On 6th December, D1 Oils plc ('D1') announced that it had made a preliminary
approach to Biofuels Corporation plc ('Biofuels') regarding a potential merger.
The Board of D1, having reviewed the information provided by Biofuels, was
unable to value clearly the underlying assets of the business and accordingly
has decided not to proceed with the discussions.
D1 approached Biofuels on 17 November 2005, immediately following the suspension
of Biofuels' shares and prior to the agreement of the debt restructuring package
announced by Biofuels on 2 December. D1's purpose was to explore the opportunity
for enhancing shareholder value as part of its strategy of producing biodiesel
from renewable energy crops.
D1 reserves the right to make or participate in an offer within the next six
months with the agreement or recommendation of the board of Biofuels, or if
there is an announcement of an offer for Biofuels by a third party, there is an
announcement by Biofuels of a 'whitewash' proposal or of a reverse takeover, as
defined in the City Code on Takeovers and Mergers.
Contacts:
D1 Oils plc:
Graham Prince, Head of Corporate Communications
Tel: +44 (0) 20 7321 3892
Mobile: +44 (0) 7973 323840
D1 Oils plc is a UK-based global producer of biodiesel from renewable energy
crops. It is the owner of technical, marketing, logistical and other
intellectual property related to the establishment, development and harvesting
of jatropha plantations, the extraction of oil from the harvested seed and the
production of biodiesel and other valuable by-products from jatropha and other
vegetable oils.
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