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 |
---|---|---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.63 | 0.62 | 0.64 | 0.63 | 0.63 | 0.63 | 36,152,619 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Chem,fertlizer Minrl Mng,nec | 23.11M | -111.19M | -0.0302 | -0.21 | 23.22M |
TIDMWBI
RNS Number : 0908U
Woodbois Limited
27 July 2020
Woodbois Limited
("Woodbois", the "Group" or the "Company")
(AIM: WBI)
Further Conversion of the Convertible Bonds
The Company is pleased to provide an update on its proposal to purchase further Convertible Bonds, as indicated in the announcements dated 14, 15 and 16 July 2020.
Additional Capitalisation of Convertible Bonds
The Company has extended the Capitalisation by agreeing terms with Rhino Ventures Limited ( a company affiliated with Miles Pelham and Pelham Limited) to repurchase all remaining Convertible Bonds held by it (including those newly acquired and referred to in the announcement dated 16 July 2020), and by agreeing with certain other bondholders (including Paul Dolan, Chairman and CEO of the Company) to repurchase the Convertible Bonds held by them, in each case at the Placing Price. The aggregate additional principal amount of Convertible Bonds being purchased is $6,448,800, and the total additional number of Capitalisation Shares to be issued in exchange for the Convertible Bonds (plus the accrued interest liability) is 266,178,196. Further details of the purchases (including the previously announced purchase from Rhino Ventures Limited) are set out in the following table:
Bondholder Principal Amount Number of Capitalisation Number of Capitalisation of Convertible Ordinary Shares Non-Voting Shares Bonds ($) Rhino Ventures Limited 26,047,600* 123,765,652** 951,365,095 DHC Investments Limited 1,943,200 80,206,778 Martina Thierfelder 557,600 23,015,284 Paul Dolan 400,400 16,526,757
* This figure comprises the $22.5m previously announced, plus an additional $3,547,600 now agreed to be purchased.
** The Company agreed with Rhino Ventures Limited that all Capitalisation Non-Voting Shares required to be issued in order to keep the aggregate interest in voting rights of the concert party (as described in the announcement published on 20 September 2019) below 28% would be issued to Rhino Ventures Limited, and other bondholders would just be issued Capitalisation Ordinary Shares. This has resulted in the number of Capitalisation Ordinary Shares issued to Rhino Ventures Limited on completion of the Capitalisation being lower than previously announced.
Following completion of the Capitalisation, an aggregate principal amount of $1,051,200 Convertible Bonds will remain outstanding and due for repayment in mid-2023. As a result of the remaining amount being much lower than originally envisaged, the Company proposed a further variation to the Convertible Bond removing the restriction on the Company on entering into any loan arrangements that are secured or which otherwise would rank ahead of the Convertible Bonds. This required an "Extraordinary Resolution" of bondholders holding not less than 75% of the principal amount of the Convertible Bond, which has been passed, and the variation of the Convertible Bond (including the variations detailed in the announcement dated 14 July 2020) has been duly entered into.
Completion of the proposed purchase of further Convertible Bonds will be conditional upon, inter alia, the approval by Shareholders of the Resolutions to be proposed at a General Meeting of the Company on 5 August, therefore the timetable for completion of the Capitalisation is unchanged.
Following the completion of the proposed Fundraise and Debt Restructuring, the Company's issued share capital will comprise of 2,382,117,052 shares, of which 1,430,751,958 are voting shares and 951,365,095 are non-voting shares.
Related Party Transactions:
Miles Pelham
The Capitalisation of additional Convertible Bonds by Rhino Ventures Limited constitutes a related party transaction under the AIM Rules as Miles Pelham (through his affiliate companies) is a substantial shareholder (within the meaning of the AIM Rules).
The Directors, other than Paul Dolan who is deemed a member of the concert party, consider, having consulted with Canaccord Genuity, the Company's nominated adviser, that the terms of the related party transaction are fair and reasonable in so far as its Shareholders are concerned.
Paul Dolan
The Capitalisation of Convertible Bonds by Paul Dolan constitutes a related party transaction under the AIM Rules as he is a director of the Company.
The Directors, other than Paul Dolan who is not deemed independent, consider, having consulted with Canaccord Genuity, the Company's nominated adviser, that the terms of the related party transaction are fair and reasonable in so far as its Shareholders are concerned.
Concert Party:
As set out in the announcement published on 20 September 2019, the original owners of the Convertible Bonds are deemed to be acting in concert pursuant to the rules of the Takeover Code. Following the proposed Fundraise and Debt Restructuring , the concert parties will have the following interest in the share capital of the Company as set out below:
Number of Ordinary % of Voting Share Capitalisation % of Non-Voting Concert Party Shares Capital Non-Voting Shares Share Capital Paul Dolan 75,400,032 5.3% 0 0% Miles Pelham 204,555,935 14.3% 951,365,095 100% Other Convertible Bond Holders 106,347,062 7.4% 0 0% Total 386,303,029 27.0%
The Concert Party will also own $1,051,200 worth Convertible Bonds which remain outstanding and due for repayment in mid-2023.
Paul Dolan, Chairman and CEO of Woodbois, said:
" I'm delighted to report that holders of almost 97% of the Woodbois Convertible Bond have now elected to switch into equity, delivering a radical improvement to the debt profile of the Company and aligning their interests with those of all shareholders. We are looking forward to the General Meeting to be held on 5 August 2020 and keeping shareholders informed of our progress thereafter. "
Terms and definitions used in this announcement shall have the same meaning as ascribed to them in the announcement dated 14 July 2020 unless otherwise stated.
Enquiries:
Woodbois Limited
Paul Dolan - Chairman and CEO
www.woodbois.com
+44 (0)20 7099 1940
Canaccord Genuity (Nominated Adviser and Broker)
Henry Fitzgerald-O'Connor
James Asensio
Thomas Diehl
+44 (0)20 7523 8000
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
MSCEANXKALNEEFA
(END) Dow Jones Newswires
July 27, 2020 02:00 ET (06:00 GMT)
1 Year Woodbois Chart |
1 Month Woodbois 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