Business
Final Results and Notice of A
Final Results and Notice of A.
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[{"type":"text","content":"\n RNS Number : 0607N Equatorial Palm Oil plc 04 June 2010 \n \n\nEquatorial Palm Oil plc / Index: AIM / Epic: PAL / Sector: Food Producers\n4 June 2010\nEquatorial Palm Oil plc ('EPO' or 'the Company')\nFinal Results and Notice of Annual General Meeting\n \nEquatorial Palm Oil plc, the AIM listed Liberian focussed sustainable oil palm plantation developer, announces its final results for the year ended 31 December 2009 and gives notice of its Annual General Meeting to be held at the offices of Sprecher Grier Halberstam LLP, 5th Floor, One America Square, Crosswall, London EC3N 2SG on 30 June 2010 at 11am. \n \nOverview\n \n· Continued work throughout 2009 at Palm Bay and Butaw to prepare for plantation rehabilitation\n· Active development strategy focussed on becoming a large scale West African producer of sustainable palm oil\n· Successful £6.5m equity raising and admission of EPO's shares on AIM in February 2010\n· Cornerstone investor secured - BioPalm Energy Ltd, a subsidiary of Indian Conglomerate The Siva Group further to a £5 million placing\n· Reactivation of 3,000 ha of existing plantations at Palm Bay and 220,000 oil palm seeds ordered to be planted at nurseries being established at Palm Bay and Butaw plantations\n· First palm oil mill is in transit to Liberia from Malaysia with expected palm oil production in Q4 2010 to provide cash flow\n· Post tax loss of £943,000 (2008: £1,410,000) - reflects a reduction of over £620,000 in administrative expenditure throughout 2009\n \nChairman's Statement\n \nIt gives me pleasure to report on Equatorial Palm Oil Plc's progress over this pivotal reporting period.\n \nDuring the year ended 31 December 2009, EPO undertook further positive preliminary operational and field activities in preparation for the rehabilitation and development of the Group's palm oil concessions in Liberia upon securing further funding by way of an admission to the Alternative Investment Market ('AIM') of the London Stock Exchange.\n \nSubsequent to year end, the Company's financing endeavours culminated in a successful £6.5m equity raising and admission of EPO's shares on AIM in February 2010. In May 2010, we were very pleased to...