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WBI Woodbois Limited

0.74
-0.035 (-4.52%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Woodbois Limited LSE:WBI London Ordinary Share GG00B4WJSD17 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.035 -4.52% 0.74 0.70 0.72 0.775 0.705 0.775 52,883,595 16:35:14
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Chem,fertlizer Minrl Mng,nec 23.11M -111.19M -0.0302 -0.24 26.17M

Woodbois Limited Debt Repayment Terms and Corporate Update (7253B)

06/06/2023 7:00am

UK Regulatory


Woodbois (LSE:WBI)
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TIDMWBI

RNS Number : 7253B

Woodbois Limited

06 June 2023

6 June 2023

Woodbois Limited

("Woodbois", "the Company")

Debt Repayment Terms and Corporate Update

On 19 April 2023 the Company announced the unexpected termination of its c$6.0m line of credit with Sydbank A/S (the "Bank") and the subsequent offsetting by the Bank of c$3.1m of cash, being substantially all of the Company's cash balances.

The Company has now reached an agreement with the Bank under which the outstanding balance of c.$2.8m will be repaid by no later than 29 December 2023. The Company has undertaken to repay approximately $145k on each of 15 June and 30 June 2023. A further $145k is to be paid in the middle of each subsequent month with any additional lump sums being paid to ensure repayment of the total outstanding balance and interest by the final repayment date. There are also financial incentives in place if the Group settles the outstanding balance earlier in the year. Existing security arrangements, per the original loan facility agreement, will remain in place until the line of credit is fully settled.

Since the termination notice from the Bank, the Company has had to operate with an emphasis on cash realisation and limiting new liabilities. As of today, the Company's cash balance is approximately $0.4m, its other working capital is estimated at $5.1m and bank and other debt totalling $11.4m.

Following the termination notice, the Company continues to assess alternative funding sources and will update the market in due course once any such agreement has been reached. The Company is also working on the potential deferment of c.$1.5m of debts, which fall due at the end of June. Whilst the Directors are confident that the Company will obtain alternative funding in the coming weeks, should they fail to do so, the Company may be reliant on the deferment of these near-term creditors in order to continue to trade.

The Company expects to announce its annual results for the year to 31 December 2022 within the next week.

The Company also urges shareholders to vote in favour of all resolutions set out in the circular dated 26 May 2023, which are to be considered at the General Meeting to be held on 16 June 2023. The passing of these resolutions will provide the Company with important flexibility to issue ordinary shares quickly, if it is considered to be in the best interests of stakeholders.

Enquiries

 
 Woodbois Limited 
  Paul Dolan, CEO 
  Carnel Geddes, CFO                                           +44 (0) 20 7099 1940 
 Canaccord Genuity, Nominated Adviser 
  Henry Fitzgerald O'Connor, Harry Pardoe, Gordon Hamilton     +44 (0) 20 7523 8000 
 

Market Abuse Regulation

The information contained within this announcement would have, prior to its release, constituted inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No.596/2014 as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR"). Upon the publication of this announcement via a regulatory information service, this inside information will be considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this information on behalf of the Company is Carnel Geddes.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDDZGGVMKZGFZZ

(END) Dow Jones Newswires

June 06, 2023 02:00 ET (06:00 GMT)

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