Dekel Agri-Vision PLC AGM Statement (2305V)
August 06 2020 - 1:00AM
UK Regulatory
TIDMDKL
RNS Number : 2305V
Dekel Agri-Vision PLC
06 August 2020
Dekel Agri-Vision Plc / Index: AIM / Epic: DKL / Sector: Food
Producers
Dekel Agri-Vision Plc ('Dekel' or the 'Company')
AGM Statement
Dekel Agri-Vision Plc, the West African focused agriculture
company, is holding its Annual General Meeting ('AGM') later today.
At the meeting, Youval Rasin, CEO, will make the following
statement:
"This year's AGM Statement is expected to be both a first and a
last. A first AGM Statement as Dekel Agri-Vision following last
year's name change from DekelOil to reflect the multi-project
agri-industrial business we are looking to build. A last AGM
Statement as a single project, single commodity agriculture company
focused on palm oil, as the large-scale cashew project we are
constructing at Tiebissou in Côte d'Ivoire is on track to be
completed during Q2 2021. At this point, Dekel will have two
operational projects in Côte d'Ivoire, producing two commodities,
crude palm oil ('CPO') and cashews, and generating two material
revenue streams.
"Bringing Tiebissou into production will be a major milestone
for the Company on a number of levels. Not only will it scale up
our revenues and cash flows which in turn can be reinvested into
new ventures, but it will also be important in terms of risk
management. By providing Dekel with exposure to a new commodity and
new end markets, the Company's financial performance will no longer
be solely dependent on the annual peak palm fruit harvest in Côte
d'Ivoire and on movements in international CPO pricing
benchmarks.
"As well as diversifying our revenues and end markets, our
state-of-the-art plant at Tiebissou will also benefit local farmers
in the region by providing a much-needed outlet for the raw cashew
nuts ('RCN') they produce. Even though Côte d'Ivoire is one of the
world's largest producers of cashews, less than a fifth of domestic
production is processed in-country. Our plant, which will initially
have a capacity to process 10,000 tonnes of RCN per annum, will
help to ensure more of the value on offer is retained in Côte
d'Ivoire.
"The above is key as it illustrates how our model, which places
local farmers at the centre of operations, can benefit all
stakeholders, not just our shareholders but also the local
communities in which we operate. The social benefits our
collaborative smallholder model provides to the local region and
environment are significant and in line with this we continue to
progress the RSPO certification process at the Company's palm oil
operations at Ayenouan towards completion. While COVID-19 has
delayed completion of the RSPO review process, we are confident
that once conditions normalise certification will be secured which
will further strengthen Dekel's ESG credentials.
"Having two producing projects in West Africa does not represent
the sum of our ambitions. Until our cashew project at Tiebissou is
up and running and for as long as COVID-19 continues to impact
societies and markets around the world, we are proceeding
cautiously with our new projects. However, low cost work is being
carried out with a view towards building a pipeline of new ventures
that meet our investment and ESG criteria. In December 2019, we
formed a joint venture with Green Enesys Holdings Ltd. relating to
the planned development of a 35-36MW hybrid power project ('HCTPP')
in Côte d'Ivoire. In addition to ongoing discussions with the
government regarding the application and permitting process,
feasibility work is being carried out on the construction of an
HCTPP comprising a 30MW solar PV plant and a 5-6MW biomass plant
using empty fruit bunches from the mill at Ayenouan. Outside
renewable energy, we have identified a fourth potential project
which, in line with the above, we intend to progress at a cautious
pace until conditions normalise and Tiebissou is in production.
"Over the course of the last financial year, the building blocks
have been put in place to transform Dekel from a single project,
single commodity agriculture company into a multi-project,
multi-commodity West African focused agriculture company that puts
the local communities in which it operates at the heart of its
operations. I am confident the year ahead will see Dekel take a
major step towards achieving this objective and I look forward to
providing further updates on our progress."
** ENDS **
For further information please visit the Company's website at
www.dekelagrivision.com or contact:
Dekel Agri-Vision Plc
Youval Rasin
Shai Kol
Lincoln Moore +44 (0) 207 236 1177
Arden Partners Plc (Nomad and Joint Broker)
Paul Shackleton / Ruari McGirr /
Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking) +44 (0) 207 614 5900
Optiva Securities Limited (Joint Broker)
Christian Dennis
Jeremy King +44 (0) 203 137 1903
St Brides Partners Ltd (Investor Relations)
Frank Buhagiar
Cosima Akerman
Megan Dennison +44 (0) 207 236 1177
Notes:
Dekel Agri-Vision Plc is a multi-project, multi-commodity
agriculture company focused on West Africa. It has a portfolio of
projects in Côte d'Ivoire at various stages of development: a fully
operational palm oil project in Ayenouan where fruit produced by
local smallholders is processed at the Company's 60,000tpa crude
palm oil mill; a cashew processing project in Tiebissou, which is
due to commence production in Q2 2021.
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END
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