Business
Accounts Update and Temporary Suspension
Accounts Update and Temporary Suspension.
About this update from Capital Metals Plc
[{"type":"text","content":"\n \nRNS Number : 1464I Equatorial Palm Oil plc 28 June 2013 \n \n\n28 June 2013\n \nEQUATORIAL PALM OIL plc \n(\"EPO\" or the \"Company\")\n \nPROPOSED £2.6M FUND RAISING\n \nBUSINESS UPDATE\n \n2012 REPORT AND ACCOUNTS UPDATE\n \nTEMPORARY SUSPENSION OF TRADING ON AIM\n \nEquatorial Palm Oil plc, (AIM: PAL), the AIM listed palm oil development and production company with operations in Liberia, West Africa announces that it is seeking to raise a minimum of £2.6m to support the ongoing development of its oil palm estates (\"Fund Raising\").\n \nThe Company will be undertaking a book build through its broker Mirabaud Securities and has received conditional offers from existing shareholders of up to £1.7m. Accordingly, the Company is seeking from new and existing shareholders an amount of at least £0.9m.\n \nBusiness Update \nThe work being carried out by Ore Search Civil Liberia Ltd (\"OSC\"), an international earth moving contractor, to assist in land preparation at Palm Bay estate is progressing extremely well. In this calendar year to date the Company has planted over 1,000 hectares of oil palms at both Palm Bay and Butaw estates. The appointment of OSC has significantly helped the Company to achieve its strategic objectives through expanding the nurseries and land preparation efforts in order to deliver on the large scale planting programme. \n \nEnvironmental studies at Palm Bay complete\nEnvironmental reports for Palm Bay Estate have been submitted to EPO's 50 per cent. owned joint venture company, Liberian Palm Developments Limited (\"LPD\"), in final form by Coastal & Environmental Services, the South African internationally accredited environmental consultants. This is a key milestone for the Company, being the culmination of over 2 years of work.\n \nThe environmental studies concluded, inter alia, that the oil palm development at the Palm Bay estate is acceptable from an environmental and social perspective, and will result in sustainable benefits to the area.\n \nAfrican Export-Import Bank (\"Afreximbank\") was appointed as a corporate advisory partner to LPD as announced on 13 February 2013 to put in place the anticipated long term debt funding of $140m (\"the Facility\"). The completion of these environmental reports will now enable Afreximb...