An update from Woodbois Limited ( (GB:WBI) ) is now available.
Woodbois Limited has announced the posting of a circular to its shareholders detailing a proposed subscription and resolutions for upcoming general meetings. The company aims to raise approximately £2.65 million through a two-tranche subscription, which is crucial for its survival and growth following significant disruptions in 2023 and 2024. These disruptions included internal disputes, executive resignations, and financial mismanagement, leading to a state of near paralysis. The funds will help restart operations, address financial liquidity issues, and resolve outstanding debts, including a repayment schedule with Nykredit Bank A/S. The company is also addressing legacy issues such as audit delays and weaknesses in financial controls to ensure better governance as it scales up production.
More about Woodbois Limited
Woodbois Limited is an Africa-focused company specializing in forestry, timber trading, and afforestation. The company is engaged in the sustainable sourcing and trading of African hardwood, with a market focus on environmentally responsible forestry practices.
YTD Price Performance: -76.50%
Average Trading Volume: 75,563,891
Technical Sentiment Signal: Buy
Current Market Cap: £2.74M
Learn more about WBI stock on TipRanks’ Stock Analysis page.