New Britain Palm Oil Limited Update (0341Z)

TIDMNBPO

RNS Number : 0341Z

New Britain Palm Oil Limited

05 December 2014

5 December 2014

New Britain Palm Oil Limited

("NBPOL", the "Group" or the "Company")

UPDATE

The Board of the Company has been made aware of a potential dispute between NBPOL and Pacific Rim Plantation Services Pte Limited ("PacRim"), a company majority owned and controlled by Alan Chaytor, a director of the Company, and with Alan Chaytor himself. The potential dispute relates to historic freight rates charged to the Company and may result in the repayment of monies to the Company. Alan Chaytor is not currently participating in Board activities pending completion of the Company's enquiries, which are being carried out by a Non-Executive Committee of Board members led by the Company's Independent Chairman.

The Company continues to work with Sime Darby Plantation Sdn Bhd ("Sime Darby Plantation") regarding the EU Commission's clearance decision in relation to its offer for all the issued and to be issued shares in NBPOL.

As recently announced, as at 3 December 2014, total acceptances representing 58.7% of NBPOL's voting shares have been received by Sime Darby Plantation. This figure includes the acceptance in respect of 73,482,619 NBPOL shares held by Kulim (Malaysia) Berhad.

Sime Darby Plantation has confirmed that the 51% minimum acceptance condition in Section 12.1(a)(i) of the Offer Document has now been satisfied.

Enquiries:

 
   New Britain Palm Oil Limited 
    Nick Thompson (Chief Executive 
    Officer) 
 
    Via 
   Newgate Communications (PR Adviser)  Tel: [phone] 
    James Benjamin                       Email: [e-mail] 
    Clotilde Gros 
    Georgia Lewis 
 

Website: www.nbpol.com.pg

Notes to editors:

NBPOL is a large scale integrated industrial producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea ('PNG'). It has over 79,800 hectares of planted oil palm estates, over 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture; twelve oil mills; two refineries, one in PNG, and one in Liverpool, UK; and a seed production and plant breeding facility. The Company is listed on both the Main Market of the London Stock Exchange and on the Port Moresby Stock Exchange in PNG.

NBPOL is fully vertically integrated, producing its own seed (which it also sells globally), planting, cultivating and harvesting its own land, and processing and refining palm oil (both in PNG and the UK). It also contracts directly with its end customers in the EU and arranges shipping of its products.

NBPOL has high regard for the importance of its sustainability credentials. It has achieved 100% certification of all estates, mills and smallholders to the Roundtable on Sustainable Palm Oil ('RSPO') standard. NBPOL continues to be active in proving its performance through its certification to ISO 14001 and its close involvement with other innovative initiatives. The Company is a certified supplier of sustainable palm oil from its entire production base in PNG and Solomon Islands, under the RSPO guidelines.

- ENDS -

This information is provided by RNS

The company news service from the London Stock Exchange

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