Woodbois Limited Conversion of 101 million Non-Voting Shares (4287Q)
26 February 2021 - 6:00PM
UK Regulatory
TIDMWBI
RNS Number : 4287Q
Woodbois Limited
26 February 2021
26 February 2021
Woodbois Limited
("Woodbois", the "Group" or the "Company")
Conversion of 101 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, with the Company's consent, disposed of
81,500,000 Voting Ordinary Shares in the Company and immediately
thereafter, and in accordance with the terms of its Non-Voting
Shares, the Company has received a request from Rhino for the
conversion, on a one-to-one basis, of 101,365,095 of its
851,365,095 Non-Voting Ordinary Shares into Voting Ordinary Shares
in the Company (the "Conversion"). The Conversion will be effective
on Admission (as defined below).
Paul Dolan, Chairman and Chief Executive, said: " We welcome Mr
Ng Chee Beng as a 3.27% shareholder and are pleased to continue to
diversify our shareholder base and increase our Voting Ordinary
Share Capital by 6.6% at this exciting time of expansion for the
Company."
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 that the
Conversion is pursuant to Rhino having sold Voting Ordinary Shares
to a non-concert party or affiliate of one.
Following the Conversion and Admission (as defined below), Rhino
will hold 341,940,095 Voting Ordinary Shares in the Company, which
will represent 20.95% of the enlarged issued Voting Ordinary
Shares, as well as 100% of the 750,000,000 Non-Voting Ordinary
Shares. The Concert Party holding will then be 25.76% of the
enlarged Voting Ordinary Shares in issue.
Application has been made to the London Stock Exchange for the
admission to trading of the 101,365,095 new Voting Ordinary Shares
resulting from the Conversion, which is expected at 8.00am on 3
March 2021 ("Admission").
Following Admission, the Company's total number of Ordinary
Shares in issue will remain 2,382,216,431 and this will consist of
1,632,117,053 Voting Ordinary Shares, 750,000,000 Non-Voting
Ordinary Shares and 99,378 Treasury Shares. The aforementioned
figure of 1,632,117,053 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 - Chairman and CEO + 44 (0)20 7099 1940
Canaccord Genuity, Nominated
Advisor
Henry Fitzgerald-O'Connor
James Asensio
Thomas Diehl + 44 (0)20 7523 8000
Celicourt Communications (IR/PR) +44 (0)20 8434 2643
Mark Antelme woodbois@celicourt.uk
Jimmy Lea
Background on Woodbois
Woodbois Limited (AIM:WBI) is an African focused forestry and
timber trading company, which produces, processes, manufactures and
distributes sustainable African hardwoods and hardwood products to
customers around the world.
Woodbois' forestry division has production facilities in Gabon
and Mozambique, managing a total of c400,000 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.
Sustainability is at the heart of the business, with a clear
focus on maintaining the transparency and sustainability of its
timber operations. This has been recognised by The Zoological
Society of London, which ranked Woodbois third in its
Sustainability Policy Transparency Toolkit ('SPOTT") ESG policy
transparency assessments for the worldwide timber and pulp
industries for 2020.
Please follow the Company on Twitter: @WoodboisLtd
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