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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Libra Natural | LSE:LNR | London | Ordinary Share | GB00B06CJZ79 | ORD 0.2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 30.05 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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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."
For further information:
Libra Natural Resources plc
Glenn Smith Tel: +1 206 366 5267
Mark Campanale Tel: +44 (0) 771 441 5262
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
Strengthening of Board
In addition to the appointment of Glenn Smith as CEO and John Stirling as COO
and FD this year, the Company is delighted to announce that Rick Squires will be
joining Mark Campanale and Peter Greensmith as a Non-Executive Director. Rick
has over 25 years of international energy, power and commodities experience with
Shell and the power generator InterGen. He also provides consulting services to
the energy industry. He is currently Chairman of Eclipse Energy UK Ltd, a
Non-Executive Director of Good Energy Group, and PiEnergy Ltd. Rick will take
on the role of Non-Executive Chairman immediately, subject to ratification at
the Company's forthcoming EGM. Mark Campanale will continue to contribute his
forestry and sustainability expertise as a Non-Executive Director. The Company
intends to further strengthen the Board with the appointment of additional
Executive and Non-Executive Directors over the coming months.
Rick Squires commented on his appointment: "It is very exciting to join the
team and to be proposed as Non-Executive Chairman. With concerns in the
international energy sector regarding security of supply, the environment and
energy pricing, the Company is well placed to grow a sustainable business,
throughout the value chain, both in its existing North American markets and
internationally."
CEO's review
We are pleased with the underlying performance of our wood pellet business,
which we believe is the cornerstone for further expansion and development of the
Company as we accelerate our efforts to create a leading international
biomass-to-energy business. During 2007, we continued to invest in the upgrade
of our Canadian wood pellet assets and, in addition to the acquisition of the
wood chip facility in Louisa County, Virginia, have also made good progress
toward finalising the engineering design for our proposed 120,000 ton capacity
wood pellet plant at that site.
In early April 2008, we announced the acquisition of Atlas Pellets which, with
pellet production of up to 53,000 tons in 2008 and 128,000 tons in 2009,
approximately doubles the capacity of your Company's wood pellet business. This
strategic move reinforces our growing influence and market share for bagged fuel
product in the USA and in particular, in the western half of the USA.
With these acquisitions and upgrades, the Company expects to have a total
production of 350,000 tons of pellets and 397,000 tons of wood chips in 2009.
Our aim now is to actively develop further projects on the Eastern Seaboard of
the USA which we believe will enable the Company to meet our wood biomass
production goal of 1.5 million tons by the end of 2009, which may also include
potential investments in co-located biomass-to-energy plants. In support of its
strategy, the Company intends to secure long-term ownership and control over
strategically located forestry assets as a matter of priority.
Our international biomass-to-energy aspirations have moved forward with our
initiatives in both China and Russia, which we intend will be progressed over
the next 12 months.
The de-merger of all non-core assets (including the Company's investment in
Prometheus Energy Company) to Ethanol Investments plc ("EI") (or Evergreen
Securities plc) and our proposed name change to FibreGen plc, reinforces our
refocusing of the business on its core wood biomass operations.
As the Company intends to move forward to execute its focused vertical
integration growth strategy in the biomass-to-energy sector, we reflect on 2007
as another year of exceptional growth and transformation of the Company. We
believe that this progress reflects the continuing support of highly focused and
motivated staff and that their commitment and dedication drives our success.
Glenn Smith
Chief Executive Officer
30 April 2008
CHAIRMAN'S REVIEW
The Company announced its strategic intention in December 2007 to increase
significantly the size, scale, and range of its investments in the wood pellet
business and to become the world's leading producer of wood pellets within 24
months. With the Company's acquisition of Coeur d' Alene Fiber Fuels and its
increased development activities on the Eastern Seaboard of the USA and
internationally, the Board believes that the Company is well positioned to
achieve its goal of 1.5 million tons of wood biomass production by the end of
2009. The accelerating introduction of renewable portfolio standards in the USA
and the Company's intention to evolve into a vertically integrated
biomass-to-energy company will enable it to access enhanced profitability
through the sale of green energy and carbon credits. I look forward to helping
the Company achieve its goals, with the incoming Non-Executive Chairman Rick
Squires and remaining on the Company's board as a Non-Executive director.
Financial Highlights
In 2007, the Company achieved both significant growth and improved performance
in its core biomass business while incurring a preliminary unaudited loss of
#6.6 million, primarily due to a decrease in value of #4.8 million in its
investment in Prometheus Energy Company.
Core Biomass Business
Consistent with the announced strategy of the Company to become a leading
international biomass-to-energy business, the Company achieved significant
growth in 2007 through acquisitions and further investments in the subsidiary
biomass subsidiary companies. This growth is reflected in some key financial
measures for the core business:
* Revenue increase of 313%
* Gross profit increase of 446%
* Operating profit increase of #307,000
John Stirling, Chief Operating Officer and Finance Director, commented: "We
believe these results reflect the ability of LNR's management team to execute
our growth plans with the active support and involvement of key employees to
assist with identifying, evaluating and accessing opportunities. It also
reflects the efforts of all of our employees to maintain productivity while
contributing to designing, installing and operating new equipment. The Board
anticipates that we will experience the full effect of these new assets in
2008."
The Company continued to invest in business development activities throughout
2007 which are discussed below.
Non-Core Assets
Since year end, the Company has agreed to divest its non-core assets, including
its investment in Prometheus Energy, to Ethanol Investments Plc (to be renamed
Evergreen Securities plc) in exchange for #2.7 million in its listed shares.
This transaction provides a small positive return on investment in these assets
while providing improved liquidity in order to support the Company's future
growth plans. This transaction also provides a strong focus for the management
team on the core biomass to energy business.
Operational Highlights
Canada
In 2007, the Company made significant investments in its Canadian wood pellet
facilities resulting in more efficient and more flexible operations.
At Westbank (acquired Q1 2006), this investment focused on the installation of a
semi-automated bagging system (at the end of Q3 2007). This system enables
increased access to higher margin retail markets while reducing labour costs and
improving quality. Improvements were also made (in Q2 2007) to Westbank's
gasifier system which consumes bark material to provide heat for the drying
system for pellet production. 186% more loads were processed by the dryer in
2007 than in 2006.
At Princeton (acquired at the end of 2006), the investments included:
* Replacement (at the end of Q2 2007) of a smaller and less efficient
200hp pellet mill with a larger, new 300hp pellet mill. This expansion resulted
in a 10% capacity increase.
* Addition (in Q4 2007) of 2,700 metric tons of pellet storage enabling
the plant to fully utilise its production capacity as well as reducing handling
costs and customer loading times.
* Addition of a triple-pass 'green' fibre dryer (project began in 2007
and was completed in February 2008). This equipment dries 'green' or wet fibre
and has been configured in parallel with the existing single-pass dryer which in
total enables the entire plant's production to be met with 'green' fibre.
These improvements mean we now expect annual output of over 57,500 tons per
annum at Westbank and 74,000 tons per annum at Princeton from 2008 onwards, and
consequent improvements on our sales margins.
The Company also acquired property in the West Kootenay region of British
Columbia (in Q3 2007), together with fibre contracts and development rights for
a pellet mill. Engineering designs have been developed for this project.
Trading of the associated fibre began in Q4 2007, and in Q2 2008 some of this
fibre is being used for pellet production.
United States
The Company acquired, in Q3 2007, a majority interest in a wood chipping
facility, Argonaut BioFuels LLC, located in Louisa County, Virginia.
Improvements have begun to be implemented to increase productivity and system
throughput. Following these improvements, wood chip production at the facility
is now expected to reach in excess of 163,000 tons in 2008 and over 397,000 tons
pa from 2009, and a fully developed capacity of 520,000 tons pa, up from
previous expectations of capacity of 100,000 tons pa. The Company has since also
progressed the construction of the proposed wood pellet facility as discussed
below.
Key Operational Results
As a result of the acquisitions of Princeton and Argonaut, and the investments
made at Westbank and Princeton, your Company is pleased to provide the following
operational highlights for 2007 relative to 2006:
* Pellet production increased by 220%
* Shavings production increased by 100%
* Total fibre products increased by 290%
John Stirling, COO and FD, added: "We believe that these results reflect the
focus and creativity of our employees and managers in a very busy year of
designing and completing investment projects and integrating activities. We
look forward to continuing this process in 2008 as we strengthen the operations
with the additional expertise of Atlas Pellets."
Pellet Markets
The Company continues its strategy to serve diversified markets for its
products. In 2007, we served customers in North America, Asia and Europe. We
are serving retail customers buying bagged fuel and animal bedding products,
commercial customers buying bulk pellets for heat generation as well as EU
utilities for power generation. Some key market highlights include:
* Products are serving international markets (USA 73%, UK & Europe 10%,
Canada 10%, and Asia 7%)
* Customers are in diversified markets (fuel 44%, animal bedding 37%,
pulp & paper 19%), and
* Within the fuel market, we are serving retail, commercial as well as
utility customers.
We continue to experience strong demand for our products. The trends towards
more renewable energy portfolio standards and the rising cost of competing fuels
(e.g. natural gas, propane, and home heating oil) are increasing the interest in
our products, in addition to the environmental and energy security possibilities
of our products.
Fibre
The Company has been actively involved in maintaining and developing its fibre
supply relationships. Some key highlights for 2007 include:
* Renewal of each of Westbank's fibre contracts for an additional three
years,
* Development of additional fibre sources for Princeton while continuing
its strong contractual relationship with Weyerhauser, and
* Developing sources of residual fibre for the planned Argonaut pellet
mill as well as continuing its strong relationships with its current
log suppliers.
LNR is also investigating opportunities to harvest and process forestry waste,
identifying other urban waste fibre streams, and surveying opportunities to
directly own forestry assets to "bank" its fuel for the future.
People
The strength of our team increased during 2007 with the addition of the
Princeton and Argonaut staff. We believe that Princeton has a strong sales and
marketing team that has benefited the marketing of the other companies as well
as significant operations experience that has accelerated the introduction of
other improvements (e.g., the semi-automated bagging line at Westbank which is
the same equipment used by Princeton). The Argonaut team brings a strong
knowledge of a very rich fibre basket in the US southeast as well as expertise
in the wood chipping industry. Our team lead the design, selection of equipment
and installation of major investment projects this past year while continuing to
make other operational improvement.
The recent addition of the Atlas Pellets team is another important step forward
in building the strength of our personnel. The Atlas Pellets staff bring
additional strong industry experience in operations, built design and
construction as well as a strong focus on the retail fuel market.
Environmental Benefits
The Company is proud of how both its operations and products benefit the
environment. For example, Princeton utilises waste wood from its own
manufacturing process to provide heat for its drying process. Similarly,
Westbank utilises bark in its gasifier system for heat generation with very low
emissions. In 2007, LNR's fuel products were used in homes, commercial
businesses and utilities to offset the use of such hydrocarbon fuels as natural
gas, propane, and coal. We are pursuing additional ways in which we can improve
our environmental efficiency including diverting further waste streams for use
in our heat generation processes.
DEVELOPMENT UPDATE
Further to the acquisition of Atlas Pellets, the heads of terms for a joint
venture in China and the sale of the Company's non-core assets (as announced on
3 April 2008), the Company is pleased to provide shareholders details of further
strategic developments in the transformation of the Company into a focused
biomass-to-energy business and the world's leading wood pellet producer.
Development of Facilities at Louisa County, Virginia, USA
The Company already operates a wood chip plant in Louisa County, Virginia, US
and is pleased to announce further details of its strategy to develop a wood
pellet facility at this plant with production expectation now of 90,000 tons (up
from the Company's original expectations of 70,000 tons thanks to planned
increased milling capacity) in 2009 and a fully developed capacity of
approximately 120,000 tons from 2010 onwards. The initial engineering design
has been completed and several items of key pellet plant equipment have been
manufactured and delivered to site. Final negotiations are now underway for a
turnkey construction contract, which subject to financing, will commence
construction in June 2008 with a target commercial in service date of Q4 2008.
Management, operation and maintenance of the plant will be undertaken by your
Company's subsidiary, Argonaut Bio-Fuels. It is intended that pellet production
from the plant will support existing retail and industrial customer channels on
the Eastern Seaboard of the USA.
Development of Eastern United States Strategy
The Company has previously announced the acquisition of certain development
rights over a large-scale pellet facility in the Eastern USA. The Company has
now developed a comprehensive direct ownership and development strategy for a
series of up to seven nominal 125,000 ton capacity pellet facilities which may
be co-located with up to 10MW of bio-mass power generation at each site. The
sale of pellets from this region is mainly being targeted at industrial and
utility customers in the USA and EU, with a particular focus on coal-fired power
plant customers. The Company is currently in negotiations with several such
customers with a view to securing long term offtake agreements. Discussions
are currently underway with respect to securing multiple fibre supplies on a
long-term contract basis, which will likely include the purchase of
strategically located forestry assets to support the multi site development
plan. Each site will also have the capability of whole log de-barking and
chipping incorporated into its design to ensure long-term fibre access.
With respect to product sales, several pellet and wood chip export facilities
have been identified on the Eastern Seaboard of the USA, for which the Company
is negotiating long-term leases to ensure uninterrupted export and sale
capability. The Company will also look to export wood chips on a limited basis
as a potential feedstock for purpose built biomass-to-energy projects, in which
the Company may become an equity investor.
International Development Activity
The Company continues to evaluate the opportunity and timing for the development
of additional pellet plants in the West Kootenay region of British Columbia,
Canada which remain reliant upon the long-term availability and pricing of fibre
supplies. The Company has previously announced the signing of an MOU for the
conversion of a former particle board plant to wood pellet production in Canada
and continues to evaluate further pellet plant and biomass-to-energy acquisition
and development opportunities in both Western and Eastern Canada.
In addition to the developments announced regarding signing of heads of
agreement with leading Chinese and Canadian partners for provision of biomass
fuel to the Chinese power station market, and the signing of an exclusive MOU,
covering the proposed development of a series of wood pellet plants in Russia,
the Company continues to evaluate international expansion opportunities. Future
international expansion into new regions will be reviewed on a case-by-case
basis and will likely only occur if the opportunity has long-term fibre
availability, long-term customer off-take potential and strong local partner
investment and involvement.
The Company is currently evaluating funding options in order to implement the
Company's construction of its Virginia pellet plant and progress its various
development plans outlined above.
These exciting possibilities for further international expansion, supported by a
strong team, mean that the Board looks forward to the coming period with
confidence in LNR's further growth as we continue to work towards our new and
focused strategic direction.
Mark Campanale
Non-Executive Chairman
30 April 2008
FINANCIAL STATEMENTS
Preliminary Unaudited Consolidated Profit & Loss
For 12 Months to 31 December 2007
2007 2006
Group Group
#000's #000's
Sales 9,744 2,362
Cost of Sales (8,039) (2,050)
Gross Profit 1,705 312
Other Operating Income 5 201
Administration Expenses (2,243) (965)
Depreciation & Administration (693) (241)
Operating Profit / (Loss) (1,226) (693)
Other Gains / (Losses) (5,057) 3,570
Interest Income 55 62
Other Income - -
Interest Expense (1,188) (484)
Profit / (Loss) before Taxation (7,416) 2,455
Taxation 849 (788)
Dividends Paid - -
Profit / (Loss) after Taxation (6,567) 1,667
Profit Attributable to:
Equity Holders of the Company (6,551) 1,777
Minority Interest (16) (110)
(6,567) 1,667
Earnings/(loss) per share*
Basic (3.47p) 1.12p
Diluted (3.47p) 1.02p
*Based on weighted no of average shares in 2006 of 158,576,110 and 188,954,031
in 2007.
Preliminary Unaudited Balance Sheet
As at 31 December 2007
2007 2006
Group Group
#000's #000's
Non-Current Assets
Development, Exploration & Evaluation Assets 786 -
Goodwill 5,505 4,046
Fair Value Adjustment on Acquisitions 535 476
6,826 4,522
Tangible Fixed Assets 10,175 6,193
17,001 10,715
Current Assets
Trading Investments 2,281 -
Inventories 981 6,845
Trade Debtors 971 381
Other Debtors 1,068 759
Tax Receivable 120 831
Prepaid Expenses & Accrued Income 103 299
Cash & Cash Equivalents 1,947 410
7,471 9,525
Creditors Less Than 1 Year
Trade Payables 1,116 849
Other Taxes & Social Security Costs 48 44
Other Creditors 352 1,208
Accrued Expenses 206 144
Trade & Other Payables 1,722 2,245
Current Tax Liabilities - 42
Redeemable Preference Shares - Current Portion 137 123
Obligations under Finance Leases 3 5
Bank Overdrafts & Loans 167 445
Long-Term Bank Loans - Current Portion 208 -
Equipment Purchase Loans 69 -
Other Long-Term Loans - Current Portion 957 -
3,263 2,860
Net Current Assets 4,208 6,665
Deferred Taxation (422) (1,250)
Other Creditors Greater Than 1 Year (551) (458)
Bank Loans - Non-Current (3,574) (7,238)
Other Loans - Non-Current (2,120) (301)
Equipment Purchase Loans - Non-Current (73) _
Capital Leases - Non-Current (13) -
Convertible Loans (5,816)
Redeemable Preference Shares (199) -
(12,768) (9,247)
Net Assets 8,441 8,133
Share Capital 417 322
Share Premium Account 9,256 4,886
Bond Holders Reserve 1,310 963
Currency Translation Reserve 102 (186)
Share Based Payments Reserve 423 135
Profit & Loss Account b/f 1,598 109
Profit / (Loss) for Year (6,551) 1,777
6,555 8,006
Minority Interest in Reserves and b/f 1,902 237
Minority Interest in Current Profit (16) (110)
8,441 8,133
Preliminary Unaudited Cash Flow Statement
for 12 Months to 31 December 2007
2007 2006
Group Group
#000's #000's
Operating Activities
Operating Profit / (Loss) (1,226) (693)
Adjustment for Items not Included in Cash Flow - -
Depreciation 693 241
Share Based Payments - 36
Shares Issued as Compensation 110 -
Loss/(Profit) on Sale of Fixed Assets (5) 26
Revaluation of Market to Market Investments - -
Future Income Tax - -
Tax Payments (151) (3)
Cash Flow from Operating Activities before Changes in (579) (393)
Working Capital
Cash Flow from Changes in Working Capital
(Increase)/Decrease in Inventories (600) (19)
(Increase)/Decrease in Receivables (253) (266)
Increase/(Decrease) in Payables 359 1,312
(Increase)/Decrease in Intercompany Loans - -
Cash Flow from Operating Activities (1,073) 634
Cash Flow from Investing Activities
Purchases of Property, Plant & Equipment (3,951) (2,052)
Proceeds on Disposal of Property, Plant & Equipment 6 110
Purchases of Intangible Fixed Assets (703) -
Purchase of Investments (493) (2,210)
Investment in Subsidiaries (1,622) (5,483)
Investment Income 55 62
Net Cash Used in Investment Activities (6,708) (9,573)
Cash Flows from Financing Activities
Net Proceeds on Issue of Shares 3,417 3,528
Net Proceeds from Issue of Bonds 2,310 5,125
Increase/(Decrease) in Short-Term Credit Facilities 167 -
Repayments of Long-Term Debt (423) (25)
Proceeds of Long-Term Debt 2,877 832
Finance Lease Repayments (7) -
Proceeds from New Finance Leases 89 -
Redemption of Preference Shares in Subsidiary (137) -
Redemption of Share Capital in Subsidiary - (183)
Minority Investment in Subsidiary 2,000 -
Interest Payable (865) (484)
Dividends Paid - -
Net Cash from/(Used in) Financing Activities 9,428 8,793
Cash Flow for the Year
Net Increase in Cash & Cash Equivalents 1,647 (146)
Exchange Rate Translation Adjustment (110) (10)
Cash & Cash Equivalents at Beginning of Year 410 566
Cash & Cash Equivalents at 31 December 2007 1,947 410
GENERAL MEETING
The Company will today post a Circular to its shareholders containing details on
the resolutions to be proposed at a forthcoming General Meeting. The General
Meeting is being convened to consider and, if thought fit, approve:
* The change of the Company's name to FibreGen plc as previously
announced
* The appointment of Rick Squires as a Director of the Company
* The appointment of John Stirling as a Director of the Company as
previously announced
* The adoption of the FibreGen Unapproved Share Option Plan 2008 as
previously announced
* The Consolidation of the issued and unissued ordinary shares of the
Company on a 15:1 basis
* The authorise the Directors to allot ordinary shares and the
dis-application of statutory pre-emption rights
The General Meeting will be held on 22 May 2008 at 9:00am at the Company's
registered office at City Tower, Level 2, 40 Basinghall Street, London EC2V 5DE.
Pursuant to Rule 20 of the AIM Rules for Companies, further copies of the
Circular and Notice of the General Meeting are available from the Company's
registered office.
INVESTOR CALL
Glenn Smith, Chief Executive Officer of LNR, will be hosting an investor
conference call on Wednesday 30 April 2008 at 10.00am, to discuss the results
announced today and to take questions. If you wish to join the conference call,
please dial +44 (0)207 070 5500 at 10.00am and ask for the Libra Natural
Resources call.
AIM DISCLOSURES
Mr Squires currently has no interest in shares in the Company. Richard Squires
(age 59) is currently a director of Eclipse Energy UK plc, Good Energy Group plc
and PiEnergy Limited. Mr Squires has in the past five years been a director of
Eclipse Energy Company Limited. Save for the information disclosed above there
is no other information which is required to be disclosed pursuant to Rule 17 of
the AIM Rules for Companies in relation to the appointment of Rick Squires as a
Director of the Company.
The Board of the Company now comprises the following Directors:
* Rick Squires (Non-Executive Chairman)
* Glenn Smith (Chief Executive Officer)
* John Stirling (Chief Operating Officer and Finance Director)
* Mark Campanale (Non-Executive Director)
* Peter Greensmith (Non-Executive Director)
- Ends -
NOTES TO EDITORS
Libra Natural Resources plc (to be renamed FibreGen plc)
Libra Natural Resources plc is a focused biomass-to-energy business, producing
wood pellets and wood chips for sale to retail consumers (for home heating and
animal bedding) and to commercial and industrial customers for heat and power
generation. The Company announced its strategic intention in December 2007 to
increase significantly the size, scale, and range of its investments in its wood
pellet business and to become a leading international biomass to energy
business.
The Company operates four biomass businesses in North America:
* at Princeton, British Columbia, Canada which produces wood pellets;
* at Westbank, British Columbia, Canada, which produces wood pellets and
wood shavings; and
* in Louisa County, Virginia, US which produces wood chips and which is
planned to have a wood pellet production.
The Company announced a series of developments on 3 April 2008 to further its
transformation into a leading international biomass-to-energy business:
* the acquisition of Coeur d'Alene Fiber Fuels Inc (which trades under
the name "Atlas Pellets"), a leading, profitable US producer of wood
pellets, with facilities at Omak (WA), Hauser (ID), and Shelton (WA)
(under construction);
* MOU for a joint venture vehicle with Chinese and Canadian partners, to
develop a plant by end of 2008 with initial capacity of 100,0000 tons
of biomass fuels for sale to the Chinese power station market; and
* sale of its non-core assets, primarily shares in Prometheus Energy
plc.
The Company also owns the project site and development rights for a wood pellet
production facility in West Kootenay, British Columbia, Canada.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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