Share Name Share Symbol Market Type Share ISIN Share Description
Equatorial LSE:EBF London Ordinary Share GB00B0R2RS53 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p - - - - - - - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.00

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Date Time Title Posts
27/2/201021:00Equatorial Biofuels PLC133
01/12/200614:09EBF,WHY THE MASSIVE RISE????????????6

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mdchand: Update - which basically says bye-bye share holders..... Equatorial Palm Oil PLC ("the Company") originally founded in 2005 as Nardina Resources ("Nardina") was admitted to trading on AIM on 14th February 2006 as an investment company, with the Company's equity interest in proposed investments ranging from a minority position to 100% ownership. The proposed investments may have been either quoted or unquoted in companies, partnerships, joint ventures or direct interests in mining projects. Whilst it was likely that the investments be made in exploration or development stage undertakings, the Directors may have also decided that the Company should invest in producing assets. On 21st August 2006 Nardina announced the signing of agreements to acquire 100% of the issued capital of Liberian Forest Products ("LFP"). LFP held management agreements and permits covering over 700,000 hectares of land in Liberia with commercial agricultural potential, particularly for the cultivation of oil palms. The Permits held by LFP included existing established oil palm plantations of over 8,000 hectares. Initial project scoping indicated the permits included over 150,000 hectares of land suitable for the establishment of productive oil palm plantations, upon which Nardina proposed to develop a large scale, vertically integrated oil palm and biofuels. The Project was, and still is, planned to be developed in two key stages. Stage 1 will focus on the rehabilitation of existing plantations for initial production of crude palm oil ("CPO") and the completion of a detailed feasibility study on the expansion of the plantations and development of biofuels processing operations. Stage 2 will focus on the role-out of new plantation areas and the development of large scale CPO plants and downstream biodiesel processing facilities located in-country and/or at distribution points for major markets. The acquisition of LFP represented a fundamental change in the business of the Company and accordingly was structured as a reverse takeover under the AIM Rules which was subject to shareholder approval. Consequently, Nardina's shares were suspended from trading until a Readmission document had been issued to shareholders. The Company subsequently changed its name to Equatorial Biofuels PLC on 24th November 2006, to reflect the focus of the Project. 29/09/2008 2 However, the Company had been unable to publish an admission document due to the contracts entered into between LFP and the Liberian Government being continuously reviewed by the Liberian Government in accordance with Liberian law and, therefore, the final terms were not sufficiently certain to properly describe in an admission document. As, Rule 41 of the AIM Rules provides that the Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months, the shares in the Company would have been suspended from trading for six months on 21st February 2007. Therefore the Company was unable to publish an admission document by that date and, accordingly, the Exchange cancelled the admission of its shares on 22nd February 2007. Following a meeting with the Directors of the Company on 22nd May 2008, Cornhill Capital ("Cornhill") was presented with the Company's Placing and Admission Document to AIM, seeking admission to have access to the equity capital markets, and to raise up to £15m through the placing. The expected net placing proceeds were expected to be used to rehabilitate approximately 6,000 hectares of existing plantations, the commissioning of two CPO processing mills, commencement of civil and construction works, commencement of nursery operations, and the clearing and preparation of new plantation areas. The Company had previously announced that it had appointed Mirabaud Securities Ltd as broker to the Company and at the time of (re-)admission the Directors expected to undertake a fundraising to support the Company in pursuing the development of its projects in Liberia. In recent months it has become more apparent that the Company's intention to raise the amount of funds required, for its capital expenditure, from the equity capital markets has proved more difficult than had been anticipated, mainly due to the current adverse equity and investment market conditions. Equatorial Palm Oil and its affiliates have continued in their endeavour to seek the required funds from all areas of the market, to obtain the most beneficial outcome and to maximise potential returns from the Company's current projects. Further to a conversation with Michael Frayne (Chairman of Equatorial Palm Oil) on 25th September 2008, Cornhill have been informed that the Company has made significant steps in raising the targeted funds and tentatively expects to complete the raising by the end of 2008. However, the funds that have potentially been placed are thought to have been provided by private institutions, it should be noted that these institutions require Equatorial Palm Oil PLC to remain as a privately listed company for the medium to long-term. It is thought that this will ultimately benefit the Company in the longer term, as it will protect the share price of the Company whilst it manages to develop its assets into sustainable CPO producing plantations. It is estimated that the Company will require approximately 2-4 years before a liquidity event occurs, to first establish the assets commercial ability and secondly achieve its projected revenue streams.
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