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LNR Libra Natural

30.05
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Libra Natural LNR London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 30.05 00:00:00
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30.05 30.05
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Libra Natural Resources LNR Dividends History

No dividends issued between 29 Mar 2014 and 29 Mar 2024

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Posted at 30/4/2008 06:12 by peter1981
Preliminary Results

RNS 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
BUY

3 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@liberumcapital.com





Nick Walker
Head of Renewables



Tel:
+44 (0) 20 3100 2267

Fax:
+44 (0) 20 3100 2099

Mob:
+44 (0) 7983 959063


Nick.Walker@liberumcapital.com
www.liberumcapital.com
Posted at 03/4/2008 06:06 by chris1981
Operational Update

RNS 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@abchurch-group.com
www.abchurch-group.com






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 PG

I'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-recognised
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 Operations




RNS 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@abchurch-group.com www.abchurch-group.com



- Ends -
Posted at 28/9/2007 06:13 by devere
Libra Natural Interim Results


RNS 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@abchurch-group.com www.abchurch-group.com




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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