Worth a punt on this news?30 Jun 2010 11:38
30th June 2010 -- Statement from the -- Diamond Wood -- Annual General Meeting
Further to previous announcements, Diamond Wood China Limited ("Diamond Wood"), the Company's licensee in China, held its Annual General Meeting ("AGM") on 29 June 2010.
Following Accsys's attendance at that AGM, the Board of Accsys is pleased to report that:
1. Diamond Wood has confirmed that it is in advanced discussions with two independent parties who have each expressed an interest in investing sufficient funds to enable the construction of the first Accoya® wood manufacturing facility in Nanjing, China (the "Fundraising");
2. Diamond Wood has confirmed that it is in receipt of an acceptable signed term sheet in respect of the Fundraising from one of these parties, whilst term sheet discussions are on-going with the other party;
3. Diamond Wood has confirmed that both parties have now completed their commercial due diligence relating to the Fundraising; and
4. Accsys has supported resolutions tabled by Diamond Wood to allow the Fundraising to complete. All such resolutions in respect of the Fundraising were unanimously approved by Diamond Wood's shareholders at the AGM.
Accsys is delighted with Diamond Wood's progress on the Fundraising and looks forward to further positive news and completion of the Fundraising in the near future.
Company website -- http://www.accsysplc.com
