(Alliance News) - Woodbois Ltd on Friday said it had appointed a new chair amid efforts to reposition itself "as an attractive investment".
The Africa-focused forestry, timber trading and afforestation company has named Guido Theuns as executive chair, effective immediately. Theuns had joined the Woodbois board earlier in December as independent non-executive director. The company said that a full time chair is required "to achieve the demanding plans it is developing".
Guido said that his focus will be on ensuring that "the value inherent within Woodbois' assets is fully realised".
Outgoing Chair Graeme Thomson will stay on as senior independent non-executive director.
In an effort to enhance shareholder value, Woodbois will also engage in cost optimisation as well as maximising production through new team leadership and increasing shifts.
The group is also close to finalising a GBP3.5 million credit facility to permit third-party trading operations to restart. the line of credit has been agreed and final documentation is expected in January 2024.
Following engagement with stakeholders at Cop28, Woodbois is pursuing a "comprehensive business plan for carbon credits". In April, the group was awarded a 40-year lease for a carbon credit afforestation project in Gabon. The group said that the initiative "holds the potential to become a lucrative addition to our diversified business portfolio". Further governmental negotiations are expected to conclude in the first half of 2024.
The company has also appointed Axis Capital Markets Ltd to assist in marketing and promoting. Axis will join Canaccord Genuity Group Inc and Novum Securities Ltd as a joint broker.
The company estimates that its revenue will be around USD8 million for 2023, down from USD23.1 million in 2022.
However, the group said that "2024 will mark a positive and decisive turning point" and plans to release its 2023 fourth quarter update and outlook in late January 2024.
Woodbois shares closed up 3.7% at 0.98 pence each in London on Thursday afternoon.
By Hugh Cameron, Alliance News reporter
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Woodbois (WBI)