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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2006quarterly activities report● Neutral
December quarter report confirms the A$8 million Big Island Grains sale, used to repay Multiplex debt and settle the Mitsui loan with 1.67 million shares. Management is weighing US ethanol and biodiesel deals; Tasmanian magnesite sale to Minemakers is delayed as its listing slips to later in 2006.
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.