Dekel Agri-Vision

DKL · AIM · Food, Beverage and Tobacco · mcap £4.2m · 0.3p 4 open situations →

EV: £30.6m
EV / EBIT: –
Net debt: £26.4m
FCF yield: -43.5%
Revenue: £29.1m
Share price 1y: −26%
Insiders 12m: bought £1.9m
Next report: around 28 Jun

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20252026 Cashew processing expansion Debt restructuring and strategic options 1 director buying Possible offer Placing of 69% of the market value 1 director buying

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Segment turn

Cashew processing expansion

Expansion to be funded by proposed equity raise

Includes Equity fundraise for cashew capacity – Proposed; Capital Access Window opened, terms not yet announced

Cashew processing was expanded in 2025, cut briefly in early 2026 to conserve stock, and normal from March. On 9 Oct 2026 Q3 gave a record 2,130 tonnes, above the 700-tonne target. On 22 Oct 2026 Dekel proposed an equity raise to buy and install more processing equipment before the 2027 season, plus working capital.

Price: €4,800 per tonne excluding third-party stock, down 2.0% 9 Oct 2026 ↗
Segment result: Revenue €2.0m, up 31.5%; EBITDA loss €0.2m, broadly stable 28 Sep 2026 ↗
Q3 RCN processed: 2,130 tonnes, up 28.6%; strongest quarter to date 22 Oct 2026 ↗
Third-party RCN: 1,491 tonnes processed into unpeeled product; 515 tonnes of Q3 sales; margins comparable to internal RCN 9 Oct 2026 ↗
Extraction rate: Headline 30.9%; normalised internal RCN 22.3% vs 22.4% 9 Oct 2026 ↗
RCN inventory: Closing 593 tonnes vs 2,038 tonnes a year earlier 9 Oct 2026 ↗

Next: Fundraise result, then install equipment ahead of 2027 season

22 Oct 2026 Expansion to be funded by proposed equity raise
9 Oct 2026 Q3 record: 2,130 tonnes RCN processed
28 Sep 2026 H1 strong volumes; H2 progress expected
10 Sep 2026 Processing up year on year; Q4 growth expected

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Balance-sheet stress / refinancing

Debt restructuring and strategic options

Corporate finance talks ongoing; no transaction concluded

Includes Possible offer – approach Led to Equity fundraise for cashew capacity – Proposed; Capital Access Window opened, terms not yet announced

Following the 26 June 2025 restructuring, Dekel opened the book build for a New Bond of up to €13.3m on 12 May 2026. The 28 Sep 2026 interims reported the first tranche completed, about €10.9m subscribed. On 22 Oct 2026 the Board said talks on project equity, subsidiary interest and a whole-company offer are ongoing; the raise is not conditional on them.

Options: Project-level equity, expressions of interest in one or more subsidiaries, potential offer for the whole Company 22 Oct 2026 ↗
Board view: No certainty any transaction will be concluded 22 Oct 2026 ↗
Takeover rules: Not subject to UK Takeover Code; shareholder approval needed for 30%-50% stake; offer to all above 50% 12 May 2026 ↗
Refinanced: 84.4% of existing bond debt principal; about €2m remaining, further tranches under evaluation 28 Sep 2026 ↗
Balance sheet: 30 June 2026 current loans €8.7m, long-term loans €20.7m, cash €0.2m, equity €6.7m 28 Sep 2026 ↗
Status 22 Oct 2026: Discussions ongoing, focused on maximising shareholder value 22 Oct 2026 ↗