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2 Sep 2024 07:00
2nd September 2024
WOODBOIS LIMITED
("Woodbois," the "Group," the "Company")
Holding in Company
Woodbois Ltd (AIM: WBI), a leading company in the international timber industry, announces that, further to the announcements on 28 June 2024 and 21 August 2024, the Company believes that CHCH Ventures FZ - LLC ("CHCH") has fallen below a notifiable interest in the voting share capital of the Company. However, as in the past, the Company has not received any formal notification from CHCH.
Guido Theuns, Executive Chair and CEO, commented: "I am very pleased to see this significant and persistent share overhang finally addressed. Since February, Woodbois shares have experienced a substantial decline in price. The Directors believe that this downturn was primarily due to the actions of our major shareholder CHCH (at the time a 20% shareholder), who, without any prior communication with Woodbois, decided to transfer their shares to a third party. We have since learned that these shares were held in trust and do not believe that CHCH was authorized to make this transfer. The third party who accepted these shares subsequently sold them at progressively lower prices, driving a sharp price drop.
"Despite the current share price, we firmly believe it does not reflect Woodbois' true value. With the measures we have implemented and the support from our dedicated investors who have since absorbed these shares, we are confident that the share price will soon return to its rightful value. We appreciate the patience and continued trust of our shareholders during this period.
"We will provide further updates on strategic and commercial developments as we continue to implement the rationalisation and turnaround of our Company, ahead of the release of our full interim statements in September."
Woodbois Limited Guido Theuns, Executive Chair & CEO | + 44 (0)20 7099 1940 |
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Canaccord Genuity (Nominated Advisor and Broker) Henry Fitzgerald O'Connor, Harry Pardoe
| + 44 (0)20 7523 8000 |
Novum Securities (Joint Broker) Colin Rowbury, Jon Bellis | +44 (0) 20 7399 9427 |
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Axis Capital Markets Limited (Joint Broker) Ben Tadd, Lewis Jones | +44 (0) 203 026 0449 |
About Woodbois:
Woodbois is a Guernsey-based company at the forefront of the timber industry, committed to delivering quality products and sustainable solutions. With a legacy of innovation and a vision for the future, it strives to set industry standards and exceed expectations. Please follow the Company on X: @WoodboisLtd
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