TIDMDKL
RNS Number : 2880N
Dekel Agri-Vision PLC
29 January 2021
THIS ANNOUNCEMENT, INCLUDING THE APPIX, AND THE INFORMATION
CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR
ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
THIS ANNOUNCEMENT, INCLUDING THE APPIX, IS FOR INFORMATION
PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR
SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT
AND THE APPIX DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION,
SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY PERSON TO
SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF
DEKEL AGRI-VISION PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER
OR SOLICITATION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 596/2014. IN ADDITION, MARKET SOUNDINGS
WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS
ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF
SUCH INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION
OF INSIDE INFORMATION.
Dekel Agri-Vision plc
("Dekel Agri-Vision" or the "Company")
Result of Oversubscribed Equity Fundraising
Dekel Agri-Vision, the West African focused agriculture company,
is pleased to announce that, further to its announcement at 4.30
p.m. on 28 January 2021, it has successfully completed the
oversubscribed Fundraising which is now closed.
The Placing, Subscription and PrimaryBid Offer has raised GBP3.5
million (before expenses) through the placing of 70,000,000 new
Ordinary Shares at an Issue Price of 5 pence per share.
Director Dealing
Pursuant to the Fundraising, Youval Rasin, Yehoshua Shai Kol,
Lincoln Moore and Aristide Achybrou, being Directors of the
Company, subscribed for new Ordinary Shares as follows:
Name Role No. of % of Existing Number of No. of Ordinary % of
existing Ordinary placing Shares held Enlarged
Ordinary Share shares subscribed following Share
Shares Capital for admission Capital
Chief
Youval Executive
Rasin Officer 67,346,705 14.69% 1,060,000 68,406,705 1 2.94%
--------------- ----------- -------------- ------------------- ---------------- ----------
Deputy
Yehoshua CEO and
Shai Kol CFO 27,581,861 6.02% 640,000 28,221,861 5.34%
--------------- ----------- -------------- ------------------- ---------------- ----------
Lincoln Executive
Moore Director 4,949,791 1.08% 6 0 0,000 5,5 49,791 1.05%
--------------- ----------- -------------- ------------------- ---------------- ----------
Aristide Non Executive
Achybrou Director 21,965,601 4.79% 750,000 22,715,601 4.30%
--------------- ----------- -------------- ------------------- ---------------- ----------
Youval Rasin, Yehoshua Shai Kol, Lincoln Moore and Aristide
Achybrou, as Directors of the Company, are classified as related
parties under the AIM Rules for Companies and their participation
in the Subscription therefore constitutes a related party
transaction.
The independent Director being Andrew Tillery considers, having
consulted with Arden Partners plc, the Company's Nominated Adviser,
that the terms of the Directors participation in the Subscription
are fair and reasonable insofar as its shareholders are
concerned.
Admission to trading on AIM
Application has been made to the London Stock Exchange for the
admission of a total of 70,000,000 new Ordinary Shares to be
admitted to trading on AIM ('Admission'). It is expected that
Admission will occur on 3 February 2021.
Total voting rights
Following Admission, the total issued share capital of the
Company will be 528,447,705 Ordinary Shares. The Company has no
Ordinary Shares in treasury. Therefore the total number of voting
rights in the Company is 528,447,705 and this figure should be used
by shareholders of the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Capitalised terms not otherwise defined in this announcement
shall have the same meaning ascribed to such terms in the
announcement released earlier today unless the context requires
otherwise.
Dekel Agri-Vision Executive Director, Lincoln Moore said, " The
new and existing investors and Directors who have participated in
the Fundraising have joined or increased their interest in the
Dekel story at an exciting time. With palm oil prices trading
around US$1,000 per tonne and the Cote d'Ivoire high season
imminent, the outlook for our Ayenouan palm oil project for 2021 is
positive. With operations at the cashew processing project in
Tiebissou on track to commence in Q2 2021, soon we expect to have
two producing projects in our portfolio which, in turn, will scale
up and diversify our financial profile. With a strengthened balance
sheet following the recent issue of a EUR5.9million bond and todays
fundraise, the proceeds of which we also intend to use to increase
our stake in Tiebissou from 54% to 70.7%, we can pursue multiple
growth opportunities, including the addition of a third commodity
to our portfolio.
"We already have a roadmap in place to build a multi-project,
multi-commodity agriculture company, one that not only has the
potential to generate significant returns for investors, both in
terms of capital growth and yield, but also one that works closely
with and supports the local communities in which we operate. The
Directors believe that this Fundraising ensures that we now have
the funding platform with which to achieve our objectives. The year
ahead promises much high impact news flow and with this in mind, I
look forward to providing updates on our progress as we execute our
growth strategy."
**S **
For further information please visit the Company's website or
contact:
Dekel Agriv-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 +44 (0) 207 236 1177
Notes to Editors:
Dekel Agri-Vision plc is a multi-project, multi-commodity
agriculture company focused on West Africa. It has interests in 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.
Prior to its publication, certain information contained within
this announcement was deemed to constitute inside information for
the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In
addition, market soundings (as defined in MAR) were taken in
respect of the Fundraising with the result that certain persons
became aware of inside information (as defined in MAR), as
permitted by MAR. This inside information is set out in this
announcement and such information is now considered to be in the
public domain. Accordingly, those persons that received inside
information in a market sounding are no longer in possession of
such inside information relating to the Company and its
securities.
This Announcement should be read in its entirety. In particular,
you should read and understand the information provided in the
"Important Notices" section of this Announcement.
Important notices :
To the extent that this Announcement contains certain
forward-looking statements with respect to certain of the Company's
plans and its current goals and expectations relating to its future
financial condition and performance, a number of risks and
uncertainties exist. The Company cautions readers that any
forward-looking statement is no guarantee of future performance and
that actual results could differ materially from those contained in
the forward-looking statements.
A forward-looking statement can be identified by the fact that
they do not relate only to historical or current facts.
Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan",
"goal", "believe", "predict" or other words of similar meaning.
Examples of forward-looking statements include, amongst others,
statements regarding or which make assumptions in respect of the
planned use of the proceeds of the Fundraising, the liquidity
position of the Company, the future performance of the Company,
future foreign exchange rates, interest rates and currency
controls, the future political and fiscal regimes in the overseas
markets in which the Company operates, the Company's future
financial position, plans and objectives for future operations and
any other statements that are not historical fact.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances,
including, but not limited to, economic and business conditions,
the effects of continued volatility in credit markets, market
related risks such as changes in interest rates and foreign
exchange rates, the policies and actions of governmental and
regulatory authorities, changes in legislation, the further
development of standards and interpretations under International
Financial Reporting Standards ("IFRS") applicable to past, current
and future periods, evolving practices with regard to the
interpretation and application of standards under IFRS, the outcome
of pending and future litigation or regulatory investigations, the
success of future acquisitions and other strategic transactions and
the impact of competition. A number of these factors are beyond the
Company's control. As a result, the Company's actual future results
may differ materially from the plans, goals, and expectations set
forth in the Company's forward-looking statements.
Any forward-looking statement made in this Announcement by or on
behalf of the Company speak only as of the date they are made.
These forward-looking statements reflect the Company's judgement at
the date of this Announcement and are not intended to give any
assurance as to future results. Except as required by the Financial
Conduct Authority of the UK ("FCA"), the London Stock Exchange Plc
("London Stock Exchange"), the AIM Rules or applicable law, the
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking
statements contained in this announcement to reflect any changes in
the Company's expectations with regard thereto or any changes in
events, conditions or circumstances on which any such statement is
based.
Annex
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them in accordance with the Market Abuse
Regulations
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name a) Youval Rasin
b) Shai Kol
c) Lincoln Moore
d) Aristide Brou
------------------------------- ---------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status See 1a) above
------------------------------- ---------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ---------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Dekel Agri-Vision plc
------------------------------- ---------------------------------------
b) LEI 213800TZMTERFY8P7D14
------------------------------- ---------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------
a) Description of the Ordinary shares of EUR0.0003367 each
financial instrument,
type of instrument
Identification code
------------------------------- ---------------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
------------------------------- ---------------------------------------
c) Price(s) and volume(s) Price - 5 pence
a) 1,060,000
b) 640,000
c) 600,000
d) 750,000
------------------------------- ---------------------------------------
d) Aggregated information See 4c) above
------------------------------- ---------------------------------------
e) Date of the transaction 28 January 2021
------------------------------- ---------------------------------------
f) Place of the transaction London Stock Exchange, AIM
------------------------------- ---------------------------------------
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END
ROIBPMBTMTJTTLB
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January 29, 2021 02:00 ET (07:00 GMT)
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