Hill Dickinson’s Equity Capital Markets team has advised longstanding client Dekel Agri-Vision plc on a placing, subscription and retail offer raising gross proceeds of approximately £2.5 million.
The Hill Dickinson team advising Dekel on the fundraise was led by partner Sam Hudson, with assistance from senior associate Natalia Fryda and paralegals, Millicent Baveystock and Lowri Thomas.
Dekel Agri-Vision is a multi-project, multi-commodity agriculture company focused on West Africa. It has a portfolio of projects in Côte d’Ivoire at various stages of development: a fully operational palm oil project in Ayenouan where fruit produced by local smallholders is processed at the company’s 60,000tpa capacity crude palm oil mill and a cashew processing project in Tiebissou.
The net proceeds of the fundraise will be used to strengthen Dekel’s balance sheet to provide for ongoing working capital requirements as the business continues to drive growth, while ensuring that the company remains compliant at all times with its obligations under its existing financing arrangements. This will enable the company to enhance financial stability and provide a liquidity buffer during the debt reduction period. In connection with the fundraise, the company also converted loans from one of its directors into shares and negotiated and agreed in principle revised terms of its lending facilities with its institutional lenders. Zeus acted as nominated adviser, sole broker and bookrunner to Dekel in connection with the fundraise.
It was a pleasure to be able to assist Dekel with this fundraise and we wish Dekel well as it looks to drive growth.Sam Hudson
Corporate Partner at Hill Dickinson
Commenting for Hill Dickinson, Sam Hudson said: “It was a pleasure to be able to assist Dekel with this fundraise and we wish Dekel well as it looks to drive growth.”