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BFC Biofuels

1.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Biofuels LSE:BFC London Ordinary Share GB00B00VD693 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.50 GBX

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Date Time Title Posts
22/1/202411:26Biofuels to rise like a Pheonix9
21/12/201115:46Biofuels Corporation Charts37,293
01/6/200712:30Biofuels with Charts & News3
23/3/200709:04BFC share black market....!29
06/2/200710:00BFC chart16

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Posted at 04/9/2009 03:13 by jabuk
Sep 1 2009 The Journal.

THE boss of one of Europe's largest biofuel plants says he is still confident it can become a successful venture after a torrid few years which saw it taken over by its bankers after running up debts over £100m.

The Biofuels Corporation of Seal Sands, on Teesside, was opened by Tony Blair in a blaze of glory in 2006 and heralded as the shining light of a low-carbon future.

But one year later it had racked up debts of over £100m and was taken over by its banker Barclays.

It is now operating at "well under half" of its capacity and is concentrating its efforts on refining low-cost used cooking oils to ensure it makes money, having cut its workforce from 50 to 35.

Chief executive Sean Sutcliffe says the company has recently been hampered by changes to legislation, but says it is now well-placed for a successful future.

"We are currently focusing on making high-quality biodiesel for the UK market using low-cost, used cooking oils from across the UK and Europe.

"Our problems were exacerbated by changes to the Renewable Transport Fuels Obligation following the Gallagher Review last year.

"We are currently operating at well under half of our existing capacity.

"But as the amount of biofuel that has to be used in a fuel increases over the coming years we will be increasing our production.

"We are a good business with a solid future, making good quality, environmentally friendly fuel."

In April 2008, the Renewable Transport Fuels Obligation was introduced, requiring all petrol and diesel sold in the UK to contain at least 2.5% biofuel.

But the Gallagher Review proposed the rate of increase of the percentage of biofuel used should be slowed due to negative effect planting land with fuel crops was having on food prices.

However the Government it still intent on hitting the target of 3.5% by 2010, with the percentage increasing in following years.

In 2003 the Biofuels Corporation announced it was creating the world's largest biofuel plant on Teesside making fuel from rapeseed, soya and palm oil.

Three years later this vision became a reality when the £43m plant came on line and in June 2006 it was officially opened by Tony Blair

But it soon became apparent Biofuels Corporation was having difficulties and it later revealed it had lost around £50m on an earlier attempt to hedge the company's trading risks.

As it debts soared its share price tanked and in autumn 2007 it was delisted from the Alternative Investment Market and taken over by Barclays.

Barclays Ventures, which now owns the business, declined to discuss the business.
Posted at 30/7/2009 02:50 by jabuk
Subsidised US biodiesel pays the penalty
Jul 29 2009 Evening Gazette

THE decision to extend penalty tariffs on heavily subsidised American biodiesel has been welcomed by a leading producer on Teesside.

Richard Nickels, chief executive of The Biofuels Corporation at Seal Sands, said since Europe shrugged off allegations of protectionism in March to slap preliminary charges on US imports, he had seen the equivalent of a $200/t increase in the price for his product.

"They were holding the market back," he said. "Margins have gone up, although we still aren't getting enough feedstock."

This month, Europe extended the anti-dumping duty, which will cost American producers up to $333/t, by another five years.

The Biofuels Corporation, which until spring this year was running substantially under capacity, had increased output, but Mr Nickels said it was impossible to forecast when it would hit maximum production.

The multi-feedstock plant now ran almost exclusively on UK and Irish waste oil, he said, with around 15% oil seed rape and tallow.

"We are now firmly going down the waste oil route," said Mr Nickels, but there was insufficient feedstock to supply the 250,000/t a year plant.

Overcapacity in the European biodiesel industry now stands at around 13m tonnes, according to the European Biodiesel Board.

Mr Nickels acknowledged that, on the face of it, tariffs were indefensible.

"But not if they are driven by a (US) subsidy - that's the issue," he said. "My argument from the very start was that I would not have a problem with American imports - as I don't with Argentinian - as long as there was no subsidy. America was carrying a $300/t cost and we could not compete."
Posted at 09/10/2008 08:01 by jabuk
Biofuels output up to standard
Oct 8 2008

BIOFUELS bosses on Teesside have welcomed a report claiming the UK's output is meeting green standards.

But they say subsidies for US imports should be slashed to secure the health of home-grown product, amid claims the green standards of biofuel sold in Britain are being dragged down by less eco-friendly imports.

According to the first quarterly report by the Renewable Fuels Agency (RFA), the amount of UK road biofuel has exceeded the 2.5% targets set by the Government's Renewable Transport Fuel Obligation at 2.61%.

Almost all - 97% - of the biofuel from UK feedstocks met environmental sustainability standards, but overall biofuel sold in the UK failed to meet the 30% target at just 20%. Major fuel companies not meeting Government carbon-saving targets are named and shamed in the report.

Alwyn Hughes, CEO of Ensus, welcomed the RFA report: "The more transparency we've got the better, hopefully this will give the Government more confidence in the industry."

Richard Nickels, chief executive of Teesside's Biofuels Corporation, said US imports had a heavy presence in the UK.

"The US is able to dump such heavily subsidised product on Britain with such ease. It's brought the European biofuels industry to its knees.

"All our products meet sustainability standards, compared with just 20% overall - further evidence that sub-standard US imports should go."

The industry on Teesside is eagerly awaiting the outcome of an EU investigation into import subsidies, following complaints lodged by the European Biodiesel Board against US producers. According to the EC, biodiesel imports into Europe soared from 2.1m gallons in 2005 to 300.2m gallons in 2007. The lion's share, the EC claims, came from the US due to unfair price-setting which has crippled many European producers.

North-east Conservative MEP, Martin Callanan, said: "Peter Mandelson's recent exit from Brussels must not be used by the Commission as an excuse for yet more delay on this matter."
Posted at 03/4/2008 11:34 by asparks
BUY liberumcapital recommendation

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
Posted at 31/7/2007 21:33 by murillo
Section 428 et seq. of the Companies Act 1985 provides that someone who has (1) made a takeover offer for all the shares of another company and (2) acquired 90% or more thereof may in certain circumstances buy out the other 10% compulsorily on the same terms. This does not apply here. Barclays (or rather its subsidiary) has not made an offer for "all the shares", but instead taken a lot of shares in consideration of writing off a lot of debt.

Further, the shares acquired by Barclays are not in Biofuels Corporation, the quoted PLC ("BFC", soon to be the unquoted private company Earls Nook Limited) but in the erstwhile subsidiary Biofuels Corporation Trading Limited ("Trading"). Even if the outstanding 6% of Trading were to be acquired by Barclays, this would not take out shareholders in BFC, but BFC itself.

Post-restructuring, Trading will still have net liabilities of c. £20m. The assets would have to be sold for £60m+ (very unlikely) to generate any return for BFC, let alone the shareholders thereof.
Posted at 24/7/2007 10:48 by magpie59
Well its been an interesting 12 months watching this stock and finally making some money.
I told people last August, when the share price was 95p, it was bust, as did several others, but many more continued to believe in BFC, for reasons I still don't understand. I should have made a mint but failed to back my convictions with money, only finally making £30K in the last month or so. I'm not a serial shorter, having only ever shorted this and Eurotunnel and I have mixed feelings about the activity. Those that regard all shorting as an evil pursuit are I believe misguided. I agree that it is wrong to attack and undermine a potentially sound company and thwart their ability to raise capital and recover. But when you have blatant dead ducks like BFC and ETL, then shorting them is a legitimate pursuit in my view.
I've enjoyed my time on here, interesting jousting and debate, good humour and vitriol all seen at one time or the other. This though is my final BFC BB post. Good luck to all and I hope any who have lost (especially nfranks and Ricky Jackson)regain their money elsewhere.
It's been emotional!
Posted at 28/6/2007 15:54 by magpie59
I couldn't quite work out what is happening to the remaining £60m debt if Barclays is only forgiving £40m.

I've now been through the whole thing, yet again and I believe I've got it now.
Some facts:

1 The "Existing Debt" lies with BFT not BFC.
2 Only £40m of that is being forgiven in exchange for the Barclays wholly owned Newco gaining a 94% stake in BFT.
3 BFC is being released from X-gurantees, which means BFC is in no way responsible for the remaining BFT debt of £60m. This is important and the bit I didn't get but do now. The current 100% of shares in BFC will remain just that, the 100% owners of BFC. But BFC will only own 6% of BFT, to whom all the assets of BFC are being transferred. The removal of the X-guarantee means BFC will become debt free. However, the remaining £60m debt will still be in BFT, but since Newco own 94% of BFT and BFC own 6% of BFT, then effectively Barclays own 94% of their own debt and indirectly BFC own 6% of the £60m debt, but only indirectly through their 6% stake in BFT.
So the "thing" (i.e BFC) that shareholders have a stake in has lost all of its debt, but indirectly, BFC shareholders are still responsible for £3.6m of debt, calculated as 6% of £60m. Having said that they also own 6% of the assets of BFT, maybe 6% 0f £50m, say £3.0m. BFT are still a technically insolvent company then.
So the £60m debt hasn't disappeared, its just that it is entirely in the hands of BFT.
4 BFC is relieving BFT of the responsibility to pay the "Inter-company loan". We don't know what this amounts to but I think insignificant as the £100m external debt definitely lies in BFT. Also, it states the only asset of BFC will be the investment in BFT plus the rights to any Energea claim. I think this inter-company debt disappears inthe process of transferring assets to BFT.
5 BFT must pay BFC annually the admin costs relating to company formalities. This has been written in since the new structure requires BFC to continue as the vehicle for the existing 49m shares in it to survive, and yet it has no income whatsoever to even cover a £20 Companies Filing Fee. Hence this requires BFT to sub BFC.
6 BFT must also pay BFC costs relating to any Energea claim, but...........critically the advancement of any such claim is NOT BFC's decision but BFT's - so Barclays, via its wholly owned subsidiary, Newco.
7 There will be no public market for the 49m shares in BFC. This is critical. Those 49m shares aren't going anywhere. They will all still be in place post restructure. It's just they'll be with a private company with no income.

Where does this leave shareholders going forward?

Their only chance of value is if Barclays/Newco either elect for BFT to pay a dividend or if they sell BFT. In either case the 49m BFC shareholders will only get 6% of any distribution by BFT.
I estimate BFT to have a negative balance sheet to the tune of around £15-£30m. It would be a brave man who would project profits in the next five years sufficient to wipe that out and build up reserves sufficient to make Barclays confident enough to allow a dividend be paid by BFT. I would rule out a dividend from BFT then, in the very long term, and certainly not before Barcalys have their £60m back.
In summary then, I believe the only chance of BFC shareholders getting anything once the company delists is if BFT is one day sold. At 1p per each currently traded share the collective worth of the 49m shares is £490K. To just get that value, BFT would have to be sold for £8.167m (£8.167m x 6% = £490K). So roughly speaking, each penny perceived value of the share, needs £8m worth of future BFT sales consideration.
In other words, a decision to not sell now at 4.25p is a gamle that BFT may one day be sold for at least £34m.
Posted at 26/6/2007 13:36 by magpie59
Paul - grey area. They first refer to £40m but later say:

"the release by the Company of Biofuels Trading from the obligation to repay the Inter-company Loan"

I've read the whole thing more thoroughly now. Basically we will end up with a de-listed private company, the current BFC. BFC will have no trading assets, just a 6% stake in BFT (Biofuels Trading), with Newco (Barclays) holding 94% in BFT.
Existing shareholders won't even have a direct stake in BFT, just ownership of BFC which will own 6% of BFT.
The quoted statement above says that BFC will release BFT from repaying the inter-company loan, but we don't know what that is.

My valuation assumed £97m was being written off but I am doubtful now and think it may be only £40m. If it is only £40m being forgiven then the current shares have a negative "value" not 3.3p.

I am unclear. Does BFC forgiving a BFT debt mean Barclays are writing off the full £97m? I don't know, but I do know BFC shares are worth between zilch and 3.3p.
Posted at 26/6/2007 11:44 by the_doctor
Thanks magpie.

Agree that it doesnt alter what happens when the co is private, but it would affect the share price before then.

That c 768m, have you derived it from the current share price, or is it stated somewhere?
Posted at 30/5/2007 20:43 by ecks
nfranks - A Tribute
-------------------

I thought that nfranks would hold BFC forever just as John Peel would DJ for eternity. In a parallel universe rats are leaving a sinking ship, in another a canary just drew his last breath down a mine.

Frankie was the keystone of BFC, the frozen wreckage of hope to which many clung to and owe their sanity. Frankie has just turned out the light and now there is no-one in.

Yes I know you're not deed Frankie; I knew that even when this day came, you would keep your head and have something to live for. A pint is just a pint, but a round is a principle and I knew you would live for your principles. Next time I'm in London I'll get you a Doombar and a premium lager for our friend LordCoco. Perhaps you can make it for the BFC wake too Paul?

James, I think a banner is in order for Frankie's long service to the thread. To speak of a 'buying opportunity' in the 11th hour is pure class.

Frankie do not feel guilty if you hope to see the share price continue to fall tomorrow. You have shown far more loyalty to Biofuels Corporation than they deserve, and if they have any conscience they will secure the Seal Sands tearoom for you before handing the plant keys to Barclays.

Sleep well Mr.Franks - you did the right thing.
Biofuels share price data is direct from the London Stock Exchange

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