Completion of Joint-Venture (6691A)
February 03 2011 - 12:04PM
UK Regulatory
TIDMPAL
RNS Number : 6691A
Equatorial Palm Oil plc
03 February 2011
3 February 2011
Equatorial Palm Oil Plc
("EPO" or the "Company")
Completion of Joint-Venture with Biopalm Energy Ltd.
Further to the announcement of 29 December 2010, the Board of
EPO announces that the Joint Venture Agreement has been fully
implemented and that US$22.5 million in cash from Biopalm Energy
Ltd has now been received by the joint venture company set up to
develop its c.169,000 hectare land position at Palm Bay, Butaw and
River Cess in Liberia.
Equatorial Palm Oil plc
Company
Michael Frayne, Chairman +44 (0) 20 7766 7555
Shore Capital & Corporate
Ltd.
NOMAD and Joint Broker
Pascal Keane
Edward Mansfield +44 (0) 20 7408 4090
Mirabaud Securities LLP
Broker
Peter Krens +44 (0) 20 7484 3510
Pelham Bell Pottinger
Financial / Corporate PR
Charles Vivian +44 (0) 20 7861 3126
Notes to Editors:
Information on Equatorial Palm Oil Ltd.
The Company's objective is to become a global, sustainable, low
cost producer of crude palm oil.
The Company is developing a low-cost CPO production-base sourced
from its initial land bank. The Group has acquired oil palm mills
to process the Fresh Fruit Bunches ('FFB') harvested from the
plantations in Crude Palm Oil ('CPO') and other related products.
The CPO produced is initially intended for sale into the local
Liberian and West African markets where it is a key staple food and
in short demand. West Africa is currently a net importer of 400,000
tpa of CPO. The longer term objective is to develop sufficient
scale in its production and processing of CPO in order to widen
exports to a broader international market including Europe, where
the company will benefit from geographical advantage in freight
costs and increasing demand for a sustainable product.
Information on the Siva Group and Biopalm Energy Limited
The Siva Group
The Siva Group was founded in 1986 by Mr. Chinnakannan
Sivasankaran, and is headquartered out of Chennai, India valued in
excess of US$3 billion, with over 3,000 employees and operations in
Realty, Telecom, Project Engineering, Shipping, Renewable Energy,
Agriculture, Hospitality and e-education/software.
Biopalm Energy Ltd
Biopalm Energy Ltd is a company based out of Singapore. The aim
of this company is to invest in oil palm projects and developments
around the world. Biopalm Energy Ltd is a wholly owned step down
subsidiary of Siva Ventures Ltd.
On 27 May 2010 the Company announced that it had issued
33,333,333 new Ordinary Shares to Biopalm Energy Ltd, currently
representing approximately 27.5 per cent. of the Company's issued
shares post-Subscription, at a price of 15p (the "Subscription
Price") raising GBP5 million. At the time of the Subscription the
Subscription Price represented a 42.9 per cent. premium over the
closing price of 10.59 per Ordinary Share on 26 May 2010, being the
last available business day prior to the Subscription.
Pursuant to the terms of the Subscription, Biopalm Energy Ltd
was granted the right to appoint a Non-Executive Director to the
board of the Company. On 27 September 2010 Biopalm Energy Ltd
exercised this right, appointing Shankar Varadharajan as a
non-executive director to the Board.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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