20 Dec 2010other● Neutral
Adopts a policy restricting directors and executives from trading company shares while holding inside information, and in the two weeks before results. Governance document only; no change to the business or finances.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Oct 2010other● Neutral
Initial BDIC study finds several second-generation technologies (green diesel, cellulosic ethanol, biomass-to-liquids) appear commercial-ready for the Condobolin, Oaklands and Coleambally projects. Board orders cost and returns models. Early-stage, no investment decision.
31 Aug 2010annual report● NeutralMajor
FY2010 results: profit A$8.77m, driven by A$9.07m gain from discontinued operations on the debt release, versus a A$59.25m loss in FY2009. Continuing operations lost A$304k. Capital raising of A$1.804m completed 18 Dec 2009 (400m shares, 100m options); shares relisted 1 Feb 2010.
31 Aug 2010annual report● Neutral
FY2010 annual report, the full version of the preliminary results lodged the same day. Profit A$8.77m from the debt release; A$1.804m raised 18 Dec 2009 and shares reinstated 1 Feb 2010. Adds no new information.
20 Aug 2010other● Neutral
Engages consultant BDIC Pty Ltd to review its ethanol projects (Condobolin, Oaklands, Coleambally, Murtoa) against second-generation biofuel technologies such as cellulosic ethanol. A review only; no spending or decision announced. Continues the strategy review from May.
11 May 2010other● Neutral
Industry report finds biofuels growing but investment stalled by uncertain federal excise policy, with ethanol grants phasing down 20% a year from July 2011. NSW mandates are positive. Company will keep reviewing its ethanol projects and also offer consulting services.
9 Mar 2010other● Neutral
Commissions the Biofuels Association of Australia to report on the biofuels industry, due May 2010, to guide development of the ethanol business. Notes shares relisted 1 February 2010 and that no new energy or resources project has been decided.
26 Feb 2010half year report● Neutral
Half-year to 31 Dec 2009: net profit A$8.92m, from the gain on debt defeasance under the recapitalisation, against a continuing-operations loss of A$148k. Net tangible assets 0.2 cents per share. Confirms no residual creditor liabilities.
1 Feb 2010security holder rights change● Neutral
443,332 options exercisable at $6.75 expired on 29 January 2010. Administrative notice; the last of the old $6.75 options announced as expiring.
20 Jan 2010security holder rights change● Neutral
333,333 options exercisable at $6.75 expired on 19 January 2010. Administrative notice, continuing the clear-out of old pre-recapitalisation options seen on 1 December 2009.
11 Dec 2009annual report● Neutral
FY2009 annual report: loss of A$59.25m for the year ended 30 June 2009, the year of administration. Confirms the DOCA settled 1 Oct 2009, releasing all creditor claims, and that only the Australian Ethanol Business continues. Shares remain suspended pending the equity raise.
1 Dec 2009security holder rights change● Neutral
756,666 options exercisable at $6.75 expired on 30 November 2009. Administrative notice; the price suggests these options pre-date the recapitalisation, which is an inference.
24 Nov 2009capital raising announcement▲ GoodMajor
Prospectus seeks at least A$1.6m and up to A$2.2m via 320–440m shares at 0.5 cents, plus smaller offers and options. Company has only the Australian Ethanol Business left after administration, with creditor claims released. Aims to lift suspension and pursue energy and resources projects.
What it means for a shareholder
440m new shares at A$0.005 to raise about A$2.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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17 Nov 2009security holder rights change● Neutral
ASX grants a Listing Rule 14.7 waiver so the company can issue shares and options approved by shareholders on 1 Oct 2009 within three months. Includes up to 72m shares and 20m options each to Gary and David Steinepreis, options at $0.005 expiring 31 Dec 2013.
2 Oct 2009other● Neutral
Lodges the company's constitution, adopted by special resolution. Standard governance document with no figures or new commercial information in the readable text.
1 Oct 2009bankruptcy or receivership▲ GoodMajor
The Deed of Company Arrangement (executed 19 Dec 2008) is wholly effectuated and AAE leaves external administration on 1 Oct 2009. Recapitalisation approved by shareholders that day now proceeds. Ends the administration that began 12 Sept 2008.
1 Oct 2009admin correction● Neutral
Registered office moves to Level 1, 33 Ord Street, West Perth, signed by Gary Steinepreis. Notes the company is subject to a Deed of Company Arrangement. Administrative; shows a new Perth-based board is in place.
12 Sept 2008bankruptcy or receivership▼ BadMajor
Beatrice filed Chapter 7 on 11 Sept 2008 and directors appointed Ken Stout as voluntary administrator of AAE. Convertible noteholder Yorkville issued a default notice on 5 Sept, blocking US$200,000 of interim finance. The US$30m injection did not complete. Reverses the 1 Sept hopes.
1 Sept 2008capital raising announcement● NeutralMajor
Agrees a US$30m investor capital injection, with two initial payments received, and needs shareholder approval. Beatrice Biodiesel LLC filed Chapter 11 on 21 August 2008 for breathing room. Unaudited FY08 loss A$24.3m.
8 Aug 2008debt default or forbearance▼ BadMajor
Beatrice Biodiesel LLC receives a formal notice of default from the senior bank syndicate. The company is taking legal advice and still seeking funds to remedy the default. Follows the forbearance that expired 30 June.
4 June 2008material agreement▼ BadMajor
May update: Beatrice Stage 1 works finished within US$2.73m. Agstar says it will foreclose if no sale or funding by 30 June. Hungarian subsidiary Central EU Biofuels sold to local consortium, which assumes its liabilities and pays a small sum (€200,000 per the text).
30 Apr 2008quarterly activities report▼ BadMajor
March quarter: cash only A$1.8m, spend A$2.65m, staff cut to seven. The BBAC sale was terminated, keeping its US$1.0m non-refundable deposit. Beatrice is on care and maintenance under the forbearance. Company says more corporate funding is critical to continue operating.
28 Mar 2008debt default or forbearance▼ BadMajor
Beatrice construction suspended in early 2008 and sale and funding deals all failed to close. Senior lenders Agstar and Home Federal signed a forbearance on 14 March, standing still on loan payments to 30 June, with a requirement to sell the project. Half-year accounts delayed.
19 Mar 2008director officer appointment▼ Bad
Non-executive director Phillip Toyne resigns effective 19 March 2008. Shares remain suspended while executives seek financing for Beatrice, with a market update promised within days. Board down to five directors, an inference from the earlier list.
13 Feb 2008listing compliance notice● Neutral
ASX suspends the company's shares at its request, referring to a company announcement of 13 February 2008 that is not included here. Reason not stated in this notice.
13 Feb 2008listing compliance notice▼ BadMajor
Board explains the 13 Feb suspension: buyer BBAC failed to arrange the US$5m bridge loan, so AAE reserved its rights on 11 Feb and reopened talks with other financiers. It is also weighing toll processing of soy oil at Beatrice.
7 Jan 2008asset acquisition disposition● NeutralMajor
Letter of intent to sell 100% of USCB, owner of Beatrice Biodiesel and Ethanol, for US$42.5m: US$22.5m cash at close plus a US$20m earn-out (minimum US$15m). Needs shareholder approval. Reactor liner defects delay start-up to end January; project cost forecast rises to US$61.5m.
7 Jan 2008listing compliance notice● Neutral
ASX lifts the suspension of the company's shares following its 7 January update. Procedural.
24 Dec 2007listing compliance notice● Neutral
ASX suspends the company's shares at its request, pending an announcement. Procedural notice.
24 Dec 2007other● Neutral
Company asks for a trading suspension pending an update on the Group's status, including Beatrice Biodiesel. Gives no detail itself; the reason is not stated beyond that.