REG - Woodbois Limited - Timber Offtake Agreement MOU

WoodboisAnnouncement

29/11/2019 07:00

RNS Number : 0558V
Woodbois Limited
29 November 2019
 


29 November 2019
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
 
Woodbois Limited
("Woodbois", the "Group" or the "Company")
(AIM: WBI)
 
Timber Offtake Agreement MOU
Woodbois, the African focused forestry and timber trading company, is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with a leading West African timber supplier ("Supplier") to offtake all of their timber production in Liberia. A formal offtake agreement is expected to be entered into in January 2020.
 
Under the terms of the MOU, Woodbois will have exclusive right of first refusal to purchase.
 
The formal offtake agreement is expected to generate material additional trading revenue for the Group in 2020, with scope to increase as the agreement develops.
 
The MOU shall automatically renew on 31st December 2020, unless otherwise agreed. Either party may terminate the MOU at one month's notice.
 
CEO Paul Dolan commented "This agreement will allow us to further diversify the products we offer to our broad customer base. We are delighted that the organisation with whom we have partnered in Liberia, has recognised the advantages of supplying through the Woodbois brand. "
 
 



Woodbois Limited
Paul Dolan - CEO
Kevin Milne - Interim Chairman
www.woodbois.com
 


+44 (0)20 7099 1940




Arden Partners Plc (Nominated adviser and broker)
Richard Johnson / Ciaran Walsh


+44 (0)20 7614 5900



 




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