Fibregen Share Discussion Threads

[asparks] 14/5/2009 09:25

("FibreGen" or the "Company")
Company Update – Sale of Argonaut Biofuels LLC
Dear Stakeholder;
FibreGen plc (the "Company") continues to execute its previously announced
strategy to dispose of its non-core assets and, in that regard, announces, today, the
sale of its US subsidiary Argonaut Biofuels LLC ("Argonaut").
Due to market conditions, the Company was not able to raise sufficient capital to
construct the planned wood pellet plant at the Argonaut site in Virginia, USA. The
Company has, however, continued to manage Argonaut's existing wood chip
operations serving the US pulp and paper industry. Unfortunately, economic
conditions in this market segment have been very challenging. This has resulted in
significant losses in the Argonaut subsidiary. These continuing losses have required
the Company to pursue a strategy to sell this subsidiary. After an extensive process,
the sale of Argonaut was completed on 28 April 2009. The sale of Argonaut
removes approximately US$5 million of debt from FibreGen's consolidated balance
sheet.
This transaction allows your Company to further concentrate its efforts on
strengthening and improving the performance of its Canadian wood pellet
operations.
We will provide a further update in due course.
Glenn Smith, CEO
Richard Squires,

[turbotrader2] 13/5/2009 19:12

announcement out

[madengland] 23/4/2009 21:48

Anyone any idea how long this is likely to take?

[asparks] 30/3/2009 13:52

19 March 2009
FibreGen plc
("FibreGen" or the "Company")
Company Update
Dear Stakeholder;
FibreGen plc (the "Company") continues to execute its previously announced
strategy to dispose of its non-core assets. Disposal of such assets is essential to the
on-going efforts to restructure the Company.
Overall trading conditions for the Company remain challenging given the
unprecedented downturn in the U.S. economy and its impact on the North American
lumber and pulp and paper industries. As a consequence, your Company is
currently concentrating its efforts on strengthening and improving the performance of
its Canadian wood pellet operations.
We will provide a further update in due course.
Glenn Smith, CEO
Richard Squires, Chairman
Enquiries:
Abchurch Tel: [phone]
JustinHeath / Joanne Shears Tel: [phone]
[e-mail]
www.abchurch-group.com

[asparks] 30/3/2009 13:51

19 March 2009
FibreGen plc
("FibreGen" or the "Company")
Company Update
Dear Stakeholder;
FibreGen plc (the "Company") continues to execute its previously announced
strategy to dispose of its non-core assets. Disposal of such assets is essential to the
on-going efforts to restructure the Company.
Overall trading conditions for the Company remain challenging given the
unprecedented downturn in the U.S. economy and its impact on the North American
lumber and pulp and paper industries. As a consequence, your Company is
currently concentrating its efforts on strengthening and improving the performance of
its Canadian wood pellet operations.
We will provide a further update in due course.
Glenn Smith, CEO
Richard Squires, Chairman
Enquiries:
Abchurch Tel: [phone]
JustinHeath / Joanne Shears Tel: [phone]
[e-mail]
www.abchurch-group.com

[credit crunch diva] 15/2/2009 17:29

Kooba

intrigued by your posts and like me clearly know we could come out of this ok.

Has anyone spoke to MC lately?

I do believe a resurrection is in order

Kooba , please discuss

[sg31] 14/2/2009 14:47

Kooba,thanks again.

[kooba] 14/2/2009 14:38

not sure there is much to report just yet but might do some checking.having spoken to the ceo in the past i do think he is doing everything to secure maximum value for ordinary and conv holders and is trying to hold things together to avoid firesale prices for any assets or the whole company and to retain the core canadian op's as a way forward [or at least get a good price for them].though key to going forward will be a capital restructuring with conv holders swapping for equity.if everything goes for the best could end up with a debt free profitable and cash generative canadian business worth a fair few quid [albeit with quite a few more shares in issue]..fingers crossed

[sg31] 14/2/2009 14:19

Kooba,thanks for that,I had checked the website but it hasn't been updated recently.As you suggest I have considered it a write off but if the assets are still in operation I think they should keep shareholders up to date.

[kooba] 13/2/2009 22:11

think the canadian assets are still operating well the directors are still trying to organise a non core asset disposal programme and a capital restructuring...consider it a total write off and you might just get a pleasant surprise in due course.real shame that the business was not built with appropriate funding in place to fund the working capital requirements of their lofty ambitions because i personally still believe that the bio-mass energy market where they operate still holds great investment appeal.

[sg31] 13/2/2009 20:54

What is the latest on this dog.it might be delisted but are the wood pellet plants still operating.Anyone know anything?

[madengland] 22/1/2009 10:10

Still no news about equity

[asparks] 05/1/2009 11:32

about what TT2?

[bubface] 19/11/2008 22:24

thx for pointing out tt2.

[turbotrader2] 19/11/2008 21:50

I assume you have all read the news on the website?

[sg31] 22/10/2008 13:12

PWC have given FBG a clean bill of health...there was no fraud.How does that work,PWC can you send someone round to see if we have committed fraud...yes of course we will pay you a load of money....So you couldn't find any fraud,here's a nice big cheque....SORTED
So why have PIs been left with F all

[abadan2] 22/10/2008 12:48

PriceWaterhouse may have given FBG a clean bill of health (they have been in the company doing an investigation) but all this means is there was no fraud, just mind blowing incompetence!!

[spongman] 18/10/2008 12:48

Does that mean, in your opinion, that we small shareholders are likely to get something back?

TIA
Regrds
$pong

[16charlie] 18/10/2008 11:18

all i can say that it was a personal phone call to the top sorry i cant divulge the source but im 99% its true

[sg31] 17/10/2008 22:45

TT2.Wow you added a lot of meat to those bones with that detailed explanation.It's all wonderfully clear now.