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Share Name | Share Symbol | Market | Stock Type |
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Libra Natural | LNR | London | Ordinary Share |
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Posted at 30/4/2008 06:12 by peter1981 Preliminary ResultsRNS Number:3957T Libra Natural Resources PLC 30 April 2008 Press Release 30 April 2008 Libra Natural Resources plc (to be renamed FibreGen plc) ("LNR" or the "Company") Preliminary announcement of unaudited results for the twelve months ended 31 December 2007 Board Appointment New Production Developments in North America General Meeting Libra Natural Resources plc, which will be renamed FibreGen plc, today announces its preliminary results for the year ended 31 December 2007, as well as a series of strategic developments furthering the transformation of the Company into a focused international biomass-to-energy business. Financial Highlights * Revenue up 313% to #9.7 million (2006: #2.4 million) * Operating profit on core biomass business of #282,000 * Loss after tax on core biomass business narrows to (#96,000) from (#416,000) in 2006 * Net assets of #8.4 million (2006: #8.1 million) * Cash on hand at year end of #1.9 million (2006: #410,000) Operational Highlights * Successful completion of plant upgrades at the Princeton and Westbank wood pellet production facilities in BC, Canada, increasing capacity and production * Successful acquisition of a wood chip production facility in Louisa County, Virginia, USA * Completion of the initial engineering design, and purchase and delivery of some key pellet plant equipment, for a planned 120,000 ton capacity pellet mill addition at Louisa County site * Progress in securing fibre supply including renewal of all Westbank fibre supply contracts * Appointment of a new Chief Executive Officer and Chief Operating Officer/ Finance Director * Progress with pipeline for Company's global expansion plans including acquisition of development site in West Kootenay Canada and MOUs for a conversion of a former particle board plant to wood pellet production in Canada, and the proposed development of a series of wood pellet plants in Russia Since Year End * Acquisition of Coeur d'Alene Fiber Fuels Inc. ("Atlas Pellets"), a US producer of wood pellets * Appointment of Rick Squires, who brings extensive experience and contacts in the international renewable energy and commodities sectors, as Non-Executive Chairman * Heads of agreement signed with leading Chinese and Canadian partners for provision of biomass fuel to the Chinese power station market * De-merger of non-core assets to Evergreen Securities plc * Proposed renaming of the Company to FibreGen plc reflecting the strategic direction to create a leading international biomass- to-energy business Glenn Smith, Chief Executive Officer of Libra Natural Resources plc, said: "The Board is pleased with the progress the Company has made throughout 2007, and feels that LNR is now well positioned to continue its strong growth as an international biomass-to-energy business. The strengthening of the Board gives the Company the skills and expertise, and to capitalise on its position in the North American market, but also globally. The partnerships which LNR now has in place will enable us to drive the Company's international growth, and the renaming of the Company to FibreGen will further solidify our new strategic direction." |
Posted at 24/4/2008 14:45 by barryrog wirral,i've now read and digested the RNS released this morning re ENT (about to become Evergreen Securities). they have taken over the non wood pellet assets of LNR for a consideration of £2.685 mill which although above current valuation means very little as the settlement will be made to LNR in Evergreen Securities new shares. what i can't explain is why they are buying a further 3,000,000 LNR shares for £330,000 i.e 11p per share. |
Posted at 03/4/2008 11:29 by turbotrader2 BUY3 April 2008 Libra Natural Resources PRICE: 6.75p | US/CANADA | RENEWABLES | LNR.L | LNR.LN n Building the No. 1 wood pellet producer Libra Natural Resources (LNR) has stated that its aim is to build the world's number one producer of wood pellets over the next 24 months with a total capacity of around 1.5 million tons, thereby making it the largest supplier of wood biomass fuels for renewable electricity generation and heating. n From an existing current production capacity of 131,500 tons of wood pellets and 100,000 of wood chips, LNR intends to be a major consolidator in North America of wood pellet companies by making a number of carefully selected and strategic acquisitions. In addition, the company plans to build a number of green field developments where the appropriate long-term feedstock and off-take agreements are in place. n LNR currently has over 1.5 million tons of new or existing production facilities under exclusive option, development and/or due diligence for the objective of becoming the world's leading producer of wood pellets. n As a first step, LNR has today announced the acquisition of Coeur d'Alene Fiber Fuels Inc., a profitable US producer of wood pellets. The company owns three plants, which together will have a total annual production capacity of 120,000 tons by YE 2008. In aggregate this is expected to give LNR a total capacity by year-end of 321,000 tons of wood pellets and 100,000 of wood chips. n LNR also announced today signing Heads of Agreement to form a Joint Venture in China for the production of straw and rice husk biomass with a major northern Chinese wood pellet company and a Canadian biomass products company. A demonstration plant has been constructed. Considerable expansion is expected over the coming years. n LNR is to divest all of its non-wood pellet/biomass interests, transferring them to Aim-listed Ethanol Investments plc in return for shares in that company. It is LNR's intention to reduce its holding in that entity over time, generating cash for the Company. n Libra Natural Resource is shortly to change its name to "FibreGen plc" (subject to shareholder approval at the next AGM) to reflect the Company's sole focus on building the world's number one producer of wood pellets. Nick Walker +44 (0)20 3100 2267 nick.walker@liberumc Nick Walker Head of Renewables Tel: +44 (0) 20 3100 2267 Fax: +44 (0) 20 3100 2099 Mob: +44 (0) 7983 959063 Nick.Walker@liberumc www.liberumcapital.c |
Posted at 03/4/2008 06:06 by chris1981 Operational UpdateRNS Number:4902R Libra Natural Resources PLC 03 April 2008 Press Release 3 April 2008 Libra Natural Resources plc ("LNR" or "the Company") Acquisition of leading North American wood pellet company Expansion into Chinese biomass market De-merger of remaining non-wood pellet assets Proposed name change to FibreGen plc Libra Natural Resources plc, the international waste-to-energy company, today announces a series of major strategic moves which create a focused biomass-to-energy business, and provide the platform for the accelerated development of a significant force in the international renewable energy marketplace. Highlights * Acquisition of Coeur d'Alene Fiber Fuels Inc ("CAFF"), a leading, profitable US producer of wood pellets, for U$3million, rising to U$9million on profitability milestone achievements between 2009 and 2014. * This acquisition approximately doubles LNR's wood pellet capacity, revenues and EBITDA, and brings modern, state-of-the-art pellet facilities with in-situ scale up potential. The Company is now 2nd largest producer in North America, 6th largest in the world. * Heads of Agreement signed with leading Chinese and Canadian partners, creating a joint venture vehicle to provide biomass pellets to the Chinese power station market. * De-merger of all remaining non-wood pellet operations to Evergreen Securities plc, completing the transformation of the Company into a pure biomass-to-energy entity, as previously outlined. * The Company proposes to change its name to FibreGen plc, reflecting the creation of a major, focused force in the biomass-to-energy sector. Glenn Smith, Chief Executive Officer of Libra Natural Resources plc, said: "With today's announcement, the Company completes its promised transformation into a focused international biomass-to-energy business. The acquisition of Coeur d'Alene Fiber Fuels Inc, which almost doubles the size of our core business, represents a powerful statement of intent to become the world's leading producer of wood pellets for bio-energy generation. The proposed formation of our Chinese joint venture, with strong in-country and experienced partners, emphasises the Company's commitment to prudently grow our business internationally, where the right opportunities present themselves. "The Board intends to make FibreGen plc a major force in one of the most exciting sectors of the international renewable energy marketplace. We will continue to focus on developing a global presence in the wood pellet and biomass-to-energy market, and to offer shareholders a company which delivers environmentally friendly profitability and growth. Today's news represents the start of the development of the Company into a major global force in the international renewable energy sector, and the Board looks forward with real confidence to the future." - Ends - For further information: Libra Natural Resources plc Glenn Smith Mark Campanale Landsbanki Securities (UK) Ltd Nominated Advisor Gareth Price/Simon Brown, Corporate Finance Tel: +44 (0) 20 7426 9000 Liberum Capital - Broker Ellen Francis / Simon Atkinson, Corporate Finance Tel: +44 (0) 20 3100 2000 Media enquiries: Abchurch Tel: +44 (0) 20 7398 7700 Joanne Shears / Justin Heath Tel: +44 (0) 20 7398 7709 joanne.shears@abchur www.abchurch-group.c Existing business The Company already operates three profitable wood biomass fuel businesses in North America with a current total capacity of 131,500 tons of wood pellets and 100,000 tons of wood chips: * a plant at Princeton, British Columbia, Canada which has capacity of 74,000 tons of wood pellets and which was acquired in March 2006; * a plant at West Bank, British Columbia, Canada, which has a capacity of 57,500 tons (of which 80% is wood pellets and 20% is wood shavings) and which was acquired in December 2006; * a wood chip production facility in Louisa County, Virginia in the US which currently has a 100,000 ton annual wood chip capacity, and which was acquired in October 2007. As announced in December 2007, key equipment has been ordered and is currently being manufactured for delivery later this year. Wood pellet operations are due to begin at the beginning of 2009 with a capacity of approximately 70,000 tons. The Company also owns the development rights for a wood pellet production facility at West Kootenay, British Columbia, Canada which was acquired in August 2007. Following the transactions below the Company is expected to have a total capacity by the end of 2008 of 321,500 tons of wood pellets and 100,000 tons of wood chips Acquisition of Coeur d'Alene Fiber Fuels Inc Background to, and reasons for, the Acquisition It is the stated intention of the Board to position LNR as the leading producer of wood pellets by the end of 2010. To achieve such an ambitious objective requires carefully targeted, synergistic acquisitions and greenfield developments where the appropriate long-term feedstock and off-take agreements are in place. The acquisition of CAFF represents an important next step in the achievement of this goal, bringing with it a major increase in LNR's overall market presence, significant potential synergistic benefits and enhanced operational and management expertise. * CAFF's forecast 2008 production of over 95,000 tons will almost double the size of LNR's existing wood pellet operations, moving the Company from being the 9th to the 6th largest producer in the world; * The proximity of CAFF's plants to LNR's existing British Columbia-based facilities will potentially provide significant feedstock supply, customer and management synergies. CAFF's Omak, Hauser and Shelton plants are all within two to three hundred miles of LNR's existing Princeton and Westbank facilities and less than 100 miles from LNR's proposed West Kootenay project in British Columbia; * CAFF plants have traditionally been very strong in the important bagged fuel market along the west coast of the United States, and area where LNR has historically had to rely on indirect, third-party distributors; * CAFF, although active in the animal bedding and baled shavings markets, does not have the market presence of LNR in either market, and may benefit from utilising the Company's significant presence in both of these high margin, niche-sectors. * LNR has reached agreement with Mr Eric Hanson, CAFF's majority owner and CEO, for Mr Hanson to assume a senior management role within the enlarged LNR. Information on Coeur d'Alene Fiber Fuels Inc Coeur d'Alene Fiber Fuels Inc ("CAFF") was established in 1986 and conducts business under the trade names of Atlas Pellets and Atlas Industrial. CAFF operates 2 wood pellet production facilities located in Omak, Washington (which has a capacity of 25,000+ tons per annum) and Hauser, Idaho (which has a capacity of 40,000 tons per annum), with a third facility under construction in Shelton, Washington of 55,000 tons (N.B. already fully financed and due to become operational in late Q3 2008). The business is family owned and managed, employs 45 staff, and is an S -Corporation registered in Idaho. CAFF produces several brands of high quality wood pellets for the bagged fuel market, which are sold in the western half of the USA to several hundred long term customers who buy on an annual basis. CAFF also produces small quantities of animal bedding, and baled shavings. In its unaudited results for the year ended 31 December 2007, CAFF generated turnover of U$8.9m and EBITDA of U$1.5m. Net assets were U$3.34m at that date. These results cover a full 12 months of production for CAFF's Omak facility, and approximately 6 months for the recently commissioned Hauser plant (N.B as stated, CAFF's Shelton plant is under construction, and is due to come on stream during 2008). Principal terms and conditions of the Acquisition The maximum total purchase price is $9million, $3million of which will be immediately satisfied by the issue of 23,566,379 new Ordinary Shares (the "CAFF Consideration Shares") in LNR. The number of New Ordinary Shares to be issued was determined on the basis of the volume weighted average price ('VWAP') of LNR shares over the ten business days prior to today's announcement. The vendors of CAFF have agreed to certain orderly market restrictions on the sale of the CAFF Consideration Shares for the first six months after issuance. In addition to this initial U$3million, a conditional deferred consideration of up to a maximum of U$6million will become payable if CAFF meets certain increased trading and profitability targets for the twelve month periods ending 31 December 2009 to 30 December 2014 (the "earn-out years"). Such conditional deferred consideration will be payable, in tranches of U$1million per annum, in each of the earn-out years in the form of additional New Ordinary Shares. The issue price for any such deferred New Ordinary Shares issued will be determined by reference to the VWAP over the 90 consecutive trading days prior to December 31st of the relevant earn-out year. Expansion into Chinese biomass market LNR has reached heads of agreement for the formation of a joint venture company with Heilongjiang SY Renewable Energy Co. Ltd ("SY Energy") of Heilongjiang Province, China and SBC International ("SBC") of British Columbia, Canada The purpose of the Chinese joint venture is: * initially in the Jiangsu Province of China , to construct, commission and own a series of facilities for the production of biofuels from corn residues, rice husks, rice stalk, agricultural straw-based biofuels and other woody biomass products; * to market and sell the output for use in the generation of energy or ancillary services from biomass-fired and coal-fired power plants, initially in the Jiangsu Province of China and * to market and sell any and all environmental attributes (principally carbon) resulting from the production, sale and use of products produced. Key operational and strategic details * LNR will own approximately 25% of the equity of the joint venture; * LNR will provide marketing and sales services to the joint venture, relating to all carbon related credits or attributes ascribed to the operations of the joint venture. SY Energy and SBC will provide operational management, logistics and administrative services to the joint venture and each of its operational facilities; * To reflect the relative ongoing management and operational contributions, and the capital contributions to date, made by its proposed partners, LNR will provide up to 34.8% of the future capital requirements of the joint venture; * SBC has constructed and commissioned a 50,000 tons per annum demonstration facility (the " demonstration facility"), on land owned by the proposed off-taking power utility, in the city of Baoying, Jiangsu Province, China. The demonstration facility, ownership of which will be assumed by the joint venture, commenced operations on March 1, 2008, with development costs provided by SY Energy and SBC; * It is the intention of the joint venture to further develop this demonstration facility into a 100,000 tons per annum operational plant, with full production in place by the end of 2008; * The estimated total initial investment (including development costs to date) for this first 100,000 ton operational plant is 8,500,000 Chinese Yuan (U$1.15m); * Off-take, 'take-or-pay' contracts for an initial 100,0000 tons output are under detailed negotiations with a local power company and owner of 22 power generation plants in Jiangsu Province, 17 of which are 100% biomass fuelled; * Full terms of any off-take agreement will remain commercially sensitive, but initial indications suggest potential for very attractive profitability and ROI and scale-up * The strategy of the joint venture is to produce 1 million tons of biofuels by 2010, moving to 5 million tons by 2012. De-merger of remaining non-pellet assets Further to the announcement of 18 December 2008, LNR is pleased to announce that it has signed binding Heads of Terms with the AiM-listed renewable energy company, Ethanol Investments plc ("EI"), for the sale of LNR's entire 11.55% stake in Prometheus Energy. In addition to this sale, LNR has agreed to sell EI certain other minority stakes, comprising the remaining non-wood pellet investments held by the Company. The sale of these stakes, which is subject to EI shareholder approval, values LNR's non-core assets at £2.68 million, and leaves LNR entirely focused on its core biomass-to-energy operations As consideration, LNR will receive new EI plc shares, giving the Company an estimated stake of approximately 24% in Evergreen Securities plc, the new name for EI following its scheduled re-listing on AIM next month. LNR has undertaken not to dispose, other than in certain specified circumstances, of the EI shares to be issued to it as consideration for the sale of these assets, for a limited period following their issue. It remains, however, the intention of LNR to reduce this holding over time, as EI expands its operations and dependent upon LNR's ongoing financing requirements. Proposed name change To reflect the completion of the re-positioning of the Company as a focused biomass-to-energy company, it is proposed to seek shareholder approval at the next Extraordinary General Meeting to change the name of the Company to ' FibreGen plc'. Issue and Admission of New Shares Further to completion of the acquisition of the West Kooteney development rights and Virginia plants referred to in the description of the existing business above, the Company has issued 450,451 new Ordinary Shares and 436,927 new Ordinary Shares as share consideration in relation to each acquisition respectively. The Company has also issued 1,076,588 new Ordinary Shares to an ex-employee as part of a settlement contract upon leaving the Company. Application has been made to AIM for the admission to trading of these 1,963,966 new Ordinary Shares as well as the 23,566,379 CAFF Consideration Shares. The aggregate 25,530,345 new Ordinary Shares, which will all rank pari passu with the existing Ordinary Shares, are expected to be admitted to trading on 9 April 2008. The total number of shares in issue will, following these issues, be 232,605,191. |
Posted at 12/3/2008 16:09 by biggerbil Bonzophil... from 18 Dec RNS:LNR is today pleased to announce that it has reached agreement with the AiM-listed renewable energy company, Ethanol Investments plc ('EI'), for the sale of LNR's 11.55% stake in Prometheus Energy. The sale of this stake, which is subject to EI shareholder approval, values LNR's stake at £3.4 million. As consideration, LNR will receive new EI plc shares, giving the Company a stake of approximately 21% in Evergreen Securities plc, the new name for EI following its scheduled re-listing on AIM next month. |
Posted at 05/3/2008 09:35 by asparks HERE IS THE EMAIL FROM PGI'm sure by now you would have picked up on this yesterday's Press Release. Whilst on first reading it may not look of much import, I think it should be viewed as one of the more significant that the company has ever issued. As I have been saying to the market, we have a whole series of exciting developments in the pipeline; these were referred to in the last Update in December. However, and again as I have consistently said over the last 2 months, we are not prepared to make such moves 'in a vacuum'. Again, as referenced in December, we had to improve our broking, research and Nomad advisory team, to ensure that when these developments are made in the next few weeks, we have the correct support and communication with the market to enable our (success) story to be heard. We've spent many weeks recently 'beauty parading' a whole range of City advisers. Today's appointment of Liberum brings, what I believe to be, the #1 City Renewables Team behind LNR. In particular, with Nick Walker and his research team, we now, in my opinion, have the best analyst in the sector in the whole of Europe, supporting LNR. In addition, Liberum have an incredibly 'blue-chip' Sales Force (majority from Cazenove and Collins Stewart), now providing strong, sector-focused, investor support and linkage. I hope you are as encouraged by this appointment as the Board is. Again, thanks for your continuing support. We now have the platform in place to significantly move this business forward, so I fully expect this support to be rewarded in the coming weeks and months. Nb. Hopefully you appreciate that such notes as this are one part of our enhanced communication strategy with the market and our shareholders. However, equally, you will appreciate that no-one from LNR can respond to questions or comments on an individual basis. Hence the contents of any such messages are, by definition, non-specific in tone & will never contain anything that has not been communicated to the wider market. Peter Greensmith Director City Tower, Level 2 , 40 Basinghall Street, London , EC2V 5DE Tel +44 20 7877 5052 Fax +44 20 7877 4041 Mob +44 7958 001 298 Email pg@lnrplc. |
Posted at 09/1/2008 14:17 by biggerbil They already have released the announcement on 31 Oct. I wrote to Libra at the time asking if it was the Chipco plant, but they wouldn't confirm any details for me.From 31 Oct RNS: With the publication of LNR's Interim Results on 28 September 2007, your Company announced details of its proposed acquisition of a profitable wood-chip production facility in Louisa County, Virginia, USA. As stated at the time, LNR believes that this investment will provide a spring-board for the creation of a major US regional wood-pellet business, similar to that which LNR has successfully developed in British Columbia, Canada. Against this background, we are delighted to announce today, that LNR has reached agreement to develop, construct and operate a 75,000 tonnes per annum wood pellet manufacturing plant, alongside the recently acquired wood -chip facility, in Virginia, USA. LNR proposes to finance this development through a series of staged, milestone-related payments, beginning with an initial, immediate, investment of approximately U$2million. This initial payment will cover the order and delivery of certain production equipment, to ensure that the wood pellet plant can commence operation in the middle of 2008. Once fully in operation, in combination with our existing wood-chip facility, this new plant is expected to generate in excess of U$16 million p.a. in additional revenue for LNR, and achieve EBITDA margins approaching 20 per cent. |
Posted at 18/12/2007 08:08 by biggerbil For those who've not seen the trading update:Libra Natural Resources plc ('LNR' or 'the Company') Board changes Strategy De-merge of Prometheus Wood pellet operational update Pipeline Review of advisers Libra Natural Resources plc ('LNR' or 'the Company'), the international renewable wood-to-energy company, is pleased to make a series of announcements today, which further emphasises the strength of its core wood-pellet operations, and underlines the commitment of the Board to create an independent, global leader in this exciting sector of the renewable energy market. Peter Greensmith, Chief Executive Officer of LNR, will be hosting an investor conference call on Tuesday 18 December from 12.00pm to 12.30pm, to discuss the update given today, and to take questions. If you wish to join the conference call, please dial +44 (0)207 070 5500 at midday and ask for the Libra Natural Resources call. Summary: Appointment of a new Chief Executive Officer, Chief Operating Officer and Non-Executive Chairman, with focused international energy and forestry expertise; Reaffirmation of the Board's intention to pursue a path of independence, as a public company, following the termination of discussions concerning the sale of LNR's principal operating asset; De-merger of the Company's 11.55% stake in Prometheus Energy Inc. This de-merger is the first of a series of non-core asset sales and spin-offs, which is intended to be completed by February 2008; Pre-Closed Period operational update; Over 1.5 million tonnes of new and existing production facilities under exclusive option, development and/or due diligence; and Review of the Company's professional advisory and support services. Board Changes It is your Board's firm intention to position LNR as the world's number one producer of wood pellets within the next 24 months. Such an aggressive expansion plan, which will involve at least a quadrupling of the size of the Company's activities, requires the development of a Board and Executive Management with enhanced energy, project management and forestry experience and expertise. As the first step in this process, LNR is pleased to announce the promotion of Glenn Smith to the position of Chief Executive Officer, and the intended appointment of John Stirling to the Board, as Chief Operating Officer and Finance Director. Glenn, currently LNR's Chief Investment Officer, and John, currently Head of LNR's wood pellet division, will be able to deploy over 50 years of international power and project management expertise to the task of leading the Company forward in the next stage of its development. In addition to these appointments, LNR is delighted to announce that Mark Campanale is to assume immediately the position of non-executive Chairman (previously he held the position of non-executive Director.) Mark, an internationally-reco environmentalist and expert in forestry, will be at the fore-front of a major effort by LNR to improve its external communications and investor-relations. Peter Greensmith will become a non-executive Director of the Company. Your Board would like to place on record its sincere appreciation for all of Peter's efforts in successfully leading the Company since its IPO in March 2005. During this period, the Company's share price has more than trebled, with a series of value-creative investments in the waste-to-energy market, and your Board is delighted that LNR will still be able to call upon Peter's financial and cleantech expertise, as a non-executive Director Commenting on today's statement, current Chief Executive Officer, Peter Greensmith said: 'These actions represent another significant step in the evolution of LNR into a major force in the international renewable energy sector. Whilst I am delighted that I have the opportunity to continue to offer my broad clean energy investment and financial skills to the Company, from the position of non-executive Director, I am even more pleased that Glenn Smith, John Stirling and Mark Campanale, have all accepted my invitation to 'take over the executive reins'. The new LNR can look forward to 2008 and beyond, with confidence and excitement.' Strategy Following the publication of LNR's Interim Results on September 28th 2007, the Company has been the subject of a number of unsolicited approaches from both strategic and financial parties, with a view to a partial or total sale of the Company's wood pellet operations. Whilst your Board, in recognition of its primary role to protect, develop and maximize shareholder value, entered into detailed conversations with two of these parties, the decision has now been taken to terminate all such discussions. This decision reflects your Board's view that it needed to end this period of uncertainty and ,in particular, that much greater shareholder value can be delivered by pursuing the Company's growth strategy as an independent, public entity. De-merger With the publication of LNR's Interim Results on 28 September 2007, your Company stated that it intended to accelerate the re-focusing of its operations on to the wood pellet sector. Whilst the Board's anticipated timetable for this re-focusing has been impacted by the receipt of the unsolicited approaches outlined above, LNR is today pleased to announce that it has reached agreement with the AiM-listed renewable energy company, Ethanol Investments plc ('EI'), for the sale of LNR's 11.55% stake in Prometheus Energy. The sale of this stake, which is subject to EI shareholder approval, values LNR's stake at £3.4 million. As consideration, LNR will receive new EI plc shares, giving the Company a stake of approximately 21% in Evergreen Securities plc, the new name for EI following its scheduled re-listing on AIM next month. It is the intention of LNR to reduce this holding over time, as EI expands its operations and dependent upon LNR's ongoing financing requirements. Discussions are also at an advanced stage for the disposal of LNR's other non-wood pellet assets, and your Board is confident that this re-focusing process will be complete by the end of February 2008, in line with the timetable outlined in LNR's Interim statement. Wood Pellet Operational Update LNR's wood pellet operations continue to trade in line with management expectations, outlined in the Company's Interim Results statement. Total production tonnage at our British Columbian facilities are expected to be well ahead of last year which will have a significant impact on revenues and gross profit. The upgrade projects for the Canadian operations have progressed well. The bagging equipment at Westbank has been in successful operation since September allowing further access to higher margin markets. The production capacity expansion at Princeton Co-Generation Corporation and finished inventory storage are complete and the additional drying capacity will be commissioned in early Q1. In October, LNR successfully acquired a profitable wood-chip production facility in Louisa County, Virginia, USA which has been focused on operational improvements in the chipping plant and completion of the engineering design for the planned pellet mill addition. Certain key equipment for the pellet mill has been ordered, and are currently being manufactured for delivery in Q1 2008. Pipeline In line with the Company's new strategic direction, outlined earlier this year, which described a significant increase in size, scale, and range of investments in our wood pellet business, LNR is pleased to confirm several significant developments; Exclusive MOU signed to develop additional pellet capacity in Canada Acquisition of certain development rights over a large-scale pellet facility in the Eastern USA; Entering into due diligence on the acquisition of a major North American wood pellet facility; Signing of an exclusive MOU, covering the proposed development of a series of wood pellet plants in Russia; Advanced joint-venture discussions relating to existing and proposed pelletising facilities in China. Whilst no guarantee can be given over the outcome of any of these negotiations or processes, with nearly 2 million tonnes per annum of new or existing production under current review, the Board believes that LNR is well positioned to deliver on its objective of being the world's leading producer of wood pellets within the next 24 months. Financial Adviser review As part of LNR's renewed commitment to adopt a more active and responsive investor relations structure during this time of strategic change and international growth, the Board has asked LNR's in-coming Chairman, Mark Campanale, in conjunction with the Company's Nominated Adviser, Landsbanki, to undertake a formal review of the Company's financial advisory team. Following the review, Mark has been asked to report back to the Board within 45 days. Any changes resultant from this review will be announced and implemented by the end of Q1 2008. - Ends - |
Posted at 31/10/2007 07:07 by turbotrader2 Libra Natural US Wood Pellet OperationsRNS Number:6488G Libra Natural Resources PLC 31 October 2007 Press Release 31 October 2007 Libra Natural Resources plc ("LNR" or "the Company") Further expansion of US wood pellet operations Libra Natural Resources plc ("LNR" or "the Company"), the international renewable wood-to-energy company, is pleased to announce details of a further expansion of the Company's North American wood pellet business. Details: With the publication of LNR's Interim Results on 28 September 2007, your Company announced details of its proposed acquisition of a profitable wood-chip production facility in Louisa County, Virginia, USA. As stated at the time, LNR believes that this investment will provide a spring-board for the creation of a major US regional wood-pellet business, similar to that which LNR has successfully developed in British Columbia, Canada. Against this background, we are delighted to announce today, that LNR has reached agreement to develop, construct and operate a 75,000 tonnes per annum wood pellet manufacturing plant, alongside the recently acquired wood -chip facility, in Virginia, USA. LNR proposes to finance this development through a series of staged, milestone-related payments, beginning with an initial, immediate, investment of approximately U$2million. This initial payment will cover the order and delivery of certain production equipment, to ensure that the wood pellet plant can commence operation in the middle of 2008. Once fully in operation, in combination with our existing wood-chip facility, this new plant is expected to generate in excess of U$16 million p.a. in additional revenue for LNR, and achieve EBITDA margins approaching 20 per cent. Placing of convertible bonds To finance the planned expansion of its North American wood pellet operations, including the Louisa County facility announced today, the Board of LNR announces that it has today raised #2.4 million via the issue of 8.0 per cent guaranteed convertible bonds due 2010 ('Bonds'). These Bonds will rank pari passu with the existing bonds in issue. Application has been made to the London Stock Exchange for the admission to AIM of the Bonds. Dealings are expected to commence on the 31st October 2007. Following the issue of the above Bonds, there will be a total of #7,900,000 bonds in issue, by principal value. For further information: Libra Natural Resources plc Peter Greensmith, Chief Executive Tel: +44 (0) 20 7877 5040 Landsbanki Securities (UK) Ltd Nominated Advisor & Joint Broker Tel: +44 (0) 20 7426 9000 Gareth Price/Simon Brown, Corporate Finance Ambrian Partners Limited Joint Broker Tel: +44 (0) 20 7776 6400 Shaun Whyte Media enquiries: Abchurch Heather Salmond / Franziska Bohnke Tel: +44 (0) 20 7398 7700 franziska.boehnke@ab - Ends - |
Posted at 28/9/2007 06:13 by devere Libra Natural Interim ResultsRNS Number:6557E Libra Natural Resources PLC 28 September 2007 Press Release 28 September 2007 Libra Natural Resources plc ("LNR" or "the Company") Interim Results Libra Natural Resources plc ("LNR" or "the Company"), the international renewable wood-to-energy company, is pleased to announce its Interim Results for six months ended 30 June 2006. Highlights: * Turnover more than trebled to #4.52m (2006: #1.2m) * Gross Profits increased 450% to #820,000 (2006: #187,000) * Net Assets of #21.48m (2006: #12.75m) * Net cash of #2.52m (31st December 2007: #0.4m) Commenting on the Results, Chief Executive Officer, Peter Greensmith said, "We are very pleased with the excellent performance for the first six months of the year from our core wood pellet manufacturing operations, particularly the rapid progress made in integrating the newly acquired Princeton Co-Generation Corporation business, which has exceeded our expectations. "The volatility in the value of our non-core investments during this period re-emphasises the validity of your Board's recently announced intention to divest these assets in the near future. Whilst I am pleased to say that all of these non-core holdings still show a positive return for your company on its original investments, it is your Board's intention that these Results will be the last which LNR reports as a conglomerate. Shareholders can expect to receive news shortly on how this re-focusing of LNR will be implemented. "In addition to these results, LNR is pleased to announce today details of the Company's first major move into the US wood pellet manufacturing market. Your Company is making an initial U$2m investment in a profitable wood-chip production plant in Virginia, USA. Your Board views this investment as providing a spring-board for the creation of a major US regional wood-pellet business similar to that which LNR has successfully developed in British Columbia, Canada. "This, together with our recently announced West Kootenay development plans, is further evidence of your Company's absolute commitment to the development of a major international wood to energy business. "We look forward confidently to the full year Results , which your Board believes will demonstrate an accelerating profits profile, as recent plant upgrades and sell price increases are reflected for the first time." For further information: Libra Natural Resources plc Peter Greensmith, Chief Executive Tel: +44 (0) 20 7877 5040 Landsbanki Securities (UK) Ltd Nominated Advisor & Joint Broker Tel: +44 (0) 20 7426 9000 Gareth Price/Simon Brown, Corporate Finance Media enquiries: Abchurch Heather Salmond / Franziska Bohnke Tel: +44 (0) 20 7398 7700 franziska.boehnke@ab Financial Results In the six months ended 30 June 2006, turnover in our operating businesses increased by over 350% to #4.52 million (#1.2 million in 2006). Profits before administrative expenses accelerated to #820,000 (#187,000 in 2006). As anticipated, we experienced higher general and administrative expenses as one-off, accrued consultancy, legal and financial costs, associated with the group's expansion since its listing, were met. Other gains and loses showed an overall loss of #1.5 million vs a profit of #3.5 million at 31 December 2006. This loss, relating to the Company's non-core holding in Prometheus Energy Company, was partly offset by gains over the period relating to other such non-core stakes held by the Company. Our cash position was #2.5million at 30 June 2007 as compared to #0.4million at 31 December 2006. Core Operations We are pleased to report that the Company has successfully undertaken several projects to enhance its core wood pellet operations. During Q1, Westwood completed an upgrade to its gasification drying system which resulted in a 24% increase in throughput of lower cost 'green' fibre. In June, a new larger pellet mill replaced a smaller, older unit at Princeton which will result in approximately a 10% production increase in Q3. A 2,700 metric ton finished storage expansion is also underway at Princeton that will reduce handling costs and improve customer service. In September, semi-automated bagging equipment was installed at Westwood which is already significantly improving productivity and increasing access to higher margin retail markets. Princeton is also preparing for a drying capacity expansion . As recently reported, the Company is also pleased to report the renewal of key feedstock supply contracts through 2010. The impact of these capital improvements, together with operational improvements and marketing investments, can start to be seen in the Results for the first six months of the year. The phased sequence of these efforts means that the full impact of the changes have not yet been seen, and, therefore, provides management with strong confidence for the second half of the year. US and UK growth strategy In line with our previously stated strategy, LNR today announces that it is to make an initial investment of U$2 million, payable from the company's existing cash resources, for a 75% interest in an existing 180,000 tons pa, operational wood chip plant. This facility is in Louisa County, central Virginia, USA, an area where the timber supply is substantial. This site is capable of integrating a scaleable 75,000 ton wood pellet manufacturing plant, which is currently under development and is targeted to be in commercial service in Q2 of 2008. This plant, when fully developed, will enable our wood pellet business in North America to more cost effectively serve customers in the eastern USA and Europe. LNR previously announced it was in discussion to potentially invest in a major UK wood pellet opportunity. Whilst these discussions have now terminated, the Company continues to evaluate other potentially attractive opportunities in the UK, although these are likely to be project development-led rather than via acquisitions, due to the lack of scale and profitability in the existing UK marketplace. Dividend No dividend is proposed for the six months ended 30 June 2007. Copies of Interim Report Copies of the interim report can be obtained by writing to The Company Secretary, Libra Natural Resources Plc, 40 Basinghall Street, London, EC2V 5DE or on the Company's website www.lnrplc.com Outlook We are confident that the Company can maintain the momentum from the first half of the year and deliver record results for 2007, as a focused, leading international wood-to-energy group. Peter Greensmith Chief Executive Officer 27 September 2007 |
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