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Woodbois Ltd - African focused sustainable forestry and timber trading - Major investor Rhino Ventures Ltd sells 100.0 million voting ordinary shares, replacing all of them by converting 100.0 million non-voting ordinary shares into voting shares. Following the two transactions, Rhino holds 322.1 million voting shares, a 21% stake, and 851.4 million non-voting shares. Woodbois said this gives the concert party of shareholders a 26% stake. Woodbois doesn't provide the price or date of the voting share sale, nor name the buyer. However in a separate stock exchange filing, Woodbois says Sparta Premier SA of Tortola in British Virgin Islands bought 100.0 million shares on Wednesday and now has a 7.0% stake. At Woodbois's current price, the purchase would be worth GBP6.3 million.
"As a result of these transactions, we are pleased to be able to increase our voting ordinary share capital by approximately 7% by converting over 10% of the non-voting ordinary shares," says Woodbois Chair & Chief Executive Paul Dolan. "We are grateful for the long-term support of Rhino who will continue to own over 21% of the voting ordinary shares and 100% of the non-voting ordinary shares and we welcome our resulting new shareholder."
Current stock price: 6.25 pence, up 5.9% on Thursday
Year-to-date change: up 84%
By Tom Waite; thomaslwaite@alliancenews.com
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