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Hill Dickinson advises AIM-listed DekelOil on €7.2m debt refinancing and €2.45m equity fundraising

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Hill Dickinson has recently advised AIM-listed client DekelOil Public Limited (DekelOil) on a new €7.2 million 10-year senior secured loan facility with AgDevCo Limited (AgDevCo), a leading African agriculture sector impact investor. 

In addition to the term loan facility, AgDevCo also made a €1.5 million equity subscription in DekelOil as part of a €2.45 million equity fundraising, which included a placing and direct subscriptions. Cantor Fitzgerald Europe acted as sole bookrunner and broker in relation to the placing.

DekelOil is a West African-focused agricultural company, its strategy is to build a multi-project, multi-commodity agriculture company which places smallholders at the heart of its operation. 

Commenting, Lincoln Moore, executive director of DekelOil, stated: ‘With one vertically integrated palm oil operation already in production and a large-scale cashew processing project due to be commissioned in 2020, the funds raised will support the board’s ongoing evaluation of a number of initiatives to further grow and diversify DekelOil’s revenue profile and in the process build a leading West African-focused agriculture company.’

Youval Rasin, chief executive officer of DekelOil, stated at DekelOil’s AGM held on 23 July 2019: ‘We have always believed that adhering to environmental, social and corporate governance principles and building a profitable business are not mutually exclusive, but instead are highly compatible. Shareholders no longer have to take either my own or my fellow board members’ word for it. The €7.2 million 10-year senior secured loan facility with AgDevCo and accompanying €1.5 million subscription for new ordinary shares in DekelOil provides third party validation from a leading impact investor in Africa’s agriculture sector that DekelOil is well placed to deliver on its objectives’.

The Hill Dickinson team was led by corporate associate Sam Hudson, with assistance from corporate associate Amy Grosvenor.
 

Sam Hudson | Hill Dickinson

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