26/02/2010 The London Stock Exchange welcomes Equatorial Palm Oil to the AIM Market
The London Stock Exchange would like to welcome Equatorial Palm Oil plc (‘EPO’) to AIM today.
EPO is aiming to become a sustainable, low-cost producer of crude palm oil (‘CPO’). The Company has raised approximately £6.5 million before expenses by way of a placing of 37,118,000 new Ordinary Shares at 17.5 pence per share, giving it a market capitalisation of approximately £14.3 million on Admission. The money raised will be used to develop sustainable palm oil plantations and a CPO processing operation in Liberia, where the Company controls circa 169,000 hectares of land.
Mirabaud Securities LLP and Shore Capital Stockbrokers Limited are Joint Brokers to the Company and Shore Capital and Corporate Limited is its Nominated Adviser.
EPO Chairman, Michael Frayne, said, “EPO offers a fantastic opportunity to enter into the fast growing and highly lucrative palm oil market. Our aim is to be a sustainable, low-cost producer of crude palm oil in Africa through the reactivation and development of existing plantations and our agricultural land holding in Liberia, which amounts to circa 169,000 hectares.
“Our three project areas will be advanced in tandem with active out-grower programmes, which will importantly provide major employment to the country. The projects lie between the Ports of Buchanan and Greenville, which means our palm oil processing mill, due to be running later this year, will benefit from easy access to the West African market. Immediate reactivation of 3,000 hectares of existing plantation will provide for early cash flow and will demonstrate business scalability.”