TIDMWBI
RNS Number : 2329V
Woodbois Limited
05 August 2020
Woodbois Limited
("Woodbois", the "Group" or the "Company")
(AIM: WBI)
Results of General Meeting to approve Fundraise and Debt
Restructuring
Woodbois, the African focused forestry and timber trading
company, is pleased to announce that at its General Meeting held
earlier today, the following resolutions were put to the meeting
and duly passed as follows:
Resolutions For Against Abstain
1 To authorise the Directors to allot shares in the Company 99.87% 0.08% 0.05%
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2* To disapply pre-emption rights 99.87% 0.08% 0.05%
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3* To adopt new articles of incorporation of the Company 99.94% 0.01% 0.05%
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* Special Resolutions
1. The number of votes validly cast were in respect of
253,602,636 shares, representing 53.99% of the 469,737,487 issued
share capital of the Company, being the total number of shares in
issue with voting rights at 6.00pm on 4 August 2020.
2. Percentages are rounded to two decimal places.
The new ordinary shares and non-voting right ordinary shares
required to be issued pursuant to the Fundraise, Capitalisation and
Deferred Consideration Settlement have therefore now been issued
subject only to Admission taking place, and this is expected to
occur at 8.00am tomorrow morning.
Following Admission, the Company's issued share capital will
comprise of 2,382,216,431 shares, of which 1,430,751,958 are voting
shares and 951,365,095 are non-voting shares and 99,378 are held in
treasury. Accordingly, the above figure of 1,430,751,958 Ordinary
Shares may be used by shareholders of 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 in their
interest in, the voting share capital of the Company under the
FCA's Disclosure Guidance and Transparency Rules.
All defined and capitalised terms have the same meaning as the
Company's announcement on 14 July 2020.
Paul Dolan, Chairman and CEO, commented:
"We are delighted that shareholders have so resoundingly
supported the transformative Fundraise and Debt Restructuring. The
table below shows that we have today moved to a cash balance of
$6.8 million after settling all of our high cost ITF funding and
over 96% of the interest bearing convertible debt. We have removed
85% of our total debt from our balance sheet with major benefits to
cash flows and outlook. I am confident that we will now be able to
implement our stated plans, become cash flow positive and be able
to commence paying a sustainable dividend following the conclusion
of the 2021 financial year."
Illustrative Change in Net Cash/Net Debt following the Fundraise
and Debt Restructure
Indicative Restructured
Pre Restructure* Interest Balance Sheet Interest
Instrument (US$m) Rate (US$m) Rate
Convertible Bond (30.0) 4% (1.1) 0%
Internal Trading
Fund (13.9) 11.5% 0.0 -
Bank Debt (6.8) 2 - 10% (6.8) 2 - 10%
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(50.7) (7.9)
Cash 0.8 6.8
----------------- --------- ------------------------ ---------
Net Debt (49.9) (1.1)
* 30 June 2020 (unaudited)
Enquiries:
Woodbois Limited
Paul Dolan - Chairman and CEO
www.woodbois.com
+44 (0)20 7099 1940
Canaccord Genuity (Nominated Adviser and Broker)
Henry Fitzgerald-O'Connor
James Asensio
Thomas Diehl
+44 (0)20 7523 8000
Notification and public disclosure of transactions by persons
discharging managerial responsibilities /person closely
associated
Further to the announcement on 15 July 2020 highlighting the
Subscription by certain Directors of an aggregate of 13,750,000
Subscription Shares, as well as the Deferred Consideration
Settlement by issue of New Ordinary Shares and Capitalisation of
Convertible Bonds into New Ordinary Shares by the respective
persons discharging managerial responsibilities, the corresponding
disclosure forms summarised below have today been submitted online
to the FCA in relation to these transactions.
The notifications below are made in accordance with the
requirements of the Market Abuse Regulations.
1 Details of the person discharging managerial responsibilities/person closely associated
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a) Name Paul Tiernan Dolan
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2 Reason for the notification
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a) Position/status Chairman and CEO
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b) Initial notification/ Amendment Initial Notification
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3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
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a) Name Woodbois Limited
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b) LEI 2138001U7SLCSRKV3P06
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4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
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a) Description of the financial instrument, type of Ordinary Shares
instrument
Identification code WBI LN
ISIN GG00B4WJSD17
ISIN GB00BKFB8F81
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b) Nature of the transactions Subscription for Ordinary Shares and conversion of
Woodbois 4% CNV BDS 30/06/24 USD1 for Ordinary
Shares
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c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 12,500,000
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GBP0.02p 16,526,757
----------
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d) Aggregated information
- Aggregated volume 29,026,757
- Price GBP580,535
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e) Date of the transaction 05/08/2020
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f) Place of the transaction London
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1 Details of the person discharging managerial responsibilities/person closely associated
----------------------------------------------------------------------------------------------
a) Name Graeme Paul Thomson
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2 Reason for the notification
----------------------------------------------------------------------------------------------
a) Position/status Non-executive Director
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b) Initial notification/ Amendment Initial Notification
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3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
----------------------------------------------------------------------------------------------
a) Name Woodbois Limited
------------------------------------------------------------ --------------------------------
b) LEI 2138001U7SLCSRKV3P06
------------------------------------------------------------ --------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
----------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary Shares
Identification code
WBI LN
ISIN GG00B4WJSD17
------------------------------------------------------------ --------------------------------
b) Nature of the transactions Subscription for Ordinary Shares
------------------------------------------------------------ --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 1,250,000
---------
------------------------------------------------------------ --------------------------------
d) Aggregated information
- Aggregated volume 1,250,000
- Price GBP25,000
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e) Date of the transaction 05/08/2020
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f) Place of the transaction London
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1 Details of the person discharging managerial responsibilities/person closely associated
------------------------------------------------------------------------------------------------------------------
a) Name Hadi Ghossein
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2 Reason for the notification
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a) Position/status Deputy Chairman
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b) Initial notification/ Amendment Initial Notification
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3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
-------------------------------------------------------- --------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
-------------------------------------------------------- --------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary Shares
instrument
Identification code WBI LN
ISIN GG00B4WJSD17
--------------------------------------------------------
b) Nature of the transactions Deferred Consideration Settlement by issue of New
Ordinary Shares
-------------------------------------------------------- --------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 15,861,853
----------
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d) Aggregated information
- Aggregated volume 15,861,853
- Price GBP317,237
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e) Date of the transaction 05/08/2020
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f) Place of the transaction London
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1 Details of the person discharging managerial responsibilities/person closely associated
------------------------------------------------------------------------------------------------------------------
a) Name Jacob Hansen
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2 Reason for the notification
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a) Position/status Former Director / COO
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b) Initial notification/ Amendment Initial Notification
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3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------------------------------------------------------
a) Name Woodbois Limited
-------------------------------------------------------- --------------------------------------------------------
b) LEI 2138001U7SLCSRKV3P06
-------------------------------------------------------- --------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
------------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary Shares
instrument
Identification code WBI LN
ISIN GG00B4WJSD17
--------------------------------------------------------
b) Nature of the transactions Deferred Consideration Settlement by issue of New
Ordinary Shares
-------------------------------------------------------- --------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP0.02p 46,638,147
----------
-------------------------------------------------------- --------------------------------------------------------
d) Aggregated information
- Aggregated volume 46,638,147
- Price GBP932,763
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e) Date of the transaction 05/08/2020
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f) Place of the transaction London
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END
ROMSSAFSIESSESA
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August 05, 2020 06:15 ET (10:15 GMT)
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