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LONDON - Directors of Dekel Agri-Vision Plc (AIM:DKL) have conditionally subscribed for new shares and agreed to a debt conversion following the end of the company’s close period, according to a press release issued Monday.
Three directors have committed to subscribe for shares at 0.55 pence per share, with CFO Yehoshua Shai Kol subscribing for 40 million shares, Executive Director Lincoln Moore taking 18.18 million shares, and Non-Executive Director Aristide C. Achy Brou subscribing for 54.55 million shares.
Additionally, CEO Youval Rasin has conditionally agreed to convert £1.03 million of debt into 187.93 million shares at the same price.
A company employee has also subscribed for 9.09 million shares, raising an additional £50,000.
If the transactions are completed, Rasin would hold 256.34 million shares representing 20.7% of the enlarged share capital, while Achy Brou would hold 6.3%, Kol 5.5%, and Moore 2.1%.
The transactions are subject to shareholder approval at a general meeting scheduled for July 22 at the offices of Hill Dickinson LLP in London.
The independent director, Andrew Tillery, has consulted with the company’s nominated adviser Zeus and considers the terms of the directors’ participation to be fair and reasonable for shareholders.
These transactions follow the company’s announcement on June 26 regarding a proposed fundraising, debt conversion, and debt restructure.
Dekel Agri-Vision operates agricultural projects in Côte d’Ivoire, including a palm oil mill in Ayenouan and a cashew processing facility in Tiebissou that is transitioning to full commercial production.
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