Each one in plain English, with the numbers worked through for a shareholder.
31 July 2008quarterly activities report▼ Bad
June quarter: Beatrice reached mechanical completion, but parent cash is exhausted and the forbearance expired 30 June, with Agstar funding week to week. Conditional funding deals are claimed to close in about a month. Board cut to three; Hungary sold, Austria dormant.
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.
30 Jan 2008quarterly activities report▼ Bad
December quarter report says high feedstock prices push Beatrice to breakeven or negative margins, and the Board sees the US$42.5m USCB sale (US$39.5m net return to AAE) as preferred. Swan Hill assets were sold in December and the Green Bay office closed.
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.
4 Dec 2007director officer appointment● Neutral
Graeme Lay, Financial Controller and CPA, replaces Bruce Arnold as Company Secretary from 4 December 2007. Administrative change.
28 Nov 2007agm notice● Neutral
All four annual meeting resolutions carried, including the remuneration report, re-election of Lymburn and Lagdon, and the Employee Benefits Plan. Proxy votes were overwhelmingly in favour. Resolves the AGM notice.
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 2007agm notice● Neutral
Notice of the 28 November 2007 annual general meeting. Items: remuneration report, re-election of David Lymburn and Tim Lagdon, and approval of an Employee Benefits Plan exempt from the 15% issue limit. Administrative.
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.
