We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dekel Agri-vision Plc | LSE:DKL | London | Ordinary Share | CY0106502111 | ORD EUR0.0003367 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.025 | -2.04% | 1.20 | 1.15 | 1.25 | 1.225 | 1.20 | 1.225 | 157,987 | 16:00:59 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Veg Oil Mills,ex Corn & Oth | 31.21M | -833k | -0.0015 | -8.00 | 6.71M |
TIDMDKL
RNS Number : 1573G
Dekeloil Public Limited
28 February 2018
DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food Producers
28 February 2018
DekelOil Public Limited ('DekelOil' or the 'Company')
Drawdown of Syndicated Loan
DekelOil Public Limited, operator and 100% owner of the vertically integrated Ayenouan palm oil project in Côte d'Ivoire, is pleased to announce it has drawn down a second tranche of EUR4.34 million ('the Second Tranche') from its EUR15.2 million long term Syndicated Loan Facility with Sogebourse CI ('Sogebourse'), a subsidiary of Société Générale S.A., the French multinational banking and financial services company. The EUR4.34 million proceeds of the Second Tranche will be used to refinance the Company's remaining short term debt, resulting in a lower effective borrowing rate, and potentially fund investment opportunities in Côte d'Ivoire that are currently under consideration.
-- New seven year EUR4.34 million unsecured loan with interest payable at a rate of 6.85% completed with Sogebourse
o Follows signing of refinancing agreement with Sogebourse and drawdown of first EUR8.4 million tranche (currently EUR6.8 million outstanding) in Q4 2016 to refinance, on improved terms, a project development loan (see announcement of 31 October 2016)
-- Approximately EUR2.0 million of the Second Tranche will be used to replace short-term loans
-- Remainder of the proceeds to fund one or more existing or future projects within the Ivory Coast - approximately EUR1.5 million will be held on deposit attracting a current interest return of 5% whilst investment opportunities are considered
-- Any surplus funds from the Second Tranche may be used to refinance long term debt on improved terms, specifically to:
o repay a tranche of the seven-year EUR9.15 million (current EUR7.1 million outstanding) NSIA Banque Cote D'Ivoire loan which bears annual interest at an effective rate of 7.7% (7% nominal rate plus 10% tax) - this tax is not applicable to the Sogebourse loan
-- The Directors believe that the reduced interest rate payable arising from the Second Tranche will reduce the Company's effective borrowing rate
DekelOil Executive Director Lincoln Moore said, "We are pleased to receive this support from the underlying lenders for the drawdown of this tranche of the Sogebourse syndicated loan put in place back in 2016. Any of the proceeds from this drawdown used to refinance existing debt will decrease the effective borrowing rate. The Board will also evaluate potentially deploying part of this drawdown to fund projects within the palm oil sector or other high value agricultural projects in the Ivory Coast, based upon our strict evaluation criteria. With this in mind, I look forward to providing further updates on the deployment of the Sogebourse loan as and when it is appropriate to do so."
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 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
** ENDS **
For further information please visit the Company's website or contact:
DekelOil Public Limited Youval Rasin Shai Kol +44 (0) 207 Lincoln Moore 236 1177 Cantor Fitzgerald Europe (Nomad and Broker) Andrew Craig +44 (0) 207 Richard Salmond 894 7000 Beaufort Securities Limited (Broker) +44 (0) 207 Elliot Hance 382 8300 Optiva Securities Limited (Broker) Christian Dennis +44 (0) 203 Jeremy King 137 1903 St Brides Partners Ltd (Investor Relations) Frank Buhagiar +44 (0) 207 Megan Dennison 236 1177
Notes:
DekelOil Public Limited is a low cost producer of palm oil in West Africa, which it is focused on rapidly expanding. Feedstock for the Mill comes from several co-operatives and thousands of smallholders, however it also has nearly 1,900 hectares of its own plantations. Furthermore, it has a world-class nursery with a one million seedlings per year capacity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAFAXASAPEAF
(END) Dow Jones Newswires
February 28, 2018 02:01 ET (07:01 GMT)
1 Year Dekel Agri-vision Chart |
1 Month Dekel Agri-vision Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions