Placing of SharesLandkom International PLC (AIM: LKI, 'Landkom' or the 'Company'), the Ukrainian producer of high-value oil seed rape and wheat, is to conditionally place 40 million new ordinary shares ('Placing Shares') of 0.1 pence each at 12p per share with existing institutional investors to raise gross proceeds of 4.8 million (approximately US$ 6.7 million) ("Placing"). At the year-end, on 31 December 2008, the Company had cash reserves of approximately $4.1 million. Since then, the Company has sold the majority of its wheat reserves, as well as surplus fertiliser inventories. The Directors are confident that the net proceeds from the Placing together with existing cash balances will enable Landkom to operate successfully through and beyond this year's harvest which is due to commence in June 2009. As stated on 3 November 2008, the Company planted 30,950 hectares (ha) (16,750 ha of Oil Seed Rape and 14,200 ha of Winter Wheat) during the autumn of 2008. This is over three times 2007's winter planting hectarage. At this stage, the Board does not anticipate planting any further significant amounts of hectarage for harvest in 2009. The Company is continuing to implement its restructuring plan and focus on efficiencies in land usage, yield per hectare and cost controls in order to maximise profitability and cash-flow. Landkom is also seeking actively to bolster cash reserves through the sale of packaged elements of its land bank which do not meet its strict revised land criteria, as outlined in its trading update of 21 January 2009. Landkom also continues to work with the Ukrainian Government to negotiate a timely refund of its VAT receivable. Completion of the placing is conditional on admission to trading on AIM of the Placing Shares and application for admission has been made with admission expected to occur on or around 11 March 2009. The Placing Shares will rank pari passu with the existing ordinary shares of 0.1 pence each. Liberum Capital Limited are acting as placing agent to the Placing. Richard Spinks, Chief Executive Officer, commented: "We are delighted to have completed this fund raising in these challenging market conditions. Landkom has a fundamentally strong position in Ukraine with its high quality infrastructure and asset base. This financing allows us to continue to move forward with confidence." The Placing Shares will represent 16.67 per cent. of the enlarged share capital of the Company. Following the issue of the Placing Shares, the Company's issued share capital will consist of 240,008,935 ordinary shares with a nominal value of 0.1 pence each, with voting rights. The above figure of 240,008,935 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Services Authority's Disclosure and Transparency Rules.
Landkom International Plc (www.landkominternational.com) Libertas Capital Liberum Capital College Hill
06 March 2009
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Landkom Share Price Index
LKI Current: 8.62p 52wk Minimum: 5.12p 52wk Maximum: 12.25p Market Value: £37.5 million Last updated 06 September 2010
Landkom on course to achieve profits
Interim Results
Notice of Interim results - 20 July 2010
Landkom International PLC (AIM: LKI), the Ukrainian producer of agricultural commodities, will be publishing its Interim results for the six months to 30 April 2010 on Tuesday, 20 July 2010
29 June 2010 Read more...
35,000 tonnes of rapeseed sold forward at approximately $318 per tonne
Completion of Spring Planting
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