Each one in plain English, with the numbers worked through for a shareholder.
26 May 2006contract award▲ GoodMajor
Beatrice signs a three-year deal with CHS Inc to buy all its crude soy oil, with a 12-month extension option. Together with the earlier biodiesel offtake, this resolves the open feedstock thread and supports project financing for the plant.
24 May 2006investor presentation● Neutral
CEO interview on Beatrice biodiesel: stage two capital estimate rises to US$45 million (from US$35 million) due to extra storage and higher commodity and construction costs. At US$3.00/gal he expects US$50 million annual EBITDA. Soy oil contract at final draft; land contracts due June.
15 May 2006director officer appointment▲ Good
Conservationist Phillip Toyne, former head of the Australian Conservation Foundation, joins the board as a director from 15 May 2006. The company says his environment and government experience suits its plan to expand biofuels investment across regional Australia.
4 May 2006director officer appointment● Neutral
Roberto Pedulla, recently made group Financial Controller, becomes Company Secretary, replacing David Lymburn, who held the role for three years and stays on as a non-executive director. Administrative handover.
3 May 2006other● Neutral
Technical brochure on Axens' Esterfip-H biodiesel process, the technology planned for Beatrice. It carries no company news or new figures.
2 May 2006contract award▲ GoodMajor
Beatrice Biodiesel signs a five-year take-or-pay deal to sell all of its 50 million gallons a year to CHS Inc's UBE unit, with an option for twelve more months. This offtake contract supports project financing for the plant, targeted for operation in late 2007.
28 Apr 2006investor presentation● Neutral
Presentation from the 27 April general meeting, repeating known facts. It shows cash of A$17.5 million and about 79 million shares on issue (87.9 million fully diluted), with both Swan Hill and Beatrice projects described as 100% owned.
17 Mar 2006capital raising announcement▲ GoodMajor
Raises $12.45 million through a placement of 41.5 million shares at 30 cents, subject to shareholder approval. Funds $9.3 million to start building the Swan Hill ethanol plant in Victoria and $2 million for Beatrice biodiesel; more funding is still needed.
What it means for a shareholder
41.5m new shares at A$0.300 to raise about A$12.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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16 Mar 2006half year report● Neutral
Appendix 4D cover summary for the half-year to December 2005: loss of $1,368,662, no dividend, net tangible assets 6.8 cents per share (7.8 cents at June 2005). Repeats the half-year accounts.
16 Mar 2006half year report● Neutral
Half-year to December 2005 shows a loss of $1.37 million, down from $2.06 million. Reports the Denco sale proceeds of A$8.507 million received on 3 January 2006 and cash of A$6.2 million. Net tangible assets are 6.8 cents per share.
6 Mar 2006other● Neutral
CEO interview restating the Beatrice acquisition terms (A$600,000 plus five million shares). He calls it a readjustment rather than a change of direction, citing improved biodiesel technology and a US$1 per gallon subsidy. No new transaction.
1 Mar 2006asset acquisition disposition▲ GoodMajor
Acquires Beatrice Biodiesel LLC, owner of a planned 50 million gallon a year soya biodiesel plant in Nebraska, for A$600,000 plus five million shares, paid in four tranches. Board commits A$2 million; seller David Blythe becomes US chief operating officer. A move into biodiesel after the Denco sale.
5 Jan 2006asset acquisition disposition▲ GoodMajor
Sale of US subsidiary Big Island Grains (the vehicle for the Denco ethanol plant purchase) to a Babcock & Brown unit has closed. The company receives A$8 million plus A$450,000 of repaid transaction costs, and the buyer covers outstanding Denco due diligence costs.
