2 Apr 2007investor presentation● Neutral
April 2007 investor update for European meetings, giving market capitalisation of about A$70m and describing Beatrice as fully financed at US$65m. It largely repeats known project and funding information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Mar 2007regulatory community update● Neutral
Lodged a NSW development application for a 200 million litre Oaklands ethanol plant, another of the four candidate sites for the second Australian ethanol project. Approval is expected in 4-6 months, with a decision at the July board meeting. Planned cost is A$120m.
20 Mar 2007regulatory community update● Neutral
Lodged a NSW development application for a 200 million litre Condobolin ethanol plant, one of four candidate sites for a second Australian ethanol project. Approval is expected in 4-6 months, with a go decision at the July board meeting. Planned cost is A$120m.
15 Mar 2007other● Neutral
Announces the launch of a new company website. The company itself says this is not an announcement event; no substance for shareholders.
14 Mar 2007asset acquisition disposition▲ GoodMajor
Buys 100% of Central EU Biofuels for 2.5m shares, plus up to 15.5m more shares on milestones. It brings a planned 500,000 tonne Hungarian oilseed crusher and a 14.7% stake in the Ennsdorf, Austria biodiesel project. This extends the group into Europe.
28 Feb 2007half year report▼ Bad
Half-year to 31 December 2006: loss of A$5.77m, against a profit in the prior period, with no revenue. The text attributes higher costs to Beatrice construction support and the Melbourne move. Net tangible assets are 34.8c per share, up from 20.8c. No dividend.
15 Feb 2007investor presentation● Neutral
CEO interview says Beatrice costs US$52.5m including a US$3.8m contingency, with over 80% of funds committed and a US$65m finance package. Start-up is targeted for August 2007. Mostly repeats known facts and industry commentary.
7 Feb 2007investor presentation● Neutral
Chairman interview explains the share price fall after the name change, citing US grain and soy oil prices and dilution of substantial holders' percentages. He says Beatrice is on budget and ahead of schedule for September 2007 production. Largely restates known facts.
29 Jan 2007debt financing▲ GoodMajor
Signed the US$33m Beatrice senior debt (US$28m ten-year loan plus US$5m working capital) with Agstar and Home Federal. With the A$40m equity, this completes Beatrice funding after the Amaranth collapse. Plant is stated 15% built, production due September 2007.
19 Jan 2007security holder rights change▲ GoodMajor
All eight resolutions passed at the 19 January 2007 meeting, including the A$40m placement of up to 114.29m shares at 35c, option issues to BlueCrest and Transocean, Cornell fee shares, and a company name change. This clears the funding hurdle open since December.
27 Dec 2006director officer appointment● Neutral
Bruce Arnold, formerly chief financial officer of Ticor, is appointed Chief Financial Officer and Company Secretary from 22 December 2006, replacing Rob Pedulla as the office relocates to Melbourne.
14 Dec 2006investor presentation● Neutral
Chairman says Beatrice's US$52.5 million cost, plus a US$7.5 million overrun facility, is fully funded and construction is nearly 10% complete. Swan Hill's A$31.2 million raise was returned in September and construction there is delayed about 10-12 weeks, to restart in the new year.
14 Dec 2006admin correction● Neutral
Corrects the open briefing: Beatrice biodiesel production is expected to start in September 2007, not December 2007 as stated earlier.
5 Dec 2006capital raising announcement● NeutralMajor
Secures a A$40 million placement of 114.28 million shares at 35c, subject to a mid-January 2007 shareholder vote, replacing the failed Amaranth note. It includes a A$10 million bridging loan from BlueCrest, converting to shares, and a A$25 million Cornell equity line. The price is well below the earlier 52c.
29 Sept 2006annual report● Neutral
Lodges the audited 2006 annual financial report. The cover letter carries no commentary of its own; the preliminary results were already released on 14 September.
29 Sept 2006capital raising announcement▼ BadMajor
The board withdrew the Swan Hill placement resolution (up to A$31.2 million at 52c) at the shareholder meeting, saying the share price and sector sentiment made terms unattractive. Beatrice has US$28 million senior debt, a US$5 million working capital facility and US$2 million tax increment finance; a replacement convertible note is conditional on due diligence.
28 Sept 2006investor presentation● Neutral
Conference presentation on Beatrice biodiesel, with cash of A$12.06 million at 31 August and about 90 million fully diluted shares. Both plants are described as under construction and expected to be operating by late 2007. Largely repeats known facts.
21 Sept 2006capital raising announcement▼ Bad
Withdraws the 52c share purchase plan while the board reconsiders the institutional placement pricing, and returns funds already received. It intends to restructure and reinstate the plan at a price consistent with the placement.
20 Sept 2006debt financing▼ BadMajor
Terminates the exclusive US$30 million convertible note deal with Amaranth after Amaranth announced substantial trading losses on 18 September, and starts renegotiating with another institution's term sheet. Senior debt has credit approval. This undermines the Beatrice funding package announced on 23 August.
14 Sept 2006annual report▲ Good
Unaudited full-year result to 30 June 2006: profit A$4.146 million versus a A$4.14 million loss, helped by the Denco sale (A$8 million plus A$1.5 million costs). No dividend. Swan Hill construction has begun and full finance for the A$75 million cost is still being arranged.
30 Aug 2006regulatory community update▲ GoodMajor
Groundbreaking held 28 August for the Beatrice biodiesel plant in Nebraska, described as a US$52.5 million, 50 million gallon facility. Civil work starts early September and operation is scheduled for Q3 2007, so the project moves from development to construction.
25 Aug 2006capital raising announcement● Neutral
Offers eligible shareholders a share purchase plan of up to A$4,992 (9,600 shares) at 52c, a 14% discount to the 60.49c five-day average, closing 21 September. It matches the Swan Hill placement price announced 23 August; the plan is capped at 24.4 million shares.
What it means for a shareholder
9,600 new shares at A$0.520 to raise about A$4,992. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
23 Aug 2006capital raising announcement▲ GoodMajor
Beatrice gets a US$60 million package: US$30 million senior debt plus US$5 million working capital, and a US$30 million convertible note. Swan Hill funding starts with up to 60 million shares at 52c (up to A$31.2 million), then a share purchase plan, a A$20 million standby facility and project debt.
14 Aug 2006investor presentation● Neutral
August market update says Swan Hill construction is planned to start in August 2006 and Beatrice funding is in place subject to documentation and shareholder approval. Swan Hill capital cost is now estimated at A$75 million, up from about A$65 million quoted in June.
6 July 2006director officer appointment● Neutral
Carla Andres, a US biofuels lawyer and existing board member, becomes CEO of the US subsidiary, renamed US Canadian Biofuels Inc. A US headquarters is planned for Green Bay. Beatrice financing talks with lenders are said to be at the definitive stage.
4 July 2006regulatory community update● Neutral
Says recent Australian biodiesel legislative changes do not affect its plans, as it has no immediate Australian biodiesel developments and keeps a watching brief. Notes a US bill to make the US$1.00 per gallon biodiesel tax credit permanent.
3 July 2006asset acquisition disposition● Neutral
Issues 1.5 million shares to the Beatrice seller's company, Monte Cristo, as the second tranche for the Beatrice acquisition. Paid so far is A$300,000 plus 3 million shares, out of A$600,000 plus 5 million shares in total.
3 July 2006material agreement▲ GoodMajor
Buys back Multiplex's rights to construct its Australian projects, paying 800,000 shares as full settlement. This frees the company to finalise construction contracts for Swan Hill; Multiplex was its former major shareholder.
9 June 2006investor presentation● Neutral
CEO interview on Swan Hill ethanol: cost about A$65 million, commissioning targeted for Q4 2007, construction rights bought back from Multiplex. Proceeding on equity because no fuel ethanol offtake contracts exist yet; more capital being raised.
7 June 2006investor presentation● Neutral
Conference presentation repeating known facts: cash A$17.5 million, both projects 100% owned, market capitalisation A$52 million at 65 cents. Phillip Toyne is listed on the board and Rob Pedulla as financial controller and company secretary. No new announcements.