LONDON – Woodbois Limited, an international timber company, today announced the initiation of a handover process following the resignation of its chief executives on 24 December 2024. The company’s board of directors now consists of just two Independent (LON:) Non-Executive Directors (INED), who actively work with management in Africa to sustain the business, particularly in Gabon.
Following the departure of the executive team, Woodbois is in negotiations with its advisors and representatives of certain significant shareholders to appoint a management company. This temporary solution aims to support the Gabonese team with internal logistics, shipping and international sales. The company stressed that its priority is to appoint permanent CEOs to ensure the long-term success of the company, with further updates to be made available as appropriate.
Woodbois also tackled its operational focus, which was restarting production that had been hampered by internal logistics chain congestion. Despite these challenges, the company was able to deliver 5 containers from the port of Libreville in December 2024. Woodbois has set a goal of increasing 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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