Preference Share Restructure into 4% Convertible
21 October 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
("Woodbois", the "Group" or the "Company")
Preference Share Restructure into 4% Convertible Bond
Woodbois, the African focused forestry and timber trading company, is pleased to provide an update on the announcement of 20th September of the proposed restructure of the perpetual preference shares in its subsidiary Argento Ltd ("Preference Shares") into a 4% convertible bond 2024 ("Bonds") to be issued by the Company.
The Company has now completed the purchase of the full 75,000 Preference Shares in issue and Neville Registrars Limited, who have been appointed by the Company to act as transfer agent, have been instructed to issue the Bonds. It is expected that CREST accounts will be credited within 48 hours and paper certificates will be despatched as soon as practicable.
CEO Paul Dolan commented "I'm delighted to report the completion of this transaction, marking another important milestone in the transformation of the Company's capital structure. The resulting improvement of transparency within the balance sheet ensures that the Company is now much more strongly positioned to take advantage of the many opportunities ahead. "
Paul Dolan - CEO
Kevin Milne - Interim Chairman
+44 (0)20 7099 1940
Arden Partners Plc (Nominated adviser and broker)
+44 (0)20 7614 5900
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Market Cap: £26.3 m
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