TIDMPAL
RNS Number : 3288N
Equatorial Palm Oil plc
19 May 2020
19 May 2020
EQUATORIAL PALM OIL PLC
("EPO", the "Company" or, together with its subsidiaries, the
"Group")
Interim Results for the six months ended 31 March 2020
Equatorial Palm Oil plc (AIM: PAL), the AIM quoted palm oil
production company with operations in Liberia, West Africa,
announces its unaudited interim results for the six months ended 31
March 2020 (the "Period").
EPO is supported by its 63 per cent. shareholder and joint
venture partner Kuala Lumpur Kepong Berhad ("KLK"), a Malaysian
corporation, in developing a new sustainable palm oil operation in
Liberia through investment in its oil palm operations, training and
infrastructure.
Highlights :
-- Sales of oil palm products continue
-- New mill at Palm Bay running well, but not yet at 100% capacity
-- COVID-19 preventative measures put in place
-- Post-period end : proposed disposal of EPO's 50% interest in
LPD to KLK, announced on 18 May 2020, which is subject to
shareholder approval (the "Proposed Disposal")
Michael Frayne, Executive Chairman of EPO, commented:
"The recent turmoil in world markets resulting from the COVID-19
pandemic will undoubtedly affect palm oil as governments worldwide
have in the most part temporarily shut down our day to day
routines.
"Management are working very hard with the Liberian health
officials to put in place preventative measures to stop the spread
of this virus which will enable our operations to continue with the
safety and well-being of our staff and communities being our main
priority.
"The last few years have proved to be a very difficult time for
the palm oil industry in Liberia, and worldwide, which as
shareholders will be aware has significantly impacted the Group's
ability to develop its palm plantations at the rate we would have
hoped. Progress has been made, with the completion of the palm oil
mill at Palm Bay estate and our first sales and shipment of crude
palm oil from the Port of Buchanan, which is tribute to the hard
work of management, however, as announced on 18 May 2020, we have
reached agreement with KLK for the Proposed Disposal of EPO's
interest in LPD, and transfer by novation all of the Company's
rights, titles, benefits and obligations in the shareholder loan
granted to LPD, for nominal consideration. Having extensively
considered the Proposed Disposal, I, and Geoff Brown, believe that
it is in the best interest of shareholders for EPO now to dispose
of its interest in LPD and seek to utilize its cash reserves, of
approximately GBP800,000 expected on completion of the Proposed
Disposal, to seek to acquire another asset which can deliver value
generation for shareholders in the near to medium term."
For further information, please contact:
Equatorial Palm Oil plc
Michael Frayne (Executive Chairman)
www.epoil.co.uk +44 (0) 20 7268 4874
Strand Hanson Limited (Nominated Adviser)
James Harris / James Bellman +44 (0) 20 7409 3494
Mirabaud Securities LLP (Broker)
Peter Krens +44 (0) 20 7484 3510
CHAIRMAN'S STATEMENT
The Company has been focussed on further progressing its oil
palm assets in Liberia, West Africa, and setting the foundations
for production from its oil palm development. EPO's oil palm
estates are held through Liberian Palm Developments Limited
("LPD"), a joint venture company owned in equal proportion by EPO
and KLK which (through subsidiaries) holds palm oil concessions in
Liberia.
The Company continues to target positive cash flow from its
associate's Liberian operations. We continue our engagement with
all the communities in and around our concessions as we seek
consent for all land development as part of the Free, Prior and
Informed Consent ("FPIC") process.
Operational Review
Liberian Palm Developments Limited - Associate
EPO (through its wholly owned subsidiary Equatorial Biofuels
(Guernsey) Limited) and KLK (through its wholly owned subsidiary
KLK Agro Plantations Pte Ltd) each currently holds 50 per cent of
the issued share capital of LPD. KLK also holds ordinary shares in
EPO (through its wholly owned subsidiary KL-Kepong International
Limited) representing approximately 62.86 per cent. of the issued
share capital of the Company.
Under the Joint Venture Agreement, KLK has the power to appoint
the Chairman to the Board of LPD and in the case of a tied vote the
Chairman has the casting vote. For this reason, the Company
accounts for its investment in LPD as an equity investment in which
it has significant influence, therefore, classified as an
associate.
LPD controls the operations in Liberia which involves the
production and sale of oil palm products. The following operational
review relates to the operations within the associate LPD which is
referred to as "the Company" under the Operational review
section.
Operational Update
Palm Bay estate
Work has been ongoing at Palm Bay to tend to the already 6,500
ha planted on Palm Bay estate since 2011. Approximately 6,000 ha is
now mature and producing fresh fruit bunches ("FFB") that can be
processed at the palm oil mill ("POM") with the final 500 ha
becoming mature later in the year. Field upkeep continues to keep
the plantation in a good husbandry state.
The POM at Palm Bay estate continues to run well. However, as
has previously been disclosed the mill is running on alternate days
given that there are not sufficient FFB to run the mill daily.
Volumes of FFB will increase as both the palms continue to mature
and our FFB yield continues to improve on our estate generally and
as our harvesters gain more experience.
Shipments of CPO are being shipped out from the Company's
storage tank export facility at the port of Buchanan where they are
loaded on to parcel tanker ships from which allows customers to
purchase the Company's oil palm products in bulk for export.
Shipments of CPO to customers continue in the normal course of
business. Sales by LPD's subsidiary of CPO at the end of the Period
was US$3. 3m.
As previously announced, the mill includes a kernel crushing
plant ("KCP") and a biogas plant. The KCP has been commissioned and
we are producing palm kernel oil ("PKO") for sale to customers. The
biogas plant was to be completed early this calendar year however
the Malaysian consultants engaged to commission the plant were
forced to delay the trip as a result of the COVID-19 pandemic.
The biogas plant is designed to capture methane emitted from the
POM effluent to generate electricity for use in the POM and KCP and
surrounding office and residential buildings. As a result, the POM
will be a highly efficient mill once the biogas plant is complete,
in that there will be minimal amounts of waste and residue.
Although shipments of oil palm products are progressing to its
customers, the operations at Palm Bay estate remain unprofitable.
Until the performance of Palm Bay operations improves, the Company
will not expand into other areas in and around Palm Bay estate.
The Company is committed to compliance with the assessments and
requirements as set out in our Sustainability Policy and the new
planting procedures of the RSPO, for which the relevant criteria
include: FPIC, High Conservation Value ("HCV") assessment, High
Carbon Stock Approach ("HCSA") assessment and Green House Gases
("GHG") reduction, amongst others.
COVID-19
The various shutdowns of economic activity by governments all
over the world have hit global demand for vegetable oil including
palm oil. As at the reporting date there has been no disruption to
the operations or shipments of our palm oil products.
All focus of management is for the wellbeing of our staff and
the communities in which we operate. We have set up a committee on
Palm Bay to instil strict preventive measures such as:
a) Temperature checks at all entry points
b) Hand washing stations
c) Awareness campaign
This committee is in communication/planning with the Liberian
Ministry of Health and local county health officials. LPD has been
distributing hand washing materials such as soap and water drums to
communities within and around the Palm Bay concession. In addition
to that, training on hand washing and awareness of COVID-19 are
being carried out. Clear guidelines, preventative materials and
advice is being distributed from KLK on almost a daily basis.
On 19 April 2020, the Liberian Government declared a 60-day
state of emergency aimed at helping healthcare workers locate sick
people and respond to cases promptly, measures that were put in
place throughout the country during the Ebola epidemic from
2014-2016.
Butaw estate
As was highlighted in the Company's full year results for the
year ended 30 September 2019, the operations at Butaw has
ceased.
RSPO
EPO, through its JV partner KLK, is a member of the RSPO and
adheres to all international best practice standards for estate
development.
EPO has consistently adopted best practices and procedures to
ensure that the CPO produced from our new plantings will meet with
international sustainability standards, thereby enabling our CPO to
be labelled "sustainable" palm oil.
Financial Review
The loss of the Group for the six months ended 31 March 2020 was
US $53,000 (31 March 2019: US$ 4,731,000). Cash held by the Group
as at 31 March 2020 was US$ 578,000 (30 September 2019: US$
660,000).
As at 31 March 2019, LPD has a further $12.1m to draw down from
the $20m loan provided to LPD by KLK as was announced on 20 May
2019.
LPD is currently loss making, has outstanding debt to KLK of
c.$131m which ranks ahead of the Company's loans to LPD in the
amount of $6.2m, and is likely to require further funding going
forward. Consequently, it is highly unlikely that the Company's
loans to LPD will be recoverable. Accordingly, the Independent
Directors believe that there is little prospect of generating value
for shareholders from the Company's interest in LPD.
Proposed Disposal - post period end
On 18 May 2020, the Company announced the Proposed Disposal by
the Company's wholly owned subsidiary, Equatorial Biofuels
(Guernsey) Limited ("Equatorial Biofuels"), of its 50 per cent.
equity interest in Liberian Palm Developments Limited, the Group's
operating subsidiary, to KLK Agro Plantations Pte Ltd ("KLK Agro")
(a wholly owned subsidiary of KLK). In addition, the Company will
novate an intragroup debt advanced by the Company to LPD in the sum
of approximately US$6,197,000 ("Novation"). The aggregate
consideration for the Proposed Disposal and the Novation is GBP1.
The Proposed Disposal is subject to shareholder approval at a
forthcoming General Meeting on 9 June 2020. Further information can
be found in a Circular, which includes a notice of the General
Meeting, which is available on the Company's website.
Summary and Outlook
The last 12 months has been difficult for the Company given the
cessation of operations at Butaw estate and there has been no
further planting at Palm Bay estate for the last 4 years. There
have been weak CPO prices for many reasons, including low oil
prices, and now the COVID-19 pandemic has created further
uncertainty, with its long-term effect on the palm oil industry
still to be understood.
Accordingly, the Independent Directors in respect of the
Proposed Disposal, being myself and Geoff Brown, are supportive of
the Proposed Disposal of the Company's interest in LPD and
recommend that shareholders vote in favour of the resolution being
proposed at the forthcoming General Meeting.
I would like to take this opportunity to thank our JV partner
and major shareholder KLK, our board and management team and all
stakeholders for their continued support.
Michael Frayne
Chairman
19 May 2020
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 31 MARCH 2020
Period ended Period ended Year ended
31 March 31 March 2019 30 September
2020 2019
Note (unaudited) (unaudited) (audited)
$'000 $'000 $'000
Revenue 22 85 167
Administrative expenses (318) (347) (717)
Operating loss (296) (262) (550)
-------------- ---------------- ---------------
Interest income 251 248 503
Other income 2 8 6
Foreign exchange loss (10) - -
Share of operating loss
of associate 3 - (4,725) (15,090)
Loss for the period before
and after taxation attributable
to owners of the parent (53) (4,731) (15,131)
-------------- ---------------- ---------------
Other comprehensive income
Exchange gains/(losses) - - -
arising on translation
of foreign operations
-------------- ---------------- ---------------
Total comprehensive loss
for the period attributable
to owners of the parent (53) (4,731) (15,131)
-------------- ---------------- ---------------
Loss per share expressed
in cents per share
Basic 2 (0.01) cents (1.3) cents (4.2) cents
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
31 March 2020 30 September
2019
(unaudited) (audited)
Note
$'000 $'000
ASSETS
Non-current assets
Property, plant and equipment 3 3
Investment in associate 3 - -
Receivables from associate 4 6,239 6,223
6,242 6,226
--------------- --------------
Current assets
Trade and other receivables 22 21
Cash & cash equivalents 578 651
--------------- --------------
600 672
LIABILITIES
Current liabilities
Trade and other payables 37 40
37 40
--------------- --------------
Net current assets 563 632
--------------- --------------
NET ASSETS 6,805 6,858
=============== ==============
SHAREHOLDERS' EQUITY
Share capital 5 5,598 5,598
Share premium 46,791 46,791
Foreign exchange reserve 518 518
Retained loss (46,102) (46,049)
Total equity 6,805 6,858
=============== ==============
EQUATORIAL PALM OIL PLC
GROUP CASH FLOW STATEMENT
FOR THE PERIODED 31 MARCH 2020
Period ended Period ended Year ended
31 March 2020 31 March 2019 30 September
2019
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Cash flows from operating
activities
Loss for the year before
and after taxation (53) (4,731) (15,131)
Depreciation - 1 1
Decrease / increase in receivables (1) (84) 1
Decrease in payables (3) (30) (13)
Interest income (254) (251) (503)
Unrealised foreign exchange
loss 29
Other income - (8) -
Share of operating loss
of associate - 4,725 15,090
Net cash outflow from operating
activities (282) (378) (555)
---------------- ---------------- ---------------
Cash flows from investing
activities
Purchase of property, plant
and equipment - (1) (1)
Loan repaid 25 602 559
Interest income received 213 298 510
Other income received - 1 -
Net cash inflow from investing
activities 238 900 1,068
---------------- ---------------- ---------------
Cash flows from financing
activities
Net cash inflow from financing - - -
activities
---------------- ---------------- ---------------
Net increase/(decrease)
in cash and cash equivalents (44) 522 513
Cash and cash equivalents
at beginning of period 651 138 138
Exchange gains/(losses)
on cash and cash equivalents (29) - -
Cash and cash equivalents
at end of period 578 660 651
---------------- ---------------- ---------------
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 MARCH 2020
Called Foreign
up share Share premium exchange Retained
capital reserve reserve earnings Total equity
$'000 $'000 $'000 $'000 $'000
Unaudited
----------- --------------- ----------- ----------- ----------------
As at 1 October
2018 5,598 46,791 518 (30,918) 21,989
----------- --------------- ----------- ----------- ----------------
Loss for the period - - - (4,731) (4,731)
Other comprehensive
loss for the period - - - - -
----------- --------------- ----------- ----------- ----------------
Total comprehensive
loss for the period - - - (4,731) (4,731)
As at 31 March 2019 5,598 46,791 518 (35,649) 17,258
----------- --------------- ----------- ----------- ----------------
Audited
As at 1 October
2018 5,598 46,791 518 (30,918) 21,989
----------- --------------- ----------- ----------- ----------------
Loss for the year - - - (15,131) (15,131)
Other comprehensive
income for the year - - - - -
Total comprehensive
profit / (loss)
for the period - - - (15,131) (15,131)
----------- --------------- ----------- ----------- ----------------
As at 30 September
2019 5,598 46,791 518 (46,049) 6,858
----------- --------------- ----------- ----------- ----------------
Unaudited
----------- --------------- ----------- ----------- ----------------
As at 1 October
2019 5,598 46,791 518 (46,049) 6,858
----------- --------------- ----------- ----------- ----------------
Loss for the period - - - (53) (53)
Other comprehensive
income for the period - - - - -
----------- --------------- ----------- ----------- ----------------
Total comprehensive
profit / (loss)
for the period - - - (53) (53)
----------- --------------- ----------- ----------- ----------------
As at 31 March 2020 5,598 46,791 518 (46,102) 6,805
----------- --------------- ----------- ----------- ----------------
EQUATORIAL PALM OIL PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIODED 31 MARCH 2020
1. Basis of preparation
These interim financial statements have been prepared using
policies based on International Financial Reporting Standards (IFRS
and IFRIC interpretations) issued by the International Accounting
Standards Board ("IASB") as adopted for use in the EU. They do not
include all disclosures that would otherwise be required in a
complete set of financial statements but have been prepared in
accordance with policies expected to be applied in the 2020 Annual
Report and Financial Statements, and should be read in conjunction
with the 2020 Annual Report and Financial Statements. The financial
information for the half year ended 31 March 2020 is unaudited.
The annual financial statements of Equatorial Palm Oil plc are
prepared in accordance with IFRSs as adopted by the European Union.
The comparative financial information for the year ended 30
September 2019 included within this report does not constitute the
full statutory accounts for that period. The statutory Annual
Report and Financial Statements for 2019 have been filed with the
Registrar of Companies. The Independent Auditors' Report on that
Annual Report and Financial Statement for 2019 was unqualified and
did not contain a statement under 498(2) or 498(3) of the Companies
Act 2006.
The same accounting policies, presentation and methods of
computation are followed in these interim financial statements as
were applied in the Group's latest annual audited financial
statements. In addition, the IASB has issued a number of IFRS
(including IFRS 16 which was adopted in the Period) and IFRIC
amendments or interpretations since the last annual report was
published. It is not expected that any of these will have a
material impact on the Group.
The financial statements have been prepared on a going concern
basis. Based upon the Company's current cash balance and
expectation of cash receipts from interest income, the Directors
consider that the Company will have sufficient cash to fund the
Company's ongoing commitments for a period of at least a year after
the approval of these financial statements. Throughout this period
KLK have confirmed via a letter of support to LPD that KLK will
provide further funding as necessary in order for LPD to continue
its normal operations. This letter was received in November 2019
and the Company considers the letter of support from KLK to LPD to
indicate that the loan payments due in October 2032 will only be
called if the business has the ability to pay. Additionally, the
Board do not consider there to be any reason to believe this
shareholder support would not continue.
2. Loss per share
The basic loss per share is derived by dividing the loss for the
Period attributable to ordinary shareholders by the weighted
average number of shares in issue.
As inclusion of the potential Ordinary shares would result in a
decrease in the loss per share they are considered to be
anti-dilutive, as such, a diluted earnings per share is not
included.
Period ended Period ended Year ended
31 March 2020 31 March 2019 30 September 2019
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Loss for the period ( 53) (4,731) (15,131)
Weighted average number of Ordinary
shares of 1p in issue 356.3 million 356.3 million 356.3 million
Loss per share - basic (0.01) cents (1.3) cents (4.2) cents
3. Investment in associate
The Company, through its investment in Equatorial Biofuels
(Guernsey) Limited, owns a 50% interest in Liberian Palm
Developments Limited ("LPD").
In 2014 a new Joint Venture Agreement ("JVA") was signed
pursuant to which cash and funding commitments of up to US$35.5m
were made available to be provided to LPD. The Company and KLK each
subscribed for US$7.5m of new equity in LPD and KLK committed to
providing up to US$20.5m in further funding. Under the JVA, the
Company retained a 50% economic and voting interest in LPD. Also,
under the JVA, KLK has the power to appoint the Chairman to the
Board of LPD and in the case of a tied vote the Chairman has the
casting vote. For this reason, the Company accounts for its
investment in LPD as an equity investment in which it has
significant influence.
In January 2015, LPD entered into a US $20.5m loan agreement
(the "2015 Loan Agreement") with KLK Agro Plantations Pte Ltd ("KLK
Agro"), a wholly owned subsidiary of KLK, for operations and
funding. The term of the Loan Agreement has been extended as per
below.
On 2 September 2016, the Company announced that LPD had entered
into a US$30m loan agreement with KLK Agro (the "2016 Loan
Agreement") to further the operations and funding for LPD. This
loan is in addition to the 2015 Loan Agreement. The term of the
2016 Loan Agreement has been extended as per below and has been
fully drawn and no interest has been paid to date.
On 12 October 2017, the Company announced that LPD has entered
in a US $30.0m loan agreement with KLK Agro (the "2017 Loan
Agreement") for the operations and funding for LPD. The term of the
2017 Loan Agreement is 5 years and the interest rate is 3-months
USD LIBOR + 5 percent per annum.
On 20 May 2019, the Company announced that LPD had entered into
a loan agreement for a facility of US$20m with KLK Agro to fund the
operations and capital requirements of LPD (the "2019 Loan
Agreement"). This loan is in addition to the 2015 Loan Agreement,
2016 Loan Agreement and the 2017 Loan Agreement.
On 7 November 2019, EPO announced that KLK Agro agreed to extend
the maturity of US$50.5 million of outstanding loans to LPD (the
"LPD Extended Loans").
The LPD Extended Loans comprise loans of US$20.5m (2015 Loan
Agreement), announced on 27 January 2015, and US$30.0m (2016 Loan
Agreement), announced on 2 September 2016, both of which have been
fully drawn down and were due to mature on 25 January 2020. The LPD
Extended Loans, together with all accrued interest, are now
repayable by no later than 30 September 2032 ("LPD Loan
Extension").
The key terms of the LPD Loan Extension remain as follows:
-- Term - expiring no later than 30 September 2032
-- Interest - 3-months USD LIBOR + 5 per cent per annum
-- Repayment - Loan principal (together with all accrued
Interest due) on expiry of the Term or earlier at the election of
LPD
The terms of the additional loan agreements entered into by KLK
Agro and LPD dated 12 October 2017 (US$30,000,000) and 20 May 2019
(US$20,000,000) are unaffected by this LPD Loan Extension and
remain payable on 10 October 2022 and 19 May 2024,
respectively.
The Company's interest in LPD is as follows:
$'000
(unaudited)
Interest in associate at 1 October 2018 15,090
Share of losses of associate (4,725)
----------
Interest in associate at 31 March 2019 10,365
----------
(audited)
Interest in associate at 1 October 2018 15,090
Share of losses of associate (15,090)
----------
Interest in associate at 30 September
2019 -
----------
(unaudited)
Interest in associate at 1 October 2019 -
Share of losses of associate -
----------
Interest in associate at 31 March 2020 -
----------
The share of losses from associate are not recognised as the
carrying amount of the investment in associate is nil.
The balance sheet and results of Liberian Palm Developments
Limited for the period of six months to 31 March 2020 were as
follows:
31 March 31 March 30 September
2020 2019 2019
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Non-current assets 93,680 126,862 94,289
Current assets 7,712 6,625 7,472
Non-current liabilities (130,317) (110,778) (121,571)
Current liabilities (1,560) (1,978) (1,687)
------------- ------------- --------------
TOTAL NET ASSETS (30,485) 20,731 (21,497)
------------- ------------- --------------
Revenue 3,530 1,156 3,012
Expenses (13,093) (11,836) (56,593)
Taxation 575 1,230 1,904
------------- ------------- --------------
Loss after tax (8,988) (9,450) (51,677)
------------- ------------- --------------
4. Receivable from associate
31 March 31 March 30 September
2020 2019 2019
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
------------- ------------- --------------
Receivable due from associate 6,239 6,141 6,223
------------- ------------- --------------
On 5 November 2018, the Company announced that the maturity date
on the Loan Agreement between the Company and LPD for US$2m,
announced on 7 November 2013, was extended from 7 November 2018 (at
which point in time US$2,938,656 including accrued interest was
outstanding) to 6 November 2028
The total liabilities owed by LPD to EPO as at 31 March 2020
amount to US$6,239,392 whose loan terms are treated the same as the
LPD Loan Extension.
31 March
2020
30 September
(unaudited) 2019 (audited)
31 March
2019 (unaudited)
$'000 $'000 $'000
Receivable due from associate at
beginning of year 6,223 6,789 6,789
Interest paid by associate (210) (296) (510)
Interest income accrued 251 248 503
Management fee paid by associate (47) (185) -
Management fee accrued 22 85 -
Repayment of amount owing by associate - (500) (559)
-------------- ------------------- -----------------
Receivable due from associate at
end of year 6,239 6,141 6,223
-------------- ------------------- -----------------
5. Called up share capital
Period ended Period ended Period ended
31 March 31 March 30 September
2020 2019 2019
(unaudited) (unaudited) (audited)
Allotted, called up and fully paid $'000 $'000 $'000
-------------------------------------- -------------- -------------- ---------------
356,277,502 (30 September 2019 -
356,277,502) Ordinary shares of
1p each 5,598 5,598 5,598
-------------------------------------- -------------- -------------- ---------------
6. Post period end
On 18 May 2020, the Company announced the Proposed Disposal by
the Company's wholly owned subsidiary, Equatorial Biofuels, of its
50 per cent. equity interest in Liberian Palm Developments Limited,
the Group's operating subsidiary, to KLK Agro. In addition, the
Company will novate an intragroup debt advanced by the Company to
LPD in the sum of approximately US$6,197,000. The aggregate
consideration for the Proposed Disposal and the Novation is GBP1.
The Proposed Disposal is subject to shareholder approval at a
forthcoming General Meeting. Further information can be found in a
Circular, which includes a notice of the General Meeting, which is
available on the Company's website.
7. Availability of financial information
Copies of this interim financial information will be available
on the Company's website.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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