|RNS Number : 1611N
11 February 2009
The Directors of Bioganix plc ("the Company") announce that they have filed a
notice of appointment of an Administrator to Bioganix Composting Limited ("BCL)
which, along with BCL's wholly-owned subsidiary Bioganix Research Limited, is
the sole operating entity within the Bioganix Group ("the Group").
This follows the announcement on 26 January 2009 that it appeared unlikely that
the proceeds receivable from any disposal of the operating business and assets
of the Group would result in a surplus to shareholders. Discussions were then
progressing to a disposal through a sale of the entire issued share capital of
BCL, thereby avoiding insolvency. It became clear for the first time during
Thursday 5 February, however, that the Bank believed that the only remaining
offer from potential purchasers was for the purchase of certain assets of
Bioganix Composting Ltd out of administration using a "pre-pack"
arrangement. The Directors therefore have had no alternative than to commence
steps for the appointment of an Administrator to BCL. The Company will not
itself be placed in administration but is likely to be wound up in due course.
Blue Oar Securities Plc resigned on February 10th 2009 as the Company's
Nominated Adviser. In consequence as the Company does not intend to appoint a
replacement nominated adviser, the Company's AIM listing will be cancelled with
effect from 7am 10 March 2009. Trading of the Company's shares on AIM remains
In the next few days the Directors will be posting on the Company website a more
complete account of the Group's activities and history.
Nick Helme 01568 619115
Managing Director - Bioganix Plc|
|1p on the bid, not looking good|
|Possible that the "potential offer has fallen through and or banking facities have been reduced. Unless companies have cash and are profitable no market for them in these days.
Market cap (according to ADVFN) is only £1 million - Tempted to buy the coy if any chance of making it profitable.
- Having just looked at the accounts looks very bad - Bleeding cash and poor level of sales.|
|market makers obviously know something, i wonder when we will find out?|
|Just read front page of Daily Telegraph 'Warning of council tax rises if landfill waste is not cut'. 'If the target is missed, individual councils could be penalised by £7 million each PER year'
I guess that this company was ahead of its time. It is the Rolls Royce of the industry with the best air cleansing system going(odour management). Under capitalised and someone will by this for a snip and make a killing. .......Unless a bidding war starts!!!! I see that it has market cap of under £3 million and the last 48,000 tonne plant cost over £4 million, which is cheap compared with other players. Just look at what Manchester is paying TEG, without any odour management.
|I guess that this is saying the company is up for sale. I remember an article in a weekend FT in mid August about a private composting company (Green Earth???) that was going to go public next year with a flotation. I wonder if they know that they could get a listing , plus some useful plants by bidding for this one?|
|RNS Number : 3186E
25 September 2008
Bioganix Plc ("Bioganix" or "the Group")
Statement re Possible Offer
The Company announces that it has received an approach from a third party which, if
discussions are successful, might lead to an offer
being made for the entire issued share capital of the Company. It is emphasised that
discussions are at an early stage.|
|market makers are short of stock.|
|RNS Number : 3853D
15 September 2008
Bioganix Plc ("Bioganix" or "the Group")
The Group's trading performance over recent weeks has been disappointing principally for
the following reasons:
* Volumes of waste material being processed at Parham have been lower than
expected due to delays in securing a number of key contracts for food
* The anticipated increase in volumes of waste material being processed at
Sharpness has been slower than expected. Although the Group is continuing
to pitch for new waste material, the Board now considers it likely that
the ramp-up to acceptable levels of operation at Sharpness will take
longer than previously expected.
* Operating costs at both Parham and Sharpness have been generally higher
than expected particularly in respect of chemicals and fuel.
As a result of lower revenues and higher costs, the Group's cash position has
deteriorated. The Group is currently trading within its
existing bank overdraft facility and is in discussions with its bankers over providing
The Board is continuing to work on securing planning permission for the proposed new
Bioganix plant at Aylesbury and continues to
consider options for its financing.
The Company expects to announce its interim results for the six months ended 30 June 2008
on 26 September 2008.|
|Very good report about a site visit.
|I emailed Islington as I was curious about where the food / green waste they collect goes... this is their reply
Dear Mr Wolterix
Thank you for your email regarding the North London Joint Waste Strategy Strategic Environmental Assessment.
In answer to your questions about what happens to the food waste that is collected from your door in Islington, it is delivered to an 'in-vessel' composting facility owned by LondonWaste Ltd and located at Edmonton. The facility can process up to 30,000 tonnes of mixed green garden and kitchen waste each year and produces an accredited soil conditioner as a result which is being used in both agriculture and on local parks and green spaces. There is some information about the compost centre on the LondonWaste website at www.londonwaste.co.uk. A visit is also being organised to the facility by Islington council on 25th September. Please email email@example.com if you are interested in joining the trip.
In terms of our awareness of companies such as Bioganix, yes we are aware of them. However, at present the North London Waste Authority has a 20 year contract with LondonWaste Ltd for managing waste. This contract expires in 2014 and we have therefore started a procurement process for developing new services and facilities after this date. Further details are available in the 'procurement' section of the North London Waste Authority website at www.nlwa.gov.uk.|
|This share interests me, principally as I'm a SEO holder - biodegradable compostable 'plastics'... there was a radio 4 programme Thursday night on packaging and the environment with a guy from ASDA on it who I've since had correspondence with, simply ASDA are NOT in favour of compostable packaging... 'the infrastructure isn't there' to deal with 'life end' - other retailers are a bit more savvy and do have digesters producing methane / elec from their food waste... is anyone prepared to give me the headlines on this company? and does this ring true with holders here?|
|Glad to see some good news coming through. 'Where there's muck there's brass!!!'|
15 April 2008
15th April 2008
Bioganix plc ('Bioganix' or 'the Group'), the AIM listed waste management
services group, is pleased to announce that the contractual dispute between
Bioganix and a major customer ("the Customer"), as reported in the trading
statement of 21st January 2008 has now been satisfactorily resolved.
The matter was due to be dealt with by arbitration but after an approach by the
Customer, a settlement agreement has now been concluded between Bioganix and the
Customer in advance of the arbitration hearing. A Consent Order has been signed
to stay the arbitration proceedings.
Under the terms of the settlement agreement, the Customer will make an immediate
payment of £100,000 followed by 12 monthly instalments of £10,000 each. In
addition, the Customer has signed an agreement whereby the Customer will process
material supplied by Bioganix over the next two and a half years, in one of the
Customer's facilities, for a reduced gate fee. The value of this arrangement to
Bioganix over the period of this agreement is anticipated to be approximately
£840,000. The total value of the settlement agreement to Bioganix is therefore
expected to be approximately £1,060,000 over the next two and half years. All of
the figures stated in this paragraph exclude VAT which will be added at the
The Customer has also entered into a further agreement, the terms of which are
that the Customer will continue to deliver certain gate fee material to the
Bioganix Parham plant under similar terms to those that were in place under the
previous contractual arrangements. This new agreement will remain in force until
August 2011 and will result in Bioganix receiving a minimum of 26,000 tonnes of
material from the Customer.|
|I have been trying to compare BGX with TEG. This one appears to break even or lose a bit , TEG seems to lose it by the £million. TEG announced its last big order at about £20 per tonne gate fees, BGX seems to be quoting gate fees of about £45. TEG was proud of contract size of £250,000.00 per year, BGX is talking of new contract at £1,450,00.00 per year. Why is heavy loss making TEG valued at £33 million and BGX only valued at £8.5 million? Is TEG overvalued or BGX undervalued? Please can somebody who knows the industry explain?|
28 January 2008
Bioganix plc is pleased to announce that it has been awarded preferred bidder
status by Buckinghamshire County Council for a contract to process 30,000 tonnes
per year of green and kitchen waste. The contract is expected to be worth in
excess of £22m over the life of the proposed 15 year term.|
21 January 2008
21st January 2008
Bioganix plc ('Bioganix', 'the Group' or 'the Business'), the AIM listed waste
management services group, today announces the following trading update.
* As reported in the Interim Results on 28th September 2007, volumes at
Parham have been significantly lower than expected during the second half of
the year because of a shortfall in minimum contracted levels of supply of
material from a major customer ("the Customer"). The situation deteriorated
in the last six weeks of 2007 in that the Customer did not deliver any
significant amounts of material to Parham during that period, despite being
contractually obliged to so do. The situation has improved in 2008 since
the Customer has recommenced delivery of material at similar daily levels
compared with the second half of 2007 (excluding the period of dramatically
reduced deliveries in the last six weeks of 2007). A contractual remedy
through arbitration is being pursued in accordance with the terms of the
contracts between Bioganix and the Customer. A binding decision of the
arbitrator is expected in the first or second quarter of 2008. Having taken
legal advice, the Directors are confident as to the strength of Bioganix's
contractual position and would expect to receive a significant payment from
the Customer during 2008.
* The 2007 results will therefore be materially affected by the outcome of
the arbitration. If the arbitration award is of an amount representing the
shortfalls in minimum contracted delivery levels from the Customer, then the
Business should break even in its activity in the second half of 2007, in
line with expectations. An arbitration result significantly adverse to
Bioganix could however result in a second half loss of approximately
* Revenues in 2008 are likely to be affected by a number of factors. If 2008
deliveries from the Customer to Parham continue below the minimum contracted
levels, Bioganix will again pursue claims for delivery shortfalls and
damages. In order to mitigate this situation the Group has contracted to
process an additional source of waste material under a three-year contract
with Norfolk and Waveney Council and is in discussion with other producers
of waste for processing at Parham, should the need arise. In addition a
major supplier of waste material to the Wharton plant has recently ceased
sending certain types of material to Bioganix for processing. Although the
Directors are confident that other waste streams will be available from this
supplier and other suppliers to replace a significant proportion of this
lost revenue, some impact on 2008 revenues is possible.
* The construction of the Sharpness plant is proceeding well and processing
of waste material is expected to start towards the end of the first quarter
of 2008. Operations are likely to start slightly later than previously
expected (due to final discussions with the landlord and the planning
authorities taking longer than anticipated) and, in consequence, revenues
from the Sharpness plant during 2008 are likely to be less than previously
estimated by the Directors. The Directors are in discussions with a number
of customers regarding waste material for this plant and are confident that
ample supplies of waste material will be available from the start of
* Final contractual negotiations are taking place for a significant capital
grant from WRAP (Waste Resources Action Programme) towards the construction
costs of the Sharpness plant.
* The directors are in final negotiations with an English Local Authority
concerning the award of preferred bidder status in respect of processing
approximately 30,000 tonnes per year of green and kitchen waste. In order
to fulfil this contract, a new facility is likely to need to be constructed
in due course. The directors are excited about this new potential long-term
contract, which demonstrates continuing confidence in Bioganix and its
technology, and are exploring how best to exploit this opportunity.
* Bioganix are in the final stages of being awarded the PAS100 Accredited
Compost Standard. The Directors anticipate being awarded the Standard
within the next few weeks for the Wharton Plant output and in due course,
the Parham and Sharpness plants.|
|Bioganix: Speculative buy
A tip from the AIM Newsletter
These recommendations do not constitute advice, please read the risk warnings
Bioganix (BGX) describes itself as a leading authority in the composting of animal and fish containing waste from the food processing
and catering trades, and local authorities. It was formed in 2001, following an investment from farming organisation 7Y and over the next three years successfully designed and built its first composting plant. The company listed on AIM in April 2006 and is currently pursuing an expansion strategy to take advantage of a growing demand for its services.
The company currently owns two processing plants, one in Wharton, Herefordshire and one in Parham, Suffolk, where organic waste, mainly sourced from local authorities and catering businesses, gets turned into compost. To simplify the process, waste is poured into large steel drums which in turn transfer it to a mixer where it is broken down into smaller pieces. The chopped up waste is then left for up to four days before being screened and then pasteurised to kill germs. As you can imagine the process smells dreadful although the company is able to control this. Its premises are sealed and kept under negative air pressure to stop smells escaping. Air is regularly sucked out, replaced and chemically scrubbed and filtered before being released into the atmosphere.
Bioganix generates revenues in two ways. Firstly it charges fees for processing waste, mainly determined by the weight of the material that is processed. The Parnham plant, which has a total capacity of around 35,000 tonnes per annum, has a 10-year contract with Suffolk County Council for around 12,000 tonnes of waste per annum and commercial contracts for a further 20,000 tonnes a year. The Wharton plant currently processes over 12,000 tonnes of waste a year. The company generates most of its revenues on a contracted basis although some come from one off deals. Bioganix also sells the processed waste as fertiliser to farmers and although it has many benefits over other composts and fertilizers its sale is not yet profitable due to the distribution costs involved.
Legislation drives demand
Like many 'green' businesses, the main driver in the demand for Bioganix services is changes in legislation. There are a number of rules and regulations covering the disposal of waste that have come into force or will be coming in over the next few years. Firstly, the EU Landfill Directive requires that the biodegradeable proportion of waste sent to landfill sites must be reduced to 65% by 2010 compared to 1995 levels, falling to 35% by 2020. Biorganix's composting process will help local authorities to meet their government set targets and to avoid a fine for every excess tonne that is sent to landfill. Additionally, in his last budget as chancellor, Gordon Brown announced that landfill tax will rise by £8 a tonne every year until 2011. This should further boost demand as recycling becomes an ever more affordable option when compared to landfill.
Secondly, the Animal By-Products Regulations, which enforces EU legislation within England, aims to control the disposal of animal waste to prevent dangerous pathogens from being released into the food chain and causing food related crises. It has increased the range of materials that are considered to be animal by-products and sets a framework for their safe disposal. Although certain waste from commercial kitchens, factories and domestic waste that fall into the new categories can currently be land-filled it is easier from a legal point of view for organisations to dispose of waste using the Bioganix process to ensure compliance and this is expected to drive demand.
The company's last set of results reported on the six months to 30 June 2007 and were in line with expectations. Revenues were up by 23% to £1 million, however losses stood at £0.5 million compared to a small profit of £8,000 in the comparative period mainly as a result of modifications to equipment and higher fuel and electricity prices. Cash flow from operations fell by 60% to £0.1 million. The major bull point in the investment case is the company's third composting plant, which is currently being built at Sharpness, Gloucester. Over the period the company raised £2.24 million from a placing to fund its development. The plant is expected to open early in 2008 and will have a capacity of 48,000 tonnes per year.
In calendar 2008, both the current plants are expected to be operating at full capacity and production volumes will be further boosted when Sharpness comes on stream. Revenues in calendar 2008 should be around £4.3 million, with pre-tax profits of £1.3 million and earnings of 3.8p per share. That puts the shares on a forward multiple of nearly 40 times earnings. At the moment, this figure may look high but if the company manages to open a new plant every 18 months or so - which we think is possible - the numbers could become a lot more interesting beyond next year.
With a proven and compliant technology Bioganix looks well-placed to take advantage of the growing demand for waste disposal in the UK and on the assumption that production is quickly ramped up this stock is a specualtive buy.
The AIM Newsletter was established 10 years ago and is a winner of the prestigious AIM award for Best Research. Every month AIM Newsletter publishes two news tips and updates.
This newsletter was published by t1ps.com Ltd which is regulated by the Financial Services Authority and can be contacted on 020 7033 9389. The articles in it are for general guidance only and we cannot assume legal liability for any errors or omissions they might contain.
T1ps.com assurance - all editors and contributors to the Tips service will declare any personal interests they have with any individual company they are discussing.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not necessarily a guide to future performance. The difference between the buy price and the sell price for smaller company shares can be significant. Before investing, readers should seek professional advice from a Financial Services Authority authorised Stockbroker or Financial Adviser. Profits from dealing in shares may be liable to tax - the level of tax and bases of reliefs from tax are subject to change. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Some of the shares recommended on this site will be smaller company shares. By their nature such investments can be relatively illiquid and thus hard to trade. And that makes such investments more of a high risk than larger company shares.|
20 July 2007
TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES
1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:
2. Reason for the notification (please place an X inside the appropriate
An acquisition or disposal of voting rights: (X)
An acquisition or disposal of financial instruments which may result in the
acquisition of shares already issued to which voting rights are attached: ( )
An event changing the breakdown of voting rights: ( )
Other (please specify) : ( )
3. Full name of person(s) subject to the notification obligation:
HSBC Global Custody Nominee (UK) Ltd
4. Full name of shareholder(s) (if different from 3.) :
5. Date of the transaction (and date on which the threshold is crossed or
reached if different):
17 July 2007
6. Date on which issuer notified:
19 July 2007
7. Threshold(s) that is/are crossed or reached:
|The placing was well recieved, even the directors picked a few up according to the prospectus... I expect they will give a director holding rns when these shares list on 20th.|
|26 June 2007
BIOGANIX PLC ('Bioganix' or 'the Group')
FOR THE YEAR ENDED 31 DECEMBER 2006
Bioganix, the AIM listed waste management services group, is pleased to announce
its maiden preliminary results for the year ended 31 December 2006.
* Successful placing and admission to AIM in April 2006, raising #2.52m net
* Turnover up 130% to #1.6m
* Opening of first full scale commercial plant in Suffolk in May 2006
* Capacity of Suffolk plant increased from 24,000 to 35,000 tonnes p.a.
during second half of the year- significantly ahead of schedule
* Commencement of DEFRA sponsored research project at Wharton site
* Planning permission granted, after year end, for a 48,000 tonne capacity
plant at Sharpness, Gloucester, to be operational in early 2008. 'Long
term' lease agreed with British Waterways Board for 55,000 sq ft site
* Further placing announced today raising approximately #2,250,000 net of
Commenting on the results, the Chairman, Andrew Walker, said;
"This has been a year of significant achievements for Bioganix. Our flotation
on AIM has allowed the continued development of our composting facilities at a
time when the waste market is evolving and demanding more innovative waste
solutions. Gate fees and waste volumes have increased and we are continually
developing important strategic commercial partnerships. Your Board is very
encouraged by the progress made in this year and believe that legislative
changes as well as a broader awareness of waste management issues will continue
to support the ongoing growth of your business."|
26 June 2007
Bioganix plc is pleased to announce that it has completed a conditional placing
of 1,659,133 New Ordinary Shares at a price of 145p per share to raise
approximately #2,250,000 net of expenses.
The proceeds of the placing will be used primarily to provide equity content of
the funding required for the construction and development of the Company's next
in-vessel composting plant. This plant will be built at Sharpness Docks in
Gloucester and will be a 48,000 ton per year facility.
The placing is subject to shareholders' approval which will be sought at an EGM
to be held on 19 July 2007.|