Woodbois Ltd - Guernsey-based timber technology - Says it ‘believes’ the holding in Woodbois of CHCH Ventures FZ - LLC has fallen below the level of notifiable interest. CHCH Ventures is the investment vehicle of Hugh Wade-Jones, the founder of Enness Global, a debt-advisory business, and of Guernsey based private debt specialist Tenn Capital, a partnership with US hedge fund Elliott Management. Back in June of last year, CHCH Ventures owned just under 22% of Woodbois following a share subscription. This had reduced to 15% by June of this year and to 4.9% late last month. Woodbois on Monday says, ‘as in the past, the company has not received any formal notification from CHCH’ about the further reduction in the CHCH stake.

‘I am very pleased to see this significant and persistent share overhang finally addressed,’ comments Woodbois Executive Chair & Chief Executive Officer Guido Theuns. Woodbois shares have fallen in price since February, and Theuns says this was caused by CHCH transferring its shares to an unnamed third party. ‘The third party who accepted these shares subsequently sold them at progressively lower prices, driving a sharp price drop,’ the CEO says, adding: ‘Despite the current share price, we firmly believe it does not reflect Woodbois’s true value. With the measures we have implemented and the support from our dedicated investors who have since absorbed these shares, we are confident that the share price will soon return to its rightful value.’

Woodbois says it will provide an update on its rationalisation and turnaround programme when it releases its half-year results later this month.

Current stock price: 0.46 pence, up 12% in London on Monday

12-month change: down 22%

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