Mismanagement, control failures and obstructed handover were the key reasons for having to delist from AIM and the London Stock Exchange last November, the company said, citing a major overhaul of the business since new management was put in place at the same time at the formerly AIM listed business.

Woodbois has issued a detailed statement setting out the lack of controls which led to the company’s delisting, the delay in completing its consolidated audit, and historic management and governance failures.

The review conducted by the current Woodbois board identified ‘significant mismanagement, weak financial discipline and inadequate internal controls during the 2022, 2023 and 2024 financial years’.

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