Woodbois Limited ( (GB:WBI) ) has issued an update.
Woodbois Limited announced a proposed fundraising of up to £2.65 million to stabilize its financial condition and resume operations after significant disruptions in 2023 and 2024. The company plans to use the funds for working capital, particularly in Gabon, and to address overdue maintenance and creditor payments. The fundraising is crucial as the company faces potential insolvency without it. Additionally, Woodbois is undergoing board restructuring and operational streamlining, including closing operations outside London and Gabon and addressing legacy financial issues.
More about Woodbois Limited
Woodbois Limited is an Africa-focused company operating in the forestry, timber trading, and afforestation sectors. The company is primarily involved in the production and trading of sustainably sourced African hardwood, with operations centered in Gabon and plans to establish a new subsidiary office in Dubai to enhance logistics, finance, and administration.
YTD Price Performance: -70.0%
Average Trading Volume: 58,445,440
Technical Sentiment Signal: Buy
Current Market Cap: £3.46M
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