(Alliance News) - Woodbois Ltd on Monday said it has completed its preference share purchase under a restructuring plan.
The forestry and timber trading firm announced September 20 it would be restructuring its perpetual preference shares in Argento Ltd, its subsidiary, into a 4% convertible bond due 2024. The bonds will be issued by Woodbois.
Woodbois has bought all 75,000 preference share in issue and its transfer agent, Neville Registrars Ltd, has been instructed to issue the 4% bonds.
Chief Executive Paul Dolan said: "I'm delighted to report the completion of this transaction, marking another important milestone in the transformation of the company's capital structure. The resulting improvement of transparency within the balance sheet ensures that the company is now much more strongly positioned to take advantage of the many opportunities ahead."
Shares in Woodbois were down 3.8% at 5.05 pence in London on Monday afternoon.
By Anna Farley; annafarley@alliancenews.com
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Woodbois (WBI)