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(Sharecast News) - Timber supplier Woodbois on Friday said it had reached a deal in principle with its major bondholder to restructure its balance sheet and convert debt to equity.
The AIM-traded firm said at least 75% of the $30m (£24.27m) outstanding debt changed into voting and non-voting shares with the balance restructured into a zero-coupon convertible bond.
It said the agreement in principle would be conditional on Woodbois raising additional equity and hasten sustained positive operating cash flow.
"Lombard Odier, which is both a substantial shareholder and holder of approximately $5.5m of the internal trade finance facility, has indicated its ongoing commitment to the business by agreeing, subject to final terms to be a cornerstone investor in the planned equity fundraise, which itself will be of sufficient quantum to right size the balance sheet and unlock material growth.
"The discussion with other holders of the internal trade finance facility are continuing and the company is intending to have completely retired the ITF as part of the planned restructuring and fundraise."
Woodbois said it expected to prioritise additional capital expenditure of between $3m - $5m to increase capacity at its Gabon operations, in particular veneer, by around 50%.
"Since May, the group's operations in Mozambique recommenced and are operated under an agreement whereby profits are shared 50-50, with it having no cash funding obligation."
The board said the current crisis had exaggerated the scarcity of capital available to support production, adding it believed it would be "ideally placed" to increase not only its own sustainable production, but to source and secure dedicated third-party supply throughout West Africa.
At 1158 BST, shares in Woodbois were up 3.45% at 3p.
9 Jun 2023 15:51
UK shareholder meetings calendar - next 7 days
| Monday 12 June | |
| Brighton Pier Group PLC | AGM |
| Learning Technologies Group PLC | AGM |
| Oxford Nanopore Technologies PLC | AGM |
| Pembridge Resources PLC | GM and Creditors' Meeting re future plans and objectives |
| Round Hill Music Royalty Fund Ltd | AGM |
| Staffline Group PLC | AGM |
| VPC Specialty Lending Investments PLC | GM re investment policy |
| Tuesday 13 June | |
| Animalcare Group PLC | AGM |
| Asiamet Resources Ltd | AGM |
| Centrica PLC | AGM |
| Dillistone Group PLC | AGM |
| EJF Investments Ltd | AGM |
| Elixirr International PLC | AGM |
| Flowtech Fluidpower PLC | AGM |
| Frenkel Topping Group PLC | AGM |
| Great Western Mining Corp PLC | AGM |
| Newbury Racecourse PLC | AGM |
| Plant Health Care PLC | AGM |
| Pressure Technologies PLC | GM re delay to the publication of the FY22 Annual Report and directors' remuneration |
| Pod Point Group Holdings PLC | AGM |
| Sound Energy PLC | AGM |
| Zinnwald Lithium PLC | AGM |
| Wednesday 14 June | |
| abrdn Property Income Trust Ltd | AGM |
| abrdn Smaller Companies Income Trust PLC | AGM |
| Andrews Sykes Group PLC | AGM |
| Aquila Energy Efficiency Trust PLC | AGM |
| Aurrigo International PLC | AGM |
| Brave Bison Group PLC | AGM |
| Christie Group PLC | AGM |
| Foresight Solar Fund Ltd | AGM |
| IGas Energy PLC | AGM |
| International Consolidated Airlines Group SA | AGM |
| Iofina PLC | AGM |
| James Fisher & Sons PLC | AGM |
| Liberty Global PLC | AGM |
| M&C Saatchi PLC | AGM |
| Petards Group PLC | AGM |
| Thursday 15 June | |
| Amaroq Minerals Ltd | AGM |
| Anexo Group PLC | AGM |
| ASA International Group PLC | AGM |
| Baillie Gifford China Growth Trust PLC | AGM |
| Chapel Down Group PLC | AGM |
| Directa Plus PLC | AGM |
| Everyman Media Group PLC | AGM |
| HC Slingsby PLC | AGM |
| Inspecs Group PLC | AGM |
| Informa PLC | AGM |
| IP Group PLC | AGM |
| LBG Media PLC | AGM |
| M&G Credit Income Investment Trust PLC | GM re amendment to the company's articles of association |
| Novacyt SA | AGM |
| OTAQ PLC | AGM |
| Parity Group PLC | AGM |
| PetroTal Corp | AGM |
| Pollen Street PLC | AGM |
| Shaftesbury Capital PLC | AGM |
| Southern Energy Corp | AGM |
| Friday 16 June | |
| Alpha Growth PLC | AGM |
| Anglo-Eastern Plantations PLC | AGM |
| Gulf Keystone Petroleum Ltd | AGM |
| John Lewis of Hungerford PLC | GM re proposed cancellation of admission to trading on AIM |
| Tesco PLC | AGM |
| Woodbois Ltd | AGM |
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