Woodbois Ltd - Guernsey-registered timber technology firm - Raises £1 million from an equity raise but says its two major shareholders decline the company’s offer to participate for a further £200,000. Axis Capital Markets Ltd subscribes for 476.2 million shares at 0.21 pence on behalf of its clients, Woodbois says on Tuesday. The new shares represent 10% of the existing total prior to the raise. Woodbois offers a further subscription at the same price for up to £200,000 for its ‘significant shareholders’.
However, on Wednesday, Woodbois says the offer to ‘two of our major shareholders’ expires with neither electing to participate. Woodbois doesn’t name the shareholders. On its website, Woodbois lists its top-two holders of voting shares as Aron Lipschitz with 14.75% and John Scott with 9.90%. Rhino Ventures Ltd, a vehicle of Miles Pelham, holds all non-voting shares.
‘While the uptake of this offer was not as anticipated, the company remains optimistic and looks forward to sharing positive updates in the near future,’ it says. ‘We are excited about the upcoming opportunities and the next phase of growth for Woodbois.’
Current stock price: 0.21p, down 6.7% in London on Thursday, down 36% over the past five days
12-month change: down 68%
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