14th Jul 2020 19:03
Woodbois Ltd - London-headquartered timber producer - Plans GBP12 million raise through a placing, subscription and retail offer via PrimaryBid.com. Shares will be priced at 2 pence. Directors Paul Dolan and Graeme Thomson and former director Martin Collins and some other individuals are intending to subscribe for up to GBP1.2 million of new shares. Agrees debt restructuring with major bondholder that no less than 75% of the USD30 million outstanding of its 2024 convertible bonds will be exchange into equity, with the balance restructure into a zero coupon convertible bond. The company hopes fundraise and restructure will allow "rapid growth" of timber production. Plans to start making returns to shareholders following the conclusion of the 2021 financial year through a sustainable dividend policy.
Current stock price: 3.20 pence
Year-to-date change: down 45%
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Woodbois