Source - RNS
RNS Number : 3822K
Dekeloil Public Limited
21 September 2016
 

DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food Producers

21 September 2016

DekelOil Public Limited ('DekelOil' or 'the Company')

2016 Interim Results

 

DekelOil Public Limited, operator and 85.75% owner of the profitable Ayenouan palm oil project in Côte d'Ivoire (the 'Project'), is pleased to announce its interim results for the six months ended 30 June 2016. 

 

Highlights

 

·     Record half yearly production of 28,550 tonnes (2015: 21,836 tonnes) of crude palm oil ('CPO')

·     First full half year production from kernel crushing plant in line with strategy to increase sales and profitability at Ayenouan:

1,998 tonnes of palm kernel oil ('PKO')

2,360 tonnes  palm kernel cake ('PKC')

·     23.6% increase in revenues to €16.0 million, (2015: €12.9 million) and a 34.8% increase in EBITDA to €3.1 million (2015: €2.3 million)

Derived through selling 25,225 tonnes of CPO (2015: 19,184 tonnes of CPO)

3,498 tonnes of CPO in stock at 30 June 2016

Stock position reduced post period end to normal levels as CPO pricing has improved

·     Significant increase in net profit after tax to €1.8million (2015: €0.1m net loss)

·     Acquisition of additional 34.75% stake in CS DekelOil Siva Limited, the Company's majority owned joint venture in the producing palm oil project at Ayenouan

Increases DekelOil's interest in Ayenouan to 85.75%

Secures a greater proportion of Ayenouan's growing revenues and cash flows and has the potential to accelerate the roll out of the Company's strategy to build a leading West African palm oil producer

 

DekelOil Executive Director Lincoln Moore said, "The record half yearly performance at the Mill in terms of CPO production has translated into a 23.6% rise in revenues and a 34.8% increase in EBITDA.  Together with the support we have received from our institutional cornerstone investor Miton Group, it is clear to see why we made the decision to increase our stake in Ayenouan by 34.75% to 85.75%.  We expect the impact of this transformational transaction on our financials will become more apparent in our full year results.  I am incredibly proud of our operations and team, which has achieved so much in the short time since our listing and which has already delivered significant profit growth and debt refinancing on more attractive terms since operations commenced at the Mill.  Optimising these areas will be a firm focus for DekelOil in the coming months and years ahead."

 

Chairman's Statement

At the time of DekelOil's Admission to AIM in 2013, we set out our objective to build a leading West African focused producer of sustainable palm oil.  Three years on and we are well on the way to achieving this goal, having successfully made the transition from a pure development company to a rapidly growing producer of palm oil with producing plantations.  Our latest half year results highlight how far we have come in such a short space of time with production at our state of the art Mill in Ayenouan showing a 30.75% year on year increase in CPO to 28,550 tonnes compared to H1 2015, while half year EBITDA jumped 34.8% to €3.1 million. 

 

Following the strong H1 performance, 2016 is set to be another record year, as we focus on increasing CPO production further towards the Mill's 70,000 tonnes per annum capacity.  Set against such a positive operational backdrop, the recent increase in our interest in Ayenouan to 85.75% from 51% is timely, as thanks to this earnings enhancing acquisition DekelOil shareholders are now set to benefit from a larger share of the Project's growing revenues and profits. 

 

The growth in production we are reporting today is testament to the comprehensive logistics network we have put in place in the area surrounding the Mill, as well as the importance we attach to fostering strong relationships with the local smallholder community who provide the majority of the Fresh Fruit Bunches ('FFB') that are processed at our Mill.  As a result, DekelOil is able to report today a third consecutive set of record H1 numbers, as highlighted in the table below:

 

 

H1 2016

H1 2015

H1 2014

Sales

€16.0

€12.9m

€4.5m

EBITDA

€3.1m

€2.3m

€0.3m

Net Profit (Loss) after Tax

€1.8m

(€93k)

(€764k)

 

The above numbers were achieved despite headwinds being encountered as a result of Nigeria's currency crisis, which resulted in significantly lower regional demand and lower sale prices achieved for refined CPO products during the second quarter.  Following the recent floating of Nigeria's currency, trade is normalising and we are currently experiencing CPO prices higher than the average achieved during the first half of the year. 

 

Financial

During the period total sales amounted to €16.0 million (H1 2015: €12.9 million), and the Company reported a net profit after tax of €1.8 million compared to a net loss of €0.1million for the six months to 30 June 2015 and EBITDA of €3.1 million (H1 2015: €2.3 million).  

 

With operations firmly stabilised, we have for some time been keen to increase our interest in the Project, subject to securing a deal on acceptable terms for shareholders.  With this in mind, we were pleased to announce in May 2016 an earnings enhancing transaction which has resulted in DekelOil acquiring an additional 34.75% interest in the Project.  The funds were raised via the issue of 933,222,080 New Ordinary Shares in the Company at 1.325 pence share, which represented a 1.9% premium to the closing share price on 23 May 2016, a reflection of the strong support for the deal from new and existing shareholders.  We were delighted to see Miton Group Plc increase its holding to circa. 19%, further institutionalising our shareholder register. 

 

In conjunction with the placing and acquisition, shareholders approved a proposed consolidation of the Company's existing ordinary shares of €0.00003367 on a 10 for 1 basis into new ordinary shares of €0.0003367 (the 'Share Consolidation'). The Share Consolidation became effective on 21 June 2016.

 

In tandem with increasing our interest in Ayenouan, it has always been our intention that once positive EBITDA had been established we would take steps to ensure our balance sheet more fully reflects DekelOil's status as a growing cash generative palm oil producer rather than a pure project development company.   Specifically, we have been focused on refinancing on improved terms our existing senior debt facilities, which had been secured when the project was very much at the development stage.  During the period, we announced a new seven year €9.15 million loan with interest payable at a rate of 7% secured with NSIA Banque Côte d'Ivoire (the 'New Loan').  This replaced a €8.65 million loan with interest payable at a rate of 10.5% secured with BIDC-EBID (ECOWAS Bank of Investment and Development).  The New Loan's lower interest rate of 7% results in an estimated €270,000 reduction in annual interest costs which drops straight to the bottom line.  Discussions are also well advanced to improve the terms of our outstanding development loan with the West African Development Bank ('BOAD') of €7.1m which currently has an interest rate of 10.5%.

 

Outlook

The appearance of institutional investors such as Miton Group on our shareholder register and the successful refinancing of our development loan with BIDC-EBID can be viewed as third party recognition of DekelOil's rapid transformation into the profitable palm oil production company it is today.  We are making positive progress with the BOAD facility and look forward to providing an update in due course. Despite a difficult pricing environment, we were pleased to see the additional earnings streams from the PKO and PKC sales kick in during the first half and help to ensure we maintained our margins during the period. We believe the higher CPO pricing we have seen during Q3 will be maintained for the rest of the current year. With such a strong cash flow generative platform in place, DekelOil has entered an exciting new phase, one in which increasing profitability will drive further growth, allow debt to be paid down or refinanced on improved terms and provide scope for a dividend policy to be introduced. We will also be able to develop and accelerate additional projects, such as at the 24,000 hectares we hold in the Côte d'Ivoire at Guitry.  We remain a leading socially responsible West African palm oil producer and expect to receive RSPO accreditation in the near future which we understand will be the first such accreditation to be granted in the region. 

 

I would like to take this opportunity to thank our Board and management team, our advisers, our local stakeholders and partners and of course our valued shareholders for their continued support during the period. I look forward to keeping the market updated regularly in the months ahead.

 

Andrew Tillery

 

Non Executive Chairman    

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR).  Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

            

For further information please visit the Company's website or contact:

 

DekelOil Public Limited

Youval Rasin

Shai Kol

Lincoln Moore

 

+44 (0) 207 236 1177

Cantor Fitzgerald Europe (Nomad and Broker)

Andrew Craig

Richard Salmond

+44 (0) 207 894 7000

 

Beaufort Securities Limited (Broker)

Zoe Alexander

Elliot Hance

 

 

+44 (0) 207 382 8300

Optiva Securities Limited (Broker)

Christian Dennis

Jeremy King

 

+44 (0) 203 137 1903

St Brides Partners Ltd (Investor Relations)

Elisabeth Cowell

Frank Buhagiar

+44 (0) 207 236 1177

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

 

 

30 June

 

31 December

 

 

2016

 

2015

 

 

Unaudited

 

Audited

 

 

Euros in thousands

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

 

2,203

 

411

Inventory 

 

2,230

 

872

Government authorities and accounts receivable

 

143

 

262

 

 

 

 

 

Total current assets

 

4,576

 

1,545

 

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

 

Property and equipment

 

29,070

 

28,964

 

 

 

 

 

Total non-current assets

 

29,070

 

28,964

 

 

 

 

 

Total assets

 

33,646

 

30,509

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Short-term loans and current maturities of long-term loans

 

3,602

 

4,930

Trade payables

 

717

 

768

Advance payments from customers

 

1,310

 

281

Other accounts payable and accrued expenses

 

1,094

 

1,064

 

 

 

 

 

Total current liabilities

 

6,723

 

7,043

 

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

 

 

Long-term capital lease

 

67

 

73

Accrued severance pay, net

 

56

 

40

Long-term loans

 

13,588

 

12,116

Capital notes and other liabilities

 

1,814

 

1,760

 

 

 

 

 

Total non-current liabilities

 

15,525

 

13,989

 

 

 

 

 

Total liabilities

 

22,248

 

21,032

 

 

 

 

 

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY

 

9,569

 

4,436

Non-controlling interests

 

1,829

 

5,041

 

 

 

 

 

Total equity

 

11,398

 

9,477

 

 

 

 

 

Total liabilities and equity

 

33,646

 

30,509

 

 

The accompanying notes are an integral part of the interim consolidated financial statements.

 

 

 

 

 

 

 

19 September, 2016

 

 

 

 

 

 

Date of approval of the

 

Youval Rasin

 

Yehoshua Shai Kol

 

Lincoln John Moore

financial statements

 

Director and Chief Executive Officer

 

Director and Chief Finance Officer

 

Executive Director

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

 

 

Six months ended

30 June

 

Six months ended

30 June

 

 

Year ended

31 December

 

 

2016

 

2015

 

2015

 

 

Unaudited

 

Unaudited

 

Audited

 

 

Euros in thousands (except share and per share amounts)

 

 

 

 

 

 

 

Revenues

 

15,983

 

12,936

 

23,436

Cost of revenues

 

(11,818)

 

(9,671)

 

(17,998)

 

 

 

 

 

 

 

Gross profit

 

4,165

 

3,265

 

5,438

 

 

 

 

 

 

 

General and administrative

 

(1,503)

 

(1,442)

 

(2,518)

 

 

 

 

 

 

 

Operating profit

 

2,662

 

1,823

 

2,920

 

 

 

 

 

 

 

Finance cost

 

(810)

 

(1,909)

 

(2,776)

 

 

 

 

 

 

 

Profit (loss) before taxes on income

 

1,852

 

(86)

 

144

Taxes on income

 

(3)

 

(7)

 

(26)

 

 

 

 

 

 

 

Net income (loss) and total comprehensive income(loss)

 

1,849

 

(93)

 

118

 

 

 

 

 

 

 

Attributable to:

 

 

 

 

 

 

Equity holders of the Company

 

815

 

(344)

 

(316)

Non-controlling interests

 

1,034

 

251

 

434

 

 

 

 

 

 

 

 

 

1,849

 

(93)

 

118

 

 

 

 

 

 

 

Net income per share attributable to equity

 

 

 

 

 

 

holders of the Company:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in computing

 

        161,005,396

 

153,554,815

 

153,817,940

 

 

 

 

 

 

 

basic and diluted income per share

 

0.005

 

0.000

 

0.000

 

The accompanying notes are an integral part of the interim consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

 

 

Attributable to equity holders of the Company

 

 

 

 

 

 

Share capital

 

Additional paid-in capital

 

Accumulated deficit

 

Capital reserve

 

Capital reserve from transactions with non-controlling interests

 

Total

 

Non-controlling interests

 

Total

equity

 

 

Euros in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 1 January  2015 (audited)

 

50

 

6,891

 

(10,891)

 

2,532

 

3,175

 

1,757

 

2,148

 

3,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) and other comprehensive income

 

-

 

-

 

(316)

 

-

 

-

 

(316)

 

434

 

118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital contribution to subsidiary  by non-controlling interests 

 

-

 

-

 

-

 

-

 

-

 

-

 

200

 

200

Classifying warrants as equity

 

-

 

318

 

-

 

-

 

-

 

318

 

-

 

318

Conversion of liability to non-controlling interests in subsidiary

 

-

 

-

 

-

 

-

 

2,351

 

2,351

 

2,259

 

4,610

Issuance of  shares

 

*) -

 

37

 

-

 

-

 

-

 

37

 

-

 

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of options to Ordinary shares

 

*) -

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

-

 

289

 

-

 

-

 

-

 

289

 

-

 

289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 31 December  2015(audited)

 

50

 

7,535

 

(11,207)

 

2,532

 

5,526

 

4,436

 

5,041

 

9,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income and other comprehensive income

 

-

 

-

 

815

 

-

 

-

 

815

 

1,034

 

1,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of  shares

 

31

 

14,692

 

-

 

-

 

-

 

14,723

 

-

 

14,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction with non-controlling interests in subsidiary

 

-

 

-

 

-

 

-

 

(10,566)

 

(10,566)

 

(4,246)

 

(14,812)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

-

 

160

 

-

 

-

 

-

 

160

 

-

 

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 30 June  2016 (unaudited)

 

81

 

22,387

 

(10,392)

 

2,532

 

 

9,568

 

1,829

 

11,397

*)         Represents an amount lower than 1.

 

The accompanying notes are an integral part of the interim consolidated financial statements. 

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

 

 

Attributable to equity holders of the Company

 

 

 

 

 

 

Share capital

 

Additional paid-in capital

 

Accumulated deficit

 

Capital reserve

 

Capital reserve from transactions with non-controlling interests

 

Total

 

Non-controlling interests

 

Total

equity

 

 

Euros in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 1 January 2015 (audited)

 

50

 

6,891

 

(10,470)

 

2,532

 

3,175

 

2,178

 

2,450

 

4,628

 

 

 

 

 

 

(344)

 

 

 

 

 

(344)

 

251

 

(93)

Net profit loss and  total  comprehensive profit loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of  shares

 

*)  -

 

10

 

-

 

-

 

-

 

10

 

-

 

10

Capital contribution to subsidiary  by non-controlling interests

 

-

 

-

 

-

 

-

 

-

 

-

 

200

 

200

Share-based compensation

 

-

 

296

 

-

 

-

 

-

 

296

 

-

 

296

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of 30 June 2015 (unaudited)

 

50

 

7,197

 

(10,814)

 

2,532

 

 

2,140

 

2,901

 

5,041

                                   

 

 

*)         Represents an amount lower than 1.

 

 

The accompanying notes are an integral part of the interim consolidated financial statements.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Six months ended

30 June

 

Six months ended

30 June

 

 

Year ended

31 December

 

 

2016

 

2015

 

2015

 

 

Unaudited

 

Unaudited

 

Audited

 

 

Euros in thousands

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

1,849

 

(93)

 

118

 

 

 

 

 

 

 

Adjustments to reconcile net income (loss) to net cash provided by (used in)  in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 Adjustments to the profit or loss items:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

431

 

473

 

728

Share-based compensation

 

160

 

296

 

289

Accrued interest on long-term loan and  non-current liabilities

 

782

 

2,035

 

2,775

Change in employee benefit liabilities, net

 

16

 

6

 

(16)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes  in asset and liability items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 Increase in inventory

 

(1,358)

 

(1,474)

 

(571)

Decrease (increase) in Government authorities and accounts receivable

 

126

 

  (35)

 

27

Increase (decrease) in trade payables

 

(51)

 

 (188)

 

(672)

Increase in advance from costumers

 

1,029

 

1,169

 

(1,049)

Increase in financial liability for warrants

 

-

 

79

 

-

Increase in accrued expenses and other accounts payable

 

30

 

295

 

619

 

 

 

 

 

 

 

 

 

1,165

 

2,656

 

2,130

 

 

 

 

 

 

 

Cash received (paid) during the year for:

 

 

 

 

 

 

Taxes

 

(7)

 

-

 

(24)

Interest

 

(876)

 

(1,081)

 

(2,361)

 

 

 

 

 

 

 

 

 

(883)

 

(1,081)

 

(2,385)

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

2,131

 

1,482

 

(137)

 

 

 

The accompanying notes are an integral part of the interim consolidated financial statements.

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Six months ended

30 June

 

Six months ended

30 June

 

 

Year ended

31 December

 

 

2016

 

2015

 

2015

 

 

Unaudited

 

Unaudited

 

Audited

 

 

Euros in thousands

Cash flows from investing activities:

 

 

 

 

 

 

Long-term deposits

 

-

 

118

 

119

Purchase of property and equipment

 

(537)

 

(1,437)

 

(1,672)

 

 

 

 

 

 

 

Net cash used in investing activities

 

(537)

 

(1,319)

 

(1,553)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of shares, net

 

14,723

 

10

 

37

Acquisition of non-controlling interests

 

(14,812)

 

-

 

-

Capital contribution to subsidiary from non-controlling interests

 

-

 

200

 

200

Receipt  of loans

 

9,217

 

661

 

1,158

Repayment of long-term loans

 

(8,930)

 

(1,377)

 

(1,440)

Receipt (repayment) of long-term lease

 

-

 

-

 

54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by financing activities

 

198

 

(506)

 

9

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

1,792

 

(343)

 

(1,681)

Cash and cash equivalents at beginning of period

 

411

 

2,092

 

2,092

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

2,203

 

1,764

 

411

 

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of capital note to equity in subsidiary

 

-

 

-

 

4,611

 

 

 

 

 

 

 

 

Classification of warrants as equity

 

-

 

-

 

318

 

 

 

The accompanying notes are an integral part of the interim consolidated financial statements.

 

 

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1:-     GENERAL

 

a.         DekelOil Public Limited ("the Company") is a public limited company incorporated in Cyprus on 24 October 2007. The Company is engaged through its subsidiaries in developing and cultivating palm oil plantations in Cote d'Ivoire and the processing, production and marketing of Crude Palm Oil ("CPO"). The Company's registered office is in Limassol, Cyprus.

 

b.         As of 30 June 2016, the Company has a working capital deficiency of Euro 2,147 thousands. During the six months ended 30 June 2016 the Company had net income of Euro 1,849 thousands and generated a positive cash flow from operations of Euro 2,131 thousands.

 

            Company's management expects the positive cash flows to grow as its palm oil extraction mill increases its production capacity. However, the operations of the mill are subject to various market conditions that are not under the Company's control that could have an adverse effect on the Company's cash flows.

 

            Based on the aforementioned, the Company's management believes that it will have sufficient funds necessary to finance its operations and meet its obligations as they come due at least for the next twelve months from the date the financial statements are approved.  

 

NOTE 2:-     SIGNIFICANT ACCOUNTING POLICIES

 

a.         Basis of preparation:

 

The interim condensed financial statements as of 30 June 2016 and for the six months then ended have been prepared in accordance with IAS 34, "Interim Financial Reporting", as adopted by the European Union.

The interim condensed financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's annual financial statements as of 31 December 2015 and their accompanying notes.

 

b.         Accounting policies:

 

The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended 31 December 2015.

 

c.     Fair value of financial instruments:

 

The carrying amounts of the Company's financial instruments approximate their fair value.

 

 

NOTE 3:-     SIGNIFICANT EVENTS DURING THE PERIOD

 

a.     On 17 June the Company issued 933,222,080 ordinary shares of €0.00003367 nominal value each in consideration of £11,515 thousands (€14,673 thousands).  Subsequently the Company purchased pursuant to an Option Agreement an additional 34.75% interest in its subsidiary ("CS DekelOil Siva") from Biopalm Energy Limited for a total consideration of £11,456 thousands (€14,812 thousands). The difference between the consideration paid and the carrying amount of the non-controlling interests acquired in the amount of €10,566 thousands has been recognized in equity as a reduction of Capital reserve from transactions with non-controlling interests.  Following the acquisition, the Company holds an 85.75% interest in CS DekelOil Siva.

 

The remaining 14.25% of shares in CS DekelOil Siva are subject to a second option. Under the Option Agreement, the exercise price of the second option is fixed and the total consideration for the remaining shares is approximately £4.7 million. The Company has until 20 December 2016 to exercise the second option. In accordance with the terms of the Option Agreement, if upon the expiry of the second option there are unexercised Second Option Shares, Biopalm Energy has the option to convert such unexercised Second Option Shares in CS DekelOil Siva to shares in the Company within ten business days of the expiry of the Second Option. The number of shares in the Company to be granted to Biopalm Energy pursuant to such conversion shall be calculated by reference to the higher of either the Company's average trading price for the 3 month period prior to the expiry of the Second Option, or the Company's share price at the date of the above mentioned transaction which was £0.1325 per share (after adjustment for share consolidation - see b. below).

 

b.    On 21 June the Company consolidated its shares so that every 10 ordinary shares of nominal value of €0.00003367 were consolidated to 1 ordinary share of nominal value of €0.0003367. Earnings per share data have been retroactively adjusted to reflect this consolidation of shares.

 

 

 

** ENDS **

 

Notes:

DekelOil Public Limited is a low cost producer of palm oil in West Africa, which it is focused on rapidly expanding.  To this end, it has an 86% interest in one of the largest oil processing mills based in Côte d'Ivoire, which has a capacity of 70,000 tons of CPO.  Feedstock for the Mill comes from several co-operatives and thousands of smallholders, however it also has nearly 1,900 hectares of its own plantations.  Furthermore, it has a world-class nursery with a 1 million seedlings a year capacity. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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