LONDON - Woodbois Limited, an international timber company, announced today the initiation of a handover process following the resignation of its executive directors on December 24, 2024. The company’s board now consists solely of two Independent (LON:IOG) Non-executive Directors (INEDs), who are actively engaging with management in Africa to maintain operations, particularly in Gabon.
In the wake of the executive team’s departure, Woodbois is in talks with its advisers and representatives of certain Significant Shareholders to appoint a management company. This interim solution aims to support the Gabon team with internal logistics, shipping, and international sales. The company emphasized that its priority is to make permanent executive appointments to secure the company’s long-term success, with further updates to be provided as necessary.
Woodbois also addressed its operational focus, which is to restart production that has been hindered by internal logistics chain congestion. Despite these challenges, the company managed to ship 5 containers from the port of Libreville in December 2024. Woodbois has set a target to increase production to up to 50 containers per month by late spring.
This announcement, based on a press release statement, brings the information into the public domain, as per the UK version of the EU Market Abuse Regulation. Paul Shackleton, Non-executive Director, is responsible for the release of this update.
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