Business
Update on Cashew Processing Project, Côte d'Ivoire
Update on Cashew Processing Project, Côte d'Ivoire.
About this update from Dekel Agri-vision Plc
[{"type":"text","content":"\n \nRNS Number : 5392A Dekeloil Public Limited 30 May 2019 \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. 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\n \nDekelOil Public Limited \n('DekelOil' or the 'Company')\n \nUpdate on Cashew Processing Project, Côte d'Ivoire\n \nDekelOil Public Limited, the West African focused agricultural company, is pleased to announce that its investee company, Pearlside Holdings Ltd ('Pearlside'), has successfully completed an equity investment with Concordia Corporation Ltd., a Hong Kong based private equity company ('Concordia Investment'). The equity proceeds will be used by Pearlside's wholly owned subsidiary Capro CI SA ('Capro') to assist with the development of a large-scale 10,000 tpa (expandable to 30,000 tpa) raw cashew nut ('RCN') processing project at Tiebissou in Côte d'Ivoire (the 'Project'). Capro is now embarking on the construction phase at Tiebissou with first production to commence within 12 months. Once operational, Tiebissou will be DekelOil's second producing project in Cote d'Ivoire, alongside its Ayenouan palm oil project.\n \nThe Concordia Investment was based on an implied €6 million pre-money valuation. The investment had been completed on the same valuation of Pearlside as undertaken by DekelOil in December 2018. However, as a result of DekelOil issuing consideration shares at a significant premium to their actual value in that transaction, the actual effective consideration paid by DekelOil was a €4.2m valuation, implying a 42.8% uplift for DekelOil in this investment round (see announcement of 31 December 2018 for further details). In settlement of the Concordia investment and associated broking fees payable to Concordia, Concordia has been issued with 717 new ordinary shares in Pearlside, representing 14.9% of the enlarged issued share capital of Pearlside increasing their aggregate shareholding to 32.8%. \n \nAt the same time, DekelOil has elected to receive repayment of...