19 Jun 2015 16:00
19 June 2015
United Cacao Limited SEZC
("United Cacao" or the "Company")
Admission to trading on Lima Stock Exchange
United Cacao (AIM: CHOC), the AIM-listed cacao plantation company based in Peru, announces the admission of the Company's ordinary shares of US$0.001 each ("Ordinary Shares") to trading on the Lima Stock Exchange (Bolsa de Valores de Lima, or "BVL"), Peru, effective on 22 June 2015 at commencement of daily trading on the BVL under the trading symbol "BVL: CHOC" (the "Admission").
Additional information about the BVL can be found at www.bvl.com.pe (in Spanish). The Admission was approved on 18 June 2015 by the Superintendencia del Mercado de Valores; their approval can be found at http://www.smv.gob.pe/ConsultasP8/temp/RIGSC%20051%20United%20Cacao%20ZEZC.pdf (in Spanish). The Ordinary Shares are fully fungible between the two exchanges; however, the Ordinary Shares trade in US Dollars on the BVL. The BVL is also a participant of the Mercado Integrado Latinoamericano ("MILA"). Through MILA, the BVL is increasingly integrated with the regional equity markets in Colombia, Chile and Mexico.
Kallpa Securities SAB ("Kallpa"), an authorized and regulated securities broker in Peru, is the Company's sponsor and adviser in relation to the Admission.
Mr Ricardo Carrion, Managing Director of Kallpa, commented:
"CHOC is the second listing on the BVL so far this year and is now amongst the Top 75 largest companies by market capitalization on the exchange. Cacao production is falling rapidly in West Africa as evidenced by events in Ghana last month. Peru is well-situated geographically to supply Asian, North American or European demand; in addition, no other cacao producing country in the world can match Peru's combination of growing climate, cost structure, investment grade country rating, tax policy, absolute freehold land title and efficient export logistics. Local investors have seen this export-oriented business model repeatedly applied with great success in fisheries, and numerous specialty agricultural crops such as avocado and asparagus, so they are comfortable with the investment thesis. We expect the Company to be well-received by the market given its unique value proposition and strong, near-term growth profile."
Mr Dennis Melka, Executive Chairman and CEO of the Company, commented:
"Peru is the global low-cost location for the production of cacao due to the superior growing conditions, competitive cost structure, abundant supply of high yielding CCN-51 clonal material and tax-free growing zone. It is important to have a presence in the local equity market so that Peruvian retail, institutions and pension funds can participate in the Company's growth. We expect to broaden our shareholder base through the BVL listing. Disappointing West African cacao production statistics released to the market last month underscore the need for large-scale corporate estates located in prime Latin American cacao production zones.
The Company has undergone an extensive vetting and due diligence process by the Superintendencia del Mercado de Valores and Bolsa de Valores de Lima and we are delighted to now be approved for trading in Lima. Last week, we were honoured to have President Humala visit Tamshiyacu. His vision for a prosperous Peru, vibrant agricultural investment in the Amazon area and rising standard of living for people in the State of Loreto was warmly received by the community and we look forward to increasing our staffing levels over the next several years."
For more information please visit www.unitedcacao.com or contact:
United Cacao Limited SEZC | +1 345 815 2710 |
Dennis Melka, Executive Chairman & CEO | |
Anthony Kozuch, Executive Director Jason Lee, Financial Controller | |
Strand Hanson (Financial & Nominated Adviser) | +44 (0) 20 7409 3494 |
James Harris / James Spinney / Ritchie Balmer | |
VSA Capital (Joint Broker) | +44 (0) 20 3617 5177 |
Bhavesh Patel / Richard Buckle | |
Kallpa Securities SAB (Joint Broker) | +51 1 630 7500 |
Ricardo Carrion | |
Tavistock (PR Adviser) | +44 (0) 20 7920 3150 |
Ed Portman / Simon Hudson / Jos Simson |