TIDMWBI
RNS Number : 1244Y
Woodbois Limited
29 December 2023
29th December 2023
Woodbois Limited
("Woodbois", the "Group" or the "Company")
(AIM: WBI)
Executive Chair appointed
Strategic initiatives & operations
Joint broker
Woodbois Limited (AIM: WBI), the Africa-focused forestry, timber
trading, afforestation and voluntary carbon credit company is
pleased to announce the following changes to enhance its future
development.
Executive Chair
As a result of the organisational review previously announced it
has become clear that the Company needs a full-time Executive Chair
if it is to achieve the demanding plans it is developing. Guido
Theuns, who was appointed to the Board on 4 December 2023, has been
invited and has accepted this role with immediate effect. He has
extensive African and financial reorganisation experience.
Guido said "There is much work to be done to ensure the value
inherent within Woodbois' assets is fully realised. I have been
impressed by the team and its spirit, as well as their
determination to make the Company a great success. I am confident
in our ability to secure new resources as required, including
strengthening where required, and look forward to substantial
progress in 2024."
Graeme Thomson, outgoing Chair, will reduce the time he devotes
to the Company owing to his expanding other interests but has
agreed to remain as Senior Independent Non-Executive Director.
Strategic initiatives
Investors rightfully seek an attractive return on their
investments, accompanied by regular updates that offer transparent
insights into the Company's operations and plans. The Company is
steadfastly dedicated to enhancing its shareholder communication
provided with consistent and informative updates.
To enhance and realise the shareholder value inherrent in its
assets and objectives, Woodbois is undertaking four simultaneous
strategic initiatives:
1. Cost Streamlining: It will rigorously evaluate and optimi s e
costs where possible and necessary, including a comprehensive
review of its international legal structure.
2. Production Optimisation: Maximizing wood production and
yields is paramount. It is implementing new team leadership,
enhancing production teams, and increasing shifts. This strategic
move will not only enhance efficiency but also instill pride in
being a part of Woodbois. Leveraging technologies such as StarLink
connections will ensure faster and transparent reporting.
3. Trading Team Expansion: Woodbois is focused on expanding its
trading team, coupled with shortly finalising a $3.5 million trade
finance facility (1) . This strategic step empowers our team to
trade beyond Woodbois' production volume, significantly
contributing to C ompany profitability.
4. Carbon Credits Business Plan: Following our engagement with
stakeholders at COP28 in Dubai, Woodbois is diligently working on a
comprehensive business plan for Carbon Credits, with its project in
Gabon being its first. This initiative holds the potential to
become a lucrative addition to our diversified business
portfolio.
Woodbois finds itself at a pivotal juncture, and with confidence
in its capable management team and dedicated employees, the Board
are optimistic that it can effect positive change.
Our overarching goal is to reposition Woodbois as an attractive
investment-a company known for its excellence, reliability, cash
generation and profitability.
Operational Summary
-- Conditional $3.5m line of credit agreed to permit third party
trading operations to restart (1)
-- F urther governmental negotiations re lease concession
agreement for carbon credit project expected to be concluded in H1
2024: plan to conclude, secure project specific funding and
commence pilot study
-- N egotiations on-going to enhance operational and financial flexibility
-- E xcellent progress on clearing a restrictive backlog of repairs, maintenance and creditors
-- E stimated 2023 turnover of c $8 million reflects previously announced events
-- E stimated H 2 sawmill production of c.3,200 m3 and 2023 full year production of c6,900 m3
-- V eneer paused throughout H2 to initially focus on sawmill
operations : 2023 full year production c1,900 m3
-- Confidence in the outlook for 2024 compared with 2023.
-- A full Q4/2023 update and outlook will be released in late January 2024.
The Board firmly believe that 2024 will mark a positive and
decisive turning point for Woodbois.
Appointment of Axis Capital Markets as Joint Broker
The Company has also been increasingly aware of the need for a
further proactive broker to assist in marketing and promoting it as
it develops and is pleased to appoint Axis Capital Markets as Joint
Broker from today alongside Canaccord Genuity and Novum Securities
.
(1) a $3.5m line of credit for trading has been agreed, subject
to final documentation expected in January 2024
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which forms part of UK
law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
Enquiries:
Woodbois Limited
Guido Theuns, Independent Executive Chair
David Rothschild, CEO
Graeme Thomson, Independent Non-Executive Director + 44 (0)20 7099 1940
Canaccord Genuity (Nominated Advisor and Broker)
Henry Fitzgerald-O'Connor
Harry Pardoe + 44 (0)20 7523 8000
----------------------
Novum Securities (Joint Broker)
Colin Rowbury, Jon Bellis +44 (0) 20 7399 9427
----------------------
Axis Capital Markets Limited (Joint Broker)
Ben Tadd, Lewis Jones +44 (0) 203 026 0449
----------------------
Background on Woodbois
Woodbois Limited (AIM:WBI) is an Africa-focused forestry
company, divided into three distinct, but highly complementary
divisions comprising the production and supply of sustainable
African hardwood products, the trading of timber and timber
products, and an afforestation and carbon credit division.
Woodbois' forestry division has production facilities in Gabon
and Mozambique, managing a total of c4 8 0,000 hectares of natural
forest concessions. The trading division comprises an 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 aims to
generate voluntary carbon credits for corporate partners through
the delivery of large-scale afforestation projects. It has been
allocated land of c69,000 hectares in Gabon, its first such
project.
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 eighth in its Sustainability
Policy Transparency Toolkit ('SPOTT") ESG policy transparency
assessments for the worldwide timber and pulp industries for
2022.
The Company has a partnership with World Forest ID, to enhance
the traceability and identification of timber, originating from the
Company's forest concessions, firstly in Gabon. World Forest ID is
an international organisation, which is revolutionizing the
protection of forests through the application of science-based
origin tracing and species identification. World Forest ID is
building an extensive global library of reference samples, from
various forest regions, for use in cross verification.
Please follow the Company on Twitter: @WoodboisLtd
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END
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(END) Dow Jones Newswires
December 29, 2023 02:00 ET (07:00 GMT)
Woodbois (LSE:WBI)
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