2018 Interim Results, Issue of Shares and Total Voting Rights
DekelOil Public Limited, operator and 100% owner of the vertically integrated Ayenouan and Guitry palm oil projects in Côte d'Ivoire (the “Project”), is pleased to announce its interim results for the six months ended 30 June 2018.
The Company will be hosting a shareholder conference call at 11.00am UK time on 18 September 2018. The call will be hosted by Executive Director, Lincoln Moore and Deputy CEO Shai Kol who will discuss the interim results and provide an update on activity across its portfolio of projects. Further information on the call can be found at the end of this announcement and a presentation will be uploaded to the DekelOil website prior to the conference call.
Delivering on strategy to build a West African focused multi-commodity, multi-project agriculture company with diverse revenue streams
DekelOil Executive Director Lincoln Moore said, “The half year period saw us successfully implement initiatives to utilise spare capacity at our mill at Ayenouan and further reduce our cost base. Despite these initiatives, our first half results reflect the effects of this year's poor harvest and the sharp retrenchment in global palm oil prices. Recent history shows that unseasonable harvests in Cote d'Ivoire are typically followed by strong yields the following year. The normalisation of fruit volumes delivered to our mill during Q3 when compared to the equivalent period in 2017 is therefore encouraging and bodes well for the year ahead, although there can be no guarantee that next year's harvest will follow this historical trend.
“At a strategic level, the six months under review saw further progress being made in delivering on our objective to build a multi-project, multi-commodity agriculture company after we secured an option to acquire a 58% interest in a cashew processing project in Cote d'Ivoire. We expect the cashew operation will diversify and scale up DekelOil's revenue and profitability profile. With this in mind, I look forward to providing further updates on our progress as we commence the construction phase of the project in the coming weeks.”
Issue of Equity and Total Voting Rights
In addition, application has been made to the London Stock Exchange for the admission of a total of 379,493 ordinary shares of €0.0003367 each (‘Ordinary Shares') issued to certain advisers in settlement of fees for services provided (‘Admission'). It is expected that Admission will become effective on 20 September 2018. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. Following Admission, the Company's total issued share capital will comprise 299,471,369 Ordinary Shares. This number may be used by shareholders in DekelOil as the denominator for calculation by which they determine if they are required to notify their interest in, or a change in their interest in, the share capital of DekelOil under the FCA's Disclosure Guidance and Transparency Rules.
To participate in the conference call to be held at 11.00am UK time on 18 September 2018, please dial 0808 109 0701, (if you are calling from outside of the UK, please dial +44 (0) 20 3003 2701and enter participant pin 2178181# when prompted to do so. Please note that all lines will be muted with the exception of Company management, however the Company invites shareholders to submit questions to its public relations adviser, St Brides Partners Ltd, ahead of the call via email. Questions should be sent to email@example.com.