The main activity of Biofuels is the large scale production and exploitation of biodiesel and glycerine following the construction and commissioning of the initial plant.

Biodiesel is produced from vegetable oils and, as an environmentally friendly product, can make a significant contribution towards reducing green house gases and meeting Kyoto targets.



RNS's from BFC can be viewed at:

http://www.uk-wire.com/cgi-bin/index?search_type=3&words=bfc&go.x=17&go.y=8

http://www.biofuelscorp.com/

Just been notified that I can have 6 shares for every 17 I held at 5pm on March 8th for 230p per share.

Not too difficult a decision with the sp at its current level!

Good - I can start to rebuild my holding at an excellent price. My notification willl take a little longer coming as it does via Crest.

SD

Yes 6 for every 17 is good. I still had some left on friday morning so I will benefit from this.

I have already short sold the new issue shares.

I am very interested in buying PD Ports.Epic PDP.
As they have facilities for specialist edible oils handling,will they be used for rapeseed and palm nut oil handling by Biofuels?I presume that they will be buying already processed oils.
Biofuels state that the price of rapeseed and palm oil will be cheaper than last year.Their estimates of future income are based on these prices.Does this mean that they have already bought their oils for 2005,or is this just an estimate.They will be buying these commodities in dollars.Has a possible appreciation of the dollar been taken into account?
Have a look at PDP anyway.There proximity to the growing Eastern European market,which they point out looks promising.
Ethel

I,ve been notified of the new share issue by Halifax. They want paying on or immediately after 31 march. This Open offer may or maynot be comfirmed at the EGM to be held on 6 April.If it is comfirmed I cannot sell until 8 April.Do you normaly pay upfront in these situations. Also, if it is such a good deal the likes of me dont normaly get a lookin. Your comments would be appreciated.
This thread has gone very quiet which is not very promising.
Dave

davehmiller

It's a good offer - at 230 per share. Be pleased the directors are letting all shareholders get access to this. They obviously think everyone will want it and more. The usual reason for restricting placings to institutions is to be sure by arrangement that the full quota will be taken up. There is no such concern here.

If you think the price is going to fall between 31st March and 8th April, you can always sell your existing holding any time from now (I top-sliced before I heard the news, but those I sold still qualify for the rights issue - so life can be pretty advantageous), so your max exposure is 6/23 of your prospective holding - it's not a bad risk, given I cannot see the price falling anywhere near 230 - even if fully diluted by new issue the post-issue SP comes to 285. If you think it will fall below 230, do not subscribe for the rights issue and sell everything you have on Monday at 8.00am sharp at any price.

They're not raising it to cover a loss or convert debt into equity - they're raising it to expand into a pre-sold market supported by government benefits (20% rebate on tax for biodiesel) and other macro economi-social positive circumstances.

SD

>> Good call SD and thanks for the maths.

I can see that it may be prudent to cash in some chips now, on the basis that you will be picking up some cheaply - and of course there is always the dilution effect (vis a vis the offer).

However, clearly the SP is temporarily in "no mans land" and has hit an unsettled patch, as a result of the new offer. The point is that in my view, on the basis that it is impossible to call a top - one should not attempt to do so. Meaning, that although the SP has soared - who is to say that there is not more to come, albeit that there will be short term fluctuations.

In short I remain v. bullish of this stock - and don't forget that the biggest trading crime (quite literally) is to NOT TO RIDE YOUR WINNERS. I think I will ride this pony (and trap) a little longer.

I hope to be telling that I told you so, when it hits 400 p (which seems to be a nice round number, 50p above localsonly call).

rgrds to all
gk

gallick - I guess a "virgin" share (i.e.one on its first vertical slope of the chart with no developed form to guide you and no profits yet either) is impossible to call, other than, if it's gone this far it will go further as long as the fundamentals don't change - but you can't tell what will happen tomorrow, only next year. So it's just a matter of your time scale - hold forever and ignore all dips and peaks. Or top-slice to take out your original costs and ride the rest for free, possibly adding back in on any major dips, thus increasing your holding over time for the same original cost. This is what I've done.

see you in 5 years' time, when we can say in unison "told you so!"

SD

With the price falling back towards the 259 average post issue announcement price as per my earlier post 156 - which is sort of coincident with a minor consolidation around the 250 mark, my buying finger is starting to itch a little (a bit higher than my previous 200 buy limit in light of recent unexpected strength). With current market sentiment being generally negative, we may fall back to nearer the strong support level of 200 (once a well established resistance level, then broken is now a good support level). So the 230 rights price might be a good buy limit to aim for - the price should not fall much below here for long, since supported by the placees.

Might also be worth waiting to see how strong the take up on the rights issue is (fully subscribed I hope!) to guage sentiment be fore deciding on a buy price.

Even with the rights issue, I wouldn't mind a whole chunk more at the right price, 'cos I'm sure we'll be back over 300 as we come on stream in September/October (subject, God forbid, to any further delays).

Similarly on DOO, we're falling back towards 400p where we first paused on the way up. That remains my buy limit for now.

DYOR

SD

If there were any further delays then the SP would have a long way to fall.

True - but I suspect they have had to convince the placees of the upcoming issue that they are heading down the home straight to production as announced by now. So I do not seriously anticipate any further delays.

Wow - my last post of 2 days ago now seems like a long time ago. I have reduced my holdings and may do again tomorrow if the trend continues. I'm certainly not buying until I see an uptrend again. Although a dilution seems to make sense, even the 230p purchase area could come under pressure. Agreed this should be much higher in a year/6 months, but I do not like sitting tight and seeing gains ebb away.

rgrds
gk

edit: Should of clicked Back to List not Post Reply

Biofuels Corporation PLC
6 April 2005



6 April 2005


BIOFUELS CORPORATION PLC ('BIOFUELS' OR THE 'COMPANY')


RESULTS OF EGM AND OF PLACING AND OPEN OFFER


At the Extraordinary General Meeting of the Company, which took place at
3:00p.m. today in London, all of the resolutions put to Shareholders were duly
passed. On 11 March 2005, Biofuels announced a Firm Placing and a Placing and
Open Offer by Collins Stewart of, in aggregate, 14,210,284 New Ordinary Shares
at 230 pence per share to raise approximately 32.7 million (30.6 million net
of expenses) (the 'Placing and Open Offer'). The Placing and Open Offer was
fully underwritten by Collins Stewart, broker and financial adviser to the
Company.

Of the 14,210,284 New Ordinary Shares, 3,336,956 shares were placed firm -
3,080,776 with Toscafield Limited, 76,087 with certain directors and the balance
of 180,093 with Collins Stewart and other of their clients. The remaining
10,873,328 New Ordinary Shares ('Offer Shares') were available for take up under
the Open Offer. 3,920,621 Offer Shares will be subscribed for by institutional
and other investors pursuant to the Placing. The other 6,952,707 Offer Shares,
representing approximately 63.94 per cent of the Offer Shares, were applied to
meet valid applications from Qualifying Shareholders.

Following the Placing and Open Offer, the Company will have 45,018,048 Ordinary
Shares in issue, being one share more than the figure of 45,018,047 Ordinary
Shares set out on in the prospectus despatched to Shareholders on 11 March 2005.

It is expected that Admission to AIM will become effective on 8 April 2005 and
that trading in the New Ordinary Shares will commence on that day.

Commenting on the result of the Open Offer, Sean Sutcliffe, Chief Executive of
Biofuels said:

'We are delighted with the level of support that we have received from our
existing shareholders, our new investors and our bankers and believe that their
support is an endorsement of the strategy for future growth of the Company
adopted by the Board. The raising of these funds is an important step towards
achieving this strategy. Our short term priority remains the completion of the
construction and full operation of the first plant, which is now 80 per cent
complete. As such, we remain on target to have this plant operational by July,
and to achieve consistent production by the end of September 2005'.

Certain terms used in this announcement are defined in the prospectus despatched
to Shareholders on 11 March 2005 which is available for inspection at the
offices of the Company at Suite 611, Belasis Business Centre, Coxwold Way,
Billingham, Teesside TS23 4EA and the offices of Berwin Leighton Paisner,
Adelaide House, London Bridge, London EC4R 9HA.

For further information contact:

Biofuels Corporation plc 01642 345 683
Sean Sutcliffe, Chief Executive
Bob Green, Finance Director

Collins Stewart Limited 020 7523 8350
Nick Ellis

Binns & Co PR Ltd 020 7786 9600
Peter Binns
Matt Ridsdale
Paul McManus


The directors of Biofuels accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Biofuels (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.

Collins Stewart Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Biofuels and no
one else in connection with the Firm Placing and the Placing and Open Offer and
will not be responsible to anyone other than Biofuels for providing the
protections afforded to its customers or for providing advice in relation to the
contents of this announcement or any transaction or arrangement referred to
herein.

The New Ordinary Shares to be issued in connection with the Firm Placing and
Open Offer have not been nor will they be registered under the United States
Securities Act of 1933 (at amended) or under the securities laws of any state of
the United States of America, any possession or territory of Canada, Japan,
Australia, the Republic of Ireland or South Africa.

The information contained in this announcement is not for publication or
distribution to persons in the United States of America, Canada, Japan,
Australia, the Republic of Ireland or South Africa.

Looks like that announcement has rekindled some interest in BFC. I have jumped back on board at 250 this morning. Hope to enjoy a good rise on the day.

Yes, it's a nice clear statement. All positive and AIM tommorow. Just decided to join in too.

Cheers, Madison

Good time to get back into DOO too (now retraced below 400p) which I have done to match the rights issue I got on BFC - keeping my pairing concept going.

63% take up I think is not bad - not great, but not bad. Gives support at 230p but not much higher.

SD

I'm back into BFC again, stockdog. But not into DOO yet. Looking forward to get in at a better price. DYOR.

I put more into DOO at 381.25 - not the best price of the last few days, but low enough to sit tight and wait for the next wave up.

SD

Well done, stockdog as DOO has gone up about 10% today. I guess BFC will follow suit next week.