Business
Comment Re. Press Speculation
Comment Re. Press Speculation.
About this update from Dekel Agri-vision Plc
[{"type":"text","content":"\n \nRNS Number : 6646E Dekeloil Public Limited 10 May 2017 \n\nThe 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.\n \nDekelOil Public Limited / Index: AIM / Epic: DKL / Sector: Food Producers\n10 May 2017\nDekelOil Public Limited ('DekelOil' or the 'Company')\nComment re. Press Speculation\n \n \nThe 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.\n \nThe 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. \n \nNorpalm 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.\n \nThe 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 fina...