Dekeloil Public Limited Comment Re. Press Speculation (6646E)
May 10 2017 - 2:00AM
UK Regulatory
TIDMDKL
RNS Number : 6646E
Dekeloil Public Limited
10 May 2017
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). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
DekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food
Producers
10 May 2017
DekelOil Public Limited ('DekelOil' or the 'Company')
Comment re. Press Speculation
The Board of DekelOil, the owner and operator and 100% owner of
the profitable and vertically integrated Ayenouan palm oil project
in Côte d'Ivoire ('Ayenouan' or the 'Project'), notes the recent
speculation in the Norwegian press regarding its potential interest
in acquiring Norpalm Ghana Limited ('Norpalm'), a subsidiary of
Norpalm AS, a Norwegian company which owns a palm oil production
company in Western Ghana.
The Board confirms that it is in discussions with both the board
of Norpalm AS and certain Norpalm AS shareholders in relation to
the potential acquisition of all or the majority of the shares in
Norpalm by DekelOil (the 'Potential Transaction'). Norpalm AS holds
68.6 per cent. of Norpalm.
Norpalm is a vertically integrated palm oil owner and operator
with approximately 4,000 hectares of mature palm plantations under
ownership. It is located in West Ghana, close to the border with
the Ivory Coast. In addition, it operates a 30 tn/hr mill which
also purchases fresh fruit bunches from local producers. In
addition to the revenues it receives from approximately 15,000
tonnes of crude palm oil sold into the domestic Ghanaian market, it
also operates a palm kernel oil press which produces approximately
2,000 tn of palm kernel oil in the Ghanaian market.
The Potential Transaction, if it were to proceed, would be
classified as a substantial transaction for the purposes of the AIM
Rules for Companies. Discussions are still ongoing and therefore
there can be no guarantee that the Potential Transaction will
proceed. The Directors intend that the Proposed Transaction would
be financed from a combination of DekelOil's existing cash
resources, new equity partners at project level and debt financing.
Further announcements will be made in due course as
appropriate.
** ENDS **
For further information please visit the Company's website or
contact:
DekelOil Public Limited
Youval Rasin
Shai Kol +44 (0) 207
Lincoln Moore 236 1177
Cantor Fitzgerald Europe
(Nomad and Broker)
Andrew Craig +44 (0) 207
Richard Salmond 894 7000
Beaufort Securities Limited
(Broker)
Zoe Alexander +44 (0) 207
Elliot Hance 382 8300
Optiva Securities Limited
(Broker)
Christian Dennis +44 (0) 203
Jeremy King 137 1903
St Brides Partners Ltd (Investor
Relations)
Elisabeth Cowell +44 (0) 207
Frank Buhagiar 236 1177
Notes:
DekelOil Public Limited is a low cost producer of palm oil in
West Africa, which it is focused on rapidly expanding. To this end,
it has an 85.75% interest in one of the largest oil processing
mills based in Côte d'Ivoire, which has a capacity of 70,000 tons
of CPO. Feedstock for the Mill comes from several co-operatives and
thousands of smallholders, however it also has nearly 1,900
hectares of its own plantations. Furthermore, it has a world-class
nursery with a 1 million seedlings a year capacity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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