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Woodbois amends warrant terms with major shareholder

The 1978 Volantis fund is a substantial shareholder of the company and so the transaction is classified as a related party transaction. The transaction has been okayed by the company's nominated advisor.

Pound coins on fivers
If the warrants are exercised, Woodbois will receive £3.2mln

A substantial shareholder in forestry and timber group Woodbois Limited (LON:WBI) has agreed to vary the redemption terms of an internal trade finance note.

The 1798 Volantis Fund Ltd, a fund managed on a discretionary basis by Lombard Odier Asset Management group, has agreed to alter the redemption date to no earlier than 16 July 2020 in exchange for the amendment of the strike price of 40 million warrants from 10p to 8p.

READ Woodbois reveals new financing and restructuring deals as it focuses on timber

The fund agreed to inject money into Woodbois, then known as Obtala, back in January of this year. It bought 40mln shares at 5p a pop, giving it a stake of around 12% in the company, and the same number of warrants which, if exercised, would double its holding in the company.

Shares in Woodbois currently trade at 7.25p.

Quick facts: Woodbois Limited

Price: 5.75 GBX

LSE:WBI
Market: LSE
Market Cap: £27.01 m
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