Adams & Remers advised Boletus Resources Limited, a British Virgin Islands, investment company, on its sale to DekelOil Public Limited and its subsequent admission to the AIM market of the London Stock Exchange. In addition Adams & Remers acted for Optiva Securities Limited in its role as placing agent and broker to DekelOil Public Limited in connection with its £1.7 million equity fundraise.
The acquisition of Boletus was conditional on the admission of Dekeloil Public Limited, a palm oil developing company operating in the Ivory Coast, to AIM.
Optiva raised £1.7 million via a placing of shares and Dekeloil Public Limited was subsequently admitted to AIM on 18 March 2013. DekelOil’s market capitalisation on Admission to AIM was £13 million.
DekelOil is a palm oil development company with interests in Cote d’Ivoire and aims to become one of the major producers of crude palm oil in the region. The funds raised by DekelOil, together with its existing project finance, will be used to complete the construction of a 60 tonne per hour palm oil extraction facility in Cote d’Ivoire. The Mill is being constructed by DekelOil in conjunction with its joint venture partner, Siva Group, a global conglomerate and significant operator of West African palm oil projects. Upon completion of construction, the Mill will be one of the largest palm oil mills in West Africa with a processing capacity of up to 70,000 tons of crude palm oil per annum.