New Britain Palm Oil Limited Update (5780Z)

TIDMNBPO

RNS Number : 5780Z

New Britain Palm Oil Limited

11 December 2014

12 December 2014

New Britain Palm Oil Limited

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

UPDATE

Further to the announcement made on 5 December 2014, NBPOL announces that on 11 December 2014 a settlement was reached with 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 settlement relates to a potential dispute concerning historic freight rates which had been charged to NBPOL and its group companies and has been signed on terms that are beneficial to the Company. The settlement was reached following extensive analysis led by an independent committee of NBPOL non-executive directors. The Board of the Company considers it to be a full and final settlement of these historic issues.

Mr Chaytor resigned from his directorship and employment with NBPOL, effective 11 December 2014.

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         Via Newgate Communications 
    Nick Thompson (Chief Executive 
    Officer) 
   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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