please follow the Company on X:
@WoodboisLtd

 

 

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