LONDON – Woodbois Limited, an international timber company, today announced the commencement of the handover process following the resignation of its two executive directors on 24 December 2024. The company's board of directors now consists of only two independent (LON:) Non-Executive Directors (INEDs), who actively engage with management in Africa to maintain operations, especially in Gabon.
Following the departure of the executive team, Woodbois is in talks with its advisors and representatives of certain major shareholders to appoint a management company. This temporary solution aims to support the Gabon team with internal logistics, shipping and international sales. The company stressed that its priority is to make permanent executive appointments to ensure the company's long-term success, while providing further updates as necessary.
Woodbois also addressed its operational focus, which is resuming production which has been hampered by internal logistics chain congestion. Despite these challenges, the company was able to ship 5 containers from the port of Libreville in December 2024. Woodbois has set a goal to increase production to up to 50 containers per month by late spring.
This announcement, based on a press release, places the information in the public domain, in accordance with the UK version of the EU Market Abuse Regulation. Paul Shackleton, Non-Executive Director, is responsible for issuing this update.
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