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27 Mar 2020 07:00
27 March 2020
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Woodbois Limited
("Woodbois", the "Group" or the "Company")
(AIM: WBI)
COVID-19 Update
Woodbois, the African focused forestry and timber trading company, provides the following update.
The impact on the business to date of COVID-19 has been limited but the growing spread of the virus and the actions adopted by governments around the world, and particularly in Gabon, to mitigate the consequences of the pandemic, are likely to result in supply chain disruption within the timber industry. Our first priority is the safety and health of all of our employees and their families. Management has taken active measures to help minimise the risk of infection and to safeguard the continuity of day-to-day business operations.
There is a possibility however that our sawmill and veneer factory sites in Mouila, Gabon may need to be operated by reduced numbers of staff or possibly even halted for an indeterminate period of time during 2020. In the event of port closures in Gabon or elsewhere and extreme disruption to supply routes, contingency cash conservation plans are in place, including temporarily closing factories and the halting of new trades.
As of today there has been no material impact on the Group's activities from the virus. However, the rapid pace of developments in connection with COVID-19 has caused such fundamental levels of uncertainty, that the Board has decided to withdraw any guidance on its financial outcome for 2020 until the implications for the business can be assessed reliably. The Company will continue to update the market when appropriate.
Enquiries:
Woodbois Limited
Paul Dolan - CEO
www.woodbois.com
+44 (0)20 7099 1940
Arden Partners Plc (Nominated adviser and broker)
Richard Johnson
+44 (0)20 7614 5900
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