Each one in plain English, with the numbers worked through for a shareholder.
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.
10 Aug 2007agm notice● Neutral
All resolutions at the 10 August general meeting carried, ratifying the Central EU Biofuels share issues (up to 15.5m milestone shares), the Carbon Cycle Management issues (3.51m plus 3.51m) and Cornell share issues. Resolves the meeting thread; proxy votes were overwhelmingly in favour.
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.
31 July 2007quarterly activities report● Neutral
Quarter to 31 July: cash was A$14.21m after A$19.17m on projects and A$1.96m corporate costs. Beatrice Biodiesel start-up is now targeted for September, Tasmanian Magnesite is sold, a US$5m Cornell note raised, and Carbon Cycle Management (Ennsdorf) fully acquired.
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.
30 Apr 2007quarterly activities report● Neutral
March quarter: Beatrice Biodiesel is 51% built and on budget for August 2007 start-up. Cash at quarter end was A$16.6m, after A$17.2m spent on projects and A$1.3m on corporate costs. Ennsdorf due diligence and the Hungarian feasibility study have begun.
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.
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.
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.
31 Jan 2007quarterly activities report▲ Good
December quarter: company renamed Agri Energy, head office moved to Melbourne, A$40m raised and BlueCrest bridging loan repaid. Shares on issue are now 202.6m. Beatrice is over 15% built; conditional deals to buy Central European Biofuels and an agricultural services business are noted.
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.
