Dekeloil Public Limited Maiden Dividend (3023U)
17 January 2017 - 6:01PM
UK Regulatory
TIDMDKL
RNS Number : 3023U
Dekeloil Public Limited
17 January 2017
DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food
Producers
17 January 2017
DekelOil Public Limited ('DekelOil' or the 'Company')
Dividend Policy and Maiden Dividend
DekelOil Public Limited, operator and 100% owner of the
profitable and vertically integrated Ayenouan palm oil project in
Côte d'Ivoire ('Ayenouan' or the 'Project'), is pleased to announce
the adoption of a progressive dividend policy and, in line with
this, its intention to pay a maiden dividend in H1 2017 in respect
of the year ended 31 December 2016.
The decision to adopt a progressive dividend policy follows the
progress made both in terms of operations on the ground at Ayenouan
and at the corporate level, including the refinancing of senior
debt on improved terms and the cancellation of certain capital
notes, the settlement of which ranked above the payment of
dividends to ordinary shareholders. In addition, following the
increase in its interest in Ayenouan to 100% from 51% over the last
nine months, DekelOil's share of the Project's revenues and net
profits is expected to show a significant increase going
forward.
Dividends will be distributed to qualifying shareholders
following the release of the Company's audited results for the
financial year ended 31 December 2016. An update detailing the
relevant record and ex-dividend dates will be provided in due
course. The total maiden dividend to be paid in 2017 is expected to
amount to approximately GBP500,000 and shareholders will have the
option to receive either cash or shares by way of a scrip dividend.
Shareholders are advised that the default option is cash and that
the appropriate documentation will be sent to shareholders in due
course. Certain executive directors of the Company intend to
receive all or part of their dividends in new ordinary shares, as
detailed in the table below:
Executive Director Dividend election (cash/shares)
-------------------- --------------------------------
Youval Rasin 50%/50%
-------------------- --------------------------------
Yehoshua Shai Kol 50%/50%
-------------------- --------------------------------
Lincoln Moore 0%/100%
-------------------- --------------------------------
After taking into account existing cash flow, capex commitments,
and the Company's current prospects, the Board expects to maintain
a progressive policy over the next three years at which point the
policy will be reassessed based on future years' trading results,
the prevailing economic outlook, and the availability of
distributable reserves. The Company will also consider making
distributions to shareholders in the form of special dividends if
and when it is appropriate to do so.
DekelOil Executive Director Lincoln Moore said, "Joining the
dividend list is a major achievement for any company, let alone one
that only came to market in 2013 with the vision to provide a
much-needed outlet for fresh fruit bunches grown by thousands of
local smallholders by building one of West Africa's largest crude
palm oil extraction mills. With our state of the art mill entering
its fourth year of operations, our balance sheet is now more
reflective of the profitable palm oil producer we are today. Having
recently confirmed a 100% interest in Ayenouan, we have a proven
cash flow generative platform in place that can fund not only
regular dividends, but also our future expansion plans at both
Ayenouan and elsewhere. This is an exciting period for DekelOil
shareholders and I look forward to providing further updates on our
progress."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
** ENDS **
For further information please visit the Company's website or
contact:
DekelOil Public Limited
Youval Rasin
Shai Kol +44 (0) 207
Lincoln Moore 236 1177
Cantor Fitzgerald Europe
(Nomad and Broker)
Andrew Craig +44 (0) 207
Richard Salmond 894 7000
Beaufort Securities Limited
(Broker)
Zoe Alexander +44 (0) 207
Elliot Hance 382 8300
Optiva Securities Limited
(Broker)
Christian Dennis +44 (0) 203
Jeremy King 137 1903
St Brides Partners Ltd (Investor
Relations)
Elisabeth Cowell +44 (0) 207
Frank Buhagiar 236 1177
Notes:
DekelOil Public Limited is a low cost producer of palm oil in
West Africa, which it is focused on rapidly expanding. To this end,
it has an 85.75% interest in one of the largest oil processing
mills based in Côte d'Ivoire, which has a capacity of 70,000 tons
of CPO. Feedstock for the Mill comes from several co-operatives and
thousands of smallholders, however it also has nearly 1,900
hectares of its own plantations. Furthermore, it has a world-class
nursery with a 1 million seedlings a year capacity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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