TIDMDKL
RNS Number : 4164G
Dekeloil Public Limited
23 July 2019
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. Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
23 July 2019
DekelOil Public Limited
("DekelOil" or the "Company")
Result of Equity Fundraising
DekelOil, the West African focused agricultural company, is
pleased to announce that further to the announcement released at
07:01am on 22 July 2019, the Company has successfully raised
GBP0.77 million (before expenses) by the placing of 25,788,194 new
ordinary shares of EUR0.0003367 each in the Company ("Ordinary
Shares") at 3.0 pence each (the "Issue Price") and GBP1.44 million
(before expenses) by the subscription for 43,935,167 new Ordinary
Shares at 3.27 pence each (the "AgDevCo Subscription Price") to
AgDevCo Limited ("AgDevCo"), and Youval Rasin and Lincoln Moore,
CEO and Executive Director of DekelOil respectively.
The Fundraising comprised the placing of 11,500,000 new Ordinary
Shares and subscription of 17,034,371 new Ordinary Shares.
The Issue Price is the same as the closing market price of 3.0
pence per existing Ordinary Share on 19 July 2019, the last
business day before the announcement of the Fundraising.
The Company has also raised approximately GBP1.35 million
(EUR1.5 million) by way of direct equity subscription of 41,188,990
new Ordinary Shares at the AgDevCo Subscription Price to AgDevCo
(the "AgDevCo Subscription").
DekelOil Executive Director, Lincoln Moore said, "The AgDevCo
Subscription at a 9% premium to the last closing market price
before announcement of the Fundraising is in our view, an
endorsement of both the strategy we have put in place to build a
multi-project, multi-commodity agriculture company and also our
ability to deliver. With one vertically integrated palm oil
operation already in production and a large-scale cashew processing
project due to be commissioned in 2020, the funds raised will
support the Board's ongoing evaluation of a number of initiatives
to further grow and diversify DekelOil's revenue profile and in the
process build a leading West African focused agriculture
company."
Related Party Transaction
Miton Asset Manangement Limited ("Miton") is a substantial
shareholder of the Company and is therefore classified as a related
party under the AIM Rules for Companies. Miton has subscribed for
1,666,667 Placing Shares, which constitutes a related party
transaction under the AIM Rules for Companies.
Accordingly, the board of directors of the Company consider,
having consulted with Cantor Fitzgerald Europe, the Company's
nominated adviser, that Miton's participation in the Fundraising is
fair and reasonable insofar as the Company's shareholders are
concerned.
Director Dealing
Pursuant to the Fundraising, Youval Rasin and Lincoln Moore
subscribed for new Ordinary Shares as follows:
Number of Ordinary Resultant number % of Enlarged Issued
Shares acquired of Ordinary Shares Share Capital
--------------- ------------------- -------------------- ---------------------
Youval Rasin 2,471,590 67,346,705 15.9%
Lincoln Moore 274,587 4,949,791 1.2%
Youval Rasin and Lincoln Moore, as directors of the Company, are
classified as related parties under the AIM Rules for Companies and
their participation in the Subscription therefore constitute
related party transactions.
Accordingly, Yehoshua ("Shai") Kol and Andrew Tillery consider,
having consulted with Cantor Fitzgerald Europe, the Company's
nominated adviser, that Youval Rasin's and Lincoln Moore's
participation in the Fundraising is fair and reasonable insofar as
the Company's shareholders are concerned.
Admission to trading on AIM
Application will be made for the 69,723,361 new Ordinary Shares
to be admitted to trading on AIM ('Admission'). It is expected that
Admission will occur on 8 August 2019.
Total voting rights
Following Admission, the total issued share capital of the
Company will be 423,064,443 Ordinary Shares. The Company has no
Ordinary Shares in treasury. Therefore the total number of voting
rights in the Company is 423,064,443 and this figure should be used
by shareholders of the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Capitalised terms not otherwise defined in this announcement
shall have the same meaning ascribed to such terms in the
announcement released earlier today unless the context requires
otherwise.
** ENDS **
For further information please visit the Company's website or
contact:
DekelOil Public Limited
Youval Rasin
Shai Kol
Lincoln Moore +44 (0) 207 236 1177
Cantor Fitzgerald Europe (Nomad and Joint
Broker)
David Foreman, Richard Salmond (Corporate
Finance)
Keith Dowsing (Equity Sales) +44 (0) 207 894 7000
VSA Capital (Joint Broker)
Andrew Monk (Corporate Broking)
Andrew Raca (Corporate Finance) +44 (0) 203 005 5000
Optiva Securities Limited (Joint Broker)
Christian Dennis
Jeremy King +44 (0) 203 137 1903
St Brides Partners Ltd (Investor Relations)
Frank Buhagiar
Cosima Akerman +44 (0) 207 236 1177
Notes:
DekelOil Public Limited is a multi-project, multi-commodity
agricultural company focused on West Africa. It has a portfolio of
projects in Côte d'Ivoire at various stages of development: a fully
operational palm oil project in Ayenouan where fruit produced by
local smallholders is processed at the Company's 70,000tpa crude
palm oil mill; a cashew processing project in Tiebissou, which is
due to commence production in 2020; and a second palm oil project
in Guitry which is under development.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ROIEAPXDADDNEEF
(END) Dow Jones Newswires
July 23, 2019 04:35 ET (08:35 GMT)
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