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Dekeloil Public Ltd (DKL)

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Dekeloil makes significant stake in Tiebissou project ahead of schedule

21 Dec 18

LONDON (ShareCast) - (Sharecast News) - West African focused agricultural company Dekeloil has acquired an initial 43.8% interest in the Tiebissou cashew processing project in Cote d'Ivoire via an investment into Pearlside Holdings.
Dekeloil said the early acquisition was a result of both the substantially lower valuation of €6m it secured in its new agreement and the significant premium at which its new consideration shares were issued.

The AIM-listed outfit will issue 52.45m new ordinary shares at a price of 4.5p each to cover the transaction, a premium of 46.3% to its closing price on 20 December.

Dekeloil will also hold an option to acquire a further 20.5% interest in Pearlside, the parent company of Tiebissou's operator Capro.

Executive director Lincoln Moore said: "The early acquisition of a 43.8% interest in Tiebissou is a significant event for DekelOil and one which we believe will generate long-term value for shareholders."

"The share price premium is an endorsement of our vision to build a multi-project, multi-commodity agriculture company, the strategy we have in place to achieve this and our management team which."

As of 1100 GMT, Dekeloil shares had shot up 12.20% to 3.45p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Market Data

Currency UK Pounds
Price 2.40p
Change Today 0.000p
52 Week High 4.30p
52 Week Low 2.30p
Volume 37,313
Shares Issued 423.06m
Market Cap 10.15m


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Ex-Div 13-Jul-17
Paid 04-Sep-17
Amount 0.17p