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Viridas PLC (PRS)

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Monday 23 November, 2009

Viridas PLC

Placing and Appointment of Di

RNS Number : 8824C
Viridas PLC
23 November 2009
 






VIRIDAS PLC

Placing Raising £850,000 and Appointment of Directors


Viridas PLC ("Viridas"), a company planning to plant 120 square miles of the dedicated energy crop, jatropha, in Brazil to produce EU compliant sustainable Crude Jatropha Oil ("CJO") is pleased to announce that it has placed 8,500,000 new ordinary shares of 10 pence each ("New Ordinary Shares"), with warrants, conditional only upon Admission to AIM, at 10 pence per New Ordinary Share (the "Placing Price") raising £850,000 gross ("The Placing"). 

      

        Placing Highlights

  • The issue price compares with a middle market price of 10 pence per Ordinary Share at the close of business on 20th November 2009.

  • The New Ordinary Shares will represent 25.86% per cent of the enlarged issued share capital of Viridas.

  • Placees will receive Warrants to subscribe, during a period of between two and five years from the closing, for further New Ordinary Shares at 10p each on the basis of one further New Ordinary Share for every four New Ordinary Shares subscribed for in the Placing, representing up to 2,125,000 further New Ordinary Shares.  No application will made for the Warrants to be traded on AIM.

  • The New Ordinary Shares are expected to be admitted to trading on AIM on 24th November 2009.

 

  

Use of Funds

    The Placing forms part of a planned series of fund raisings, and the funds will   
     primarily be used to establish a new administrative organisation in Salvador, Brazil, 
     and to acquire and plant up to 250 Hectares of base farm, in the state of Bahia, 
     Brazil.


The objectives of the base farm are to:-


  • Put in place a nursery for the production of seedlings to be used for the planting out of up to 30,000 hectares needed for the planned industrial production of up to 60,000 tonnes of CJO annually.  

  • Obtain in situ representative data and "know how" relevant to the industrial scale planting, pruning and general agronomical husbandry of industrial scale jatropha growing.

  • Establish a training ground for the staff and employees who will eventually work on the commercial plantations.

  • Establish a hub for the garaging and upkeep of the farm machinery that will be needed on a rotational basis for the future plantations

  • Establish a pilot plant to carry out research and development on jatropha plant sciences and down-stream activities such as mechanical harvesting, de-husking, oil extraction and pelletisation.

Once the base farm is established and performing in accordance with expectations Viridas will commence on the fourth stage of the project, the rolling out of commercial operations for the annual production of 60,000 tonnes of CJO which is contracted to be sold to Viridas' development partner INEOS Enterprises Limited, as announced on 15th December 2008, and for which further funding will be required.

 

       Board and management changes

As the business now progresses in the development of its jatropha project the Company has appointed, with immediate effect, Martin Brink as Managing Director and David Thompson as Director with responsibility for finance.

 

Martin Brink (40) is a multi lingual Dutch national who has been resident in Salvador, Brazil for the last five years where he has been Managing Director of Universal Properties Brazil Administração de Imóveis Ltda., involved in consequential real estate projects including development of Teak and Eucalyptus. Other Directorships currently held by Martin are Universal Properties SAS, MNM Concepts SARL, Weltevree Foundation, Universal Travel Services LLC, Universal Agrícola e Empreendimentos Turísticos Ltda., MNM Gestão Empreserial Ltda. (previously MNM Concepts Empreendimentos Turísticos Ltda.) and Valuebiz Brasil Ltda. Past directorships held by Martin over the last five years were SCI de la Baie Orientale and Baker’s Island Liqueurs N.V..

      

Martin was also a director of Papagayo SARL and Orientique SARL which were both voluntarily liquidated in 2008 as well as Dolphin Watersports SARL and Baker's Island Trading SARL both of which were voluntarily liquidated in 2007. All were closed due to non-activity and without any outstanding debts or liabilities.


Martin has a BA in International Business and Marketing and prior to moving to Brazil had been Managing Director of a leading resort on the Caribbean island of St Martin. For the past 14 months Martin has been successfully acting as a consultant to Viridas regarding the development of their jatropha project.


David Thompson (58) has been Finance Director of M Higgins Ltd ("Higgins") one of the largest potato suppliers to the processing industry, since 1988. Higgins has the largest seed growing operation in Scotland. Amongst other interests David has for 9 years also been a Non-Executive Director of Johnsons of Whixley, ("Johnsons") one of the longest established and largest commercial nursery businesses in the UK, supplying the amenity and retail sectorsHiggins and Johnsons operate in both the UK and overseas markets. David is also a Director of Essco Ltd, APLH Limited and D Thompson Limited. 


Previously David was a non-executive director of Acer Landscapes Ltd until his resignation in 2006 and a director of Advantage Property Lawyers Limited until January 2009. 


David was also a director of WL Pawson plc, a clothing manufacturer and importer which went into receivership in 1982.


David has a BA in economics, an MA in Finance and is a Certified Accountant.


There are no further disclosures required to be made pursuant to Schedule 2, Paragraph g, of the AIM rules.


       Directors' participation

All Viridas Directors have participated in the Placing by subscribing in aggregate £130,000 for 1,300,000 New Ordinary Shares. The beneficial and non-beneficial interests of the Directors in the Ordinary Shares following completion of the Placing will be as set out below:- 

 

Director

Current interest in the issued share capital of the company

Current percentage interest in the issued share capital of the Company

Number of New Ordinary Shares to be acquired in the Placing

 Interest in Ordinary Shares after the Placing

Percentage interest in Ordinary Shares after the placing

S.J.Wootliff

4,858,263

19.9%

250,000

5,108,263

15.5%

K.M.Robinson

  188,571

  0.8%

250,000

   438,571

  1.3%

J.Posner

  182,857

  0.8%

100,000

  282,857

  0.9%

G.Haselden

  25,000

  0.1%

200,000

  225,000

  0.7%

M.Brink

   -

     -

250,000

   250,000

  0.8%

D.Thompson

  -

  -

250,000

  250,000

  0.8%


       Significant Shareholders

The anticipated significant shareholders in the company (in addition to Mr Wootliff) holding more than 3% of the enlarged issued Share Capital following the Placing are set out below:


Shareholder

Current interest in the issued share capital of the company

Current percentage interest in the share capital of the company

Number of New Ordinary Shares being acquired in the placing

Interest in Ordinary Shares after the placing

Percentage interest in Ordinary Shares after the placing

Banque Pasche (Liechtenstein)SA*

-

-

4,500,000

4,500,000

13.7%

RockNomineesLTD*

7,219,562

29.6%

-

7,219,562

22.0%







*Shares held on behalf of clients.


       Commenting on the placing, Stanley Wootliff, Chairman of Viridas said:

"The Placing provides Viridas with the additional working capital to move to the next stage of its development programme and to take advantage of the growing EU demand for compliant sustainable biodiesel and biomass sourced from a dedicated energy crop.  With a strong team and partnerships in place this funding will enable us to build a business with sustainability at its core while building value for our shareholders."


 

Contact Details

 

Stanley Wootliff:          Chairman Viridas PLC        0113 235 0632

Matthew Robinson:    FinnCap, NOMAD               0207 600 1658

Chelsea Hayes:             Pelham Public Relations    0207 337 1523



This information is provided by RNS
The company news service from the London Stock Exchange
 
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