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(Alliance News) - Africa-focused forestry and timber trading firm Woodbois Ltd said Friday it has received 100% in undertakings from its perpetual preference share holders in subsidiary Argento Ltd for the conversion of shares into a 4% convertible bond 2024.
Woodbois will now purchase the preference shares in exchange for the issue of bonds, at a ratio of USD400 in nominal value of bonds for every one share.
The bonds are constituted by a trust deed between the company and Woodside Corporate Services Ltd acting as trustee for the bonds. Meanwhile Neville Registrar Ltd has been appointed as transfer agent for the bonds.
The bonds are redeemable on June 30, 2024, and can be converted into shares in Woodbois at a conversion ratio of 8 pence per share.
"I'm delighted to report that this transaction marks another important milestone in the transformation of the company's capital structure. The resulting improvement of transparency within the balance sheet will leave the company much more strongly positioned to take advantage of the many opportunities ahead," said Chief Executive Officer Paul Dolan.
Shares in Woodbois closed flat at 5.30 pence on Friday in London.