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Timber Offtake Agreement MOU

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RNS Number : 0558V
Woodbois Limited
29 November 2019
 

29 November 2019

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.

 

Woodbois Limited

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

(AIM: WBI)

 

Timber Offtake Agreement MOU

Woodbois, the African focused forestry and timber trading company, is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with a leading West African timber supplier ("Supplier") to offtake all of their timber production in Liberia. A formal offtake agreement is expected to be entered into in January 2020.

 

Under the terms of the MOU, Woodbois will have exclusive right of first refusal to purchase.

 

The formal offtake agreement is expected to generate material additional trading revenue for the Group in 2020, with scope to increase as the agreement develops.

 

The MOU shall automatically renew on 31st December 2020, unless otherwise agreed. Either party may terminate the MOU at one month's notice.

 

CEO Paul Dolan commented "This agreement will allow us to further diversify the products we offer to our broad customer base. We are delighted that the organisation with whom we have partnered in Liberia, has recognised the advantages of supplying through the Woodbois brand. "

 

 

Woodbois Limited

Paul Dolan - CEO

Kevin Milne - Interim Chairman

www.woodbois.com

 

+44 (0)20 7099 1940

Arden Partners Plc (Nominated adviser and broker)

Richard Johnson / Ciaran Walsh

+44 (0)20 7614 5900

 


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 [email protected] or visit www.rns.com.
 
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