DekelOil announced a €7.2 million 10-year senior secured loan facility from AgDevCo. The AgDevCo Loan includes a four-year principal repayment holiday and will replace a seven-year loan provided by NSIA Bank in 2016 for its palm oil project in Ayenouan, Côte d'Ivoire. The NSIA Loan currently carries an interest rate of 7.10% per annum. The first four years of the AgDevCo Loan will be interest-only with interest chargeable at an initial rate of 7.5%. Interest payable on the AgDevCo Loan will be variable and based on 12-month EURO Libor plus a pre-defined spread, and collared with a minimum rate of 6% per annum and a maximum rate of 9% per annum. The capital repayment holiday of the AgDevCo Loan will result in significant cash savings for the Company over the four-year interest-only period, estimated at €5.8 million in total (from foregone repayments due under the NSIA Loan less the interest rate differential and transaction fees). It is intended that this cash will be retained and reinvested in near term, high impact growth initiatives. The AgDevCo Loan is to be advanced to the Company in two tranches: €6.2 million to replace the outstanding balance of the NSIA Loan; and €1 million for ESG activities and working capital purposes shortly thereafter once the registration of security documentation is completed. The ESG activities covered in the second tranche of the AgDevCo Loan include i) assisting the Company's plan to finalise the Roundtable for Sustainable Palm Oil ("RSPO") certification process currently underway at the Company's palm oil operations at Ayenouan, and enhance ESG procedures in line with international good practice. The latter includes the implementation of a fruit traceability programme. DekelOil has been a member of RSPO since 2008. Becoming a certified producer of palm oil in accordance with the standard set by the RSPO, which is recognised globally as a certification standard for sustainable palm oil, has been a key objective for the Company. The capital repayments of the AgDevCo Loan will be €1.2 million per annum during years five to ten of the loan.

The company provided earnings guidance for the first half year ended June 30, 2019. Revenues in first half of 2019 are expected to be not less than €14.5 million compared to €14.1 million for the same period last year. After financing costs and tax, the Board expect to report an approximate breakeven result in line with management expectations.

The Board remain confident of achieving full year market expectations.