Business
£11.1 million Placing and Acquisition
£11.1 million Placing and Acquisition.
About this update from Dekel Agri-vision Plc
[{"type":"text","content":"\n \nRNS Number : 0644Z Dekeloil Public Limited 24 May 2016 \n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL SECURITIES LAWS OR REGULATIONS.\n \nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY NEW ORDINARY SHARES, NOR SHALL IT (OR ANY PART OF IT), OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, OR ACT AS ANY INDUCEMENT TO ENTER INTO, ANY CONTRACT OR COMMITMENT WHATSOEVER WITH RESPECT TO THE PROPOSED PLACING.\n \nDekelOil Public Limited \n('DekelOil' or the 'Company')\n \nAcquisition of approximately c. 30.5% stake in CS DekelOil Siva Limited,\nProposed Placing of 834,736,160 Ordinary Shares,\nat 1.325 pence per share to raise £11.1 million,\nProposed Share Consolidation, \nDirectors' Dealing\nand Notice of General Meeting\n \nHighlights\n \n· Acquisition of approximately 30.5% stake in CS DekelOil Siva Limited, the Company's majority owned joint venture in the producing palm oil project at Ayenouan\n \n· Transaction increases DekelOil's interest in Ayenouan to 81.5% and is earnings enhancing for Shareholders\n \n· By securing a greater proportion of Ayenouan's growing revenues and cash flows, the acquisition has the potential to accelerate the roll out of the Company's strategy to build a leading West African palm oil producer\n \n· Acquisition to be funded via a proposed capital raise of £10.8 million by way of placing of New Ordinary Shares to institutional and other investors at a premium of 1.9% to the closing share price on 23 May 2016\n \n· Proposed 10 for 1 Share Consolidation\n \nDekelOil Public Limited, operator and 51% owner of the vertically integrated Ayenouan palm oil project in Côte d'Ivoire (the \"Project\"), is please...