4 Dec 2007director officer appointment● Neutral
Graeme Lay, Financial Controller and CPA, replaces Bruce Arnold as Company Secretary from 4 December 2007. Administrative change.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2007investor presentation● Neutral
Chairman's AGM address says Beatrice reactor vessels were over four months late, setting start-up back about eight weeks. Backs the Oppenheimer refinance over the dropped GWEC sale, lifting working capital facility from US$5m to US$15m. Largely repeats known developments.
22 Nov 2007asset acquisition disposition● NeutralMajor
Terminates the US$15m GWEC sale of 20% of USCB after a US$48m Oppenheimer refinancing term sheet (conditional, close January 2008). Also sells Swan Hill assets for A$1m with a 12-month buy-back, closes the Green Bay office and names Bud Cummins US CEO. Reverses 5 November deal.
5 Nov 2007asset acquisition disposition▲ GoodMajor
Agrees to sell 20% of US subsidiary USCB to Green World Energy for US$15m, valuing the US business at US$103m, subject to due diligence. GWEC and adviser get 30m options at A$0.20. Funds Beatrice working capital; this answers the withdrawn share plan's funding gap.
31 Oct 2007quarterly activities report▼ BadMajor
September quarter report sets a restructure: focus on completing Beatrice Biodiesel, defer Beatrice Ethanol and crusher, bring outside investors into Central Europe, suspend Australian projects. Says Beatrice would make US$3-5m EBITDA at current prices; working capital need rises from US$5m to about US$10m.
26 Oct 2007annual report● Neutral
Full 2007 annual report with Chairman's letter and executive reports. Presents Beatrice Biodiesel as the key project and lists six directors including Tim Lagdon. Text provided is mostly front matter; the earlier unaudited results are not restated here.
23 Oct 2007investor presentation● Neutral
Chairman explains why Australian biofuels development is on hold: wheat above A$450/t, squeezed ethanol margins, unhelpful legislation and weak investor sentiment. Plans a review in six months, with focus on starting Beatrice. Explains the 12 October hold decision; no new facts.
12 Oct 2007other▼ BadMajor
Puts Australian biofuels development on hold, including Swan Hill, and cuts Australian operations to a core administrative group, moving the principal hub to the US. It cites high feedstock prices and uncertain support. It reverses the earlier Australian ethanol growth plans.
8 Oct 2007capital raising announcement▼ BadMajor
Withdraws the share purchase plan, saying the share price fell below the 24c offer price and the Beatrice delay was news not known when the plan launched. Funds will be returned. The company is working with the underwriter to secure replacement funding.
3 Oct 2007capital raising announcement● Neutral
Share purchase plan closing date extended from 3 October to 8 October 2007. Payments must be by cheque as BPay closes after 3 October. Administrative only.
3 Oct 2007production update▼ BadMajor
Beatrice Biodiesel start-up of the Axens section slips about eight weeks to late October, due to reactor vessel certification and transport permit delays. Production is now forecast for November. Unbudgeted costs of about US$1.2m stay within the US$60m facility, funded from the US$1.7m TIF.
28 Sept 2007annual report● Neutral
Annual financial report with corporate governance statement. Board has five directors, four independent non-executives. Chairman and CEO roles are both held by Peter Anderton, which the company flags as non-complying, though the board says it will work towards separating them.
20 Sept 2007other▲ Good
Sets up a Level 1 American Depositary Receipt program, effective with the US SEC on 18 September, with Bank of New York as depositary. One ADR equals 10 shares, trading over the counter as AGRNY, to broaden the US investor base.
14 Sept 2007director officer appointment● Neutral
Tim Lagdon, a consultant to the company for 14 months and ex-NM Rothschild, joins the board as Executive Director, Corporate Finance. The company says it raised over A$50m equity and over US$40m debt in that time. The board now has an executive director besides Anderton.
12 Sept 2007capital raising announcement● Neutral
Sends the share purchase plan offer documents to shareholders. The letter says the plan reinstates one withdrawn in 2006 after the Amaranth failure. It now says Beatrice biodiesel production is scheduled for October 2007, a month later than recent guidance.
6 Sept 2007capital raising announcement● NeutralMajor
Announces a share purchase plan offering eligible holders up to A$4,999.92 of shares at 24 cents, a 10.3% discount to the recent five-day average price. Transocean underwrites any shortfall up to A$3m. Offer runs 12 September to 3 October.
30 Aug 2007annual report▼ Bad
Unaudited year to 30 June 2007: loss of A$14.39m on revenue of A$1.74m, with no operating revenue. Total assets rose over 330%, mainly from the US$60m Beatrice Biodiesel project. NTA is 19.4 cents per share. Beatrice Ethanol and a soy crusher remain under review.
13 Aug 2007investor presentation● Neutral
CEO interview says non-Axens plant is complete, commissioning began 1 August, and Axens section will be commissioned in September, with production targeted by end September. He says current margin would be US$0.30-0.40 per gallon, with upside to US$0.50-0.60. Largely restates known plans.
3 Aug 2007asset acquisition disposition▲ GoodMajor
Completes purchase of the rest of Carbon Cycle Management, making the Ennsdorf, Austria biodiesel project wholly owned (previously 14.6%). It issued 3.51m shares at A$0.30; another 3.51m are due at financial close. This is earlier than originally anticipated.
26 July 2007investor presentation● Neutral
Presentation to a securities firm gives market capitalisation of about A$64m, down from A$70m in April. Beatrice commissioning is now expected to start in September 2007, and ethanol in the USA is shown as under review. Otherwise repeats known facts.
10 July 2007listing compliance notice● Neutral
ASX grants waivers allowing shareholder votes at the 10 August 2007 meeting on up to 15.5m shares for the Central EU Biofuels vendors (issued by 31 March 2011) and up to 3.51m for the Carbon Cycle Management vendors (by 30 June 2009). Administrative, tied to known deals.
3 July 2007investor presentation● Neutral
CEO interview says Beatrice Biodiesel starts commissioning next month with cash flow expected in 3-5 months, and anticipated start-up margins of US$0.30-0.40 per gallon. He says Australian ethanol is in shortage and over six development applications are in the system. Largely restates known plans.
29 June 2007admin correction● Neutral
Share registry moves from Computershare Perth to Computershare Melbourne from 1 July 2007, in line with the Melbourne head office. Administrative only.
28 June 2007asset acquisition disposition● NeutralMajor
Sells all shares in Tasmania Magnesite NL, with its magnesite tenements and magnesium project, to Dhunn-Carr Industries for A$600,000. The chairman says this ends the company's minerals activity. It resolves the pending magnesite sale thread.
14 June 2007debt financing▲ GoodMajor
First drawdown on the US$28m Agstar senior loan for Beatrice Biodiesel, now over 70% built, after US$32m of equity spent. It triggers share issues: 1m plus A$150,000 of shares to the Monte Cristo vendor, 200,000 to a banking consultant and about US$1.25m to Alberici, at 36c. Start-up remains August 2007.
6 June 2007investor presentation● Neutral
Conference presentation on the ethanol market case and Agri Energy's project pipeline. It says Swan Hill is on target for a Q2 2008 start-up and Beatrice Biodiesel is on schedule for August 2007 commissioning. Repeats known facts.
31 May 2007debt financing● NeutralMajor
Agrees a US$5m unsecured Cornell convertible note at 9%, repayable over 18 months from September 2007, convertible at about A$0.45. Fees are 5m options at 45c (subject to approval) plus 1.62m shares issued for the equity line activation fee and first advance. Shares on issue now 206.7m.
24 May 2007regulatory community update● Neutral
Company says it has committed over A$100m to biofuels and plans twice that over 12-18 months, with Swan Hill start-up in first half 2008 and further NSW, Victorian and WA ethanol plants planned. An independent study finds E85 emits 32% less greenhouse gas than premium petrol. Mostly promotional.
17 May 2007asset acquisition disposition▲ GoodMajor
Heads of agreement to buy the rest of Carbon Cycle Management, owner of the planned Ennsdorf, Austria biodiesel plant (95,000 t/yr, about €40m); AAE already holds 14.6%. It will issue 3.51m shares at settlement and 3.51m at financial close. Also, federal A$9.1m road funding removes Swan Hill off-site obligations.
18 Apr 2007investor presentation● Neutral
Chairman and CEO presentation at the World Ethanol Conference, focused on the Swan Hill project and group pipeline. It cites a market capitalisation of A$70m and Beatrice Biodiesel as fully financed at US$65m, with start-up in the third quarter of 2007. Largely repeats known facts.