TIDMDOO
RNS Number : 1523T
D1 Oils Plc
23 September 2010
D1 Oils plc
23 September 2010
Press Release
D1 Oils plc today announces its interim results for the six months ended 30 June
2010.
Chairman and Chief Executive Officer's Report
Overview
D1 Oils plc is an alternative energy crop company. We are pioneering the
development of Jatropha curcas, a robust, tropical oilseed bearing tree, into a
new sustainable energy crop that has the potential to replace food crops as a
source of biodiesel. Jatropha is a hardy crop that is able to grow on a wide
range of soils, including soils which are sub-optimal for arable agriculture.
Its grain is crushed to produce inedible oil that can be used directly or as a
feedstock for biodiesel and a meal that has the potential to be processed into a
high-value, protein source for animal feed. We have a long established plant
science programme for Jatropha, and as well as using this to inform our own
activities we provide commercial technology and services to the emerging
Jatropha sector, including the breeding and selection of Jatropha seeds and
seedlings, the development of planting practices and husbandry methods, and the
harvesting and processing of Jatropha oil and meal.
Through our efforts in recent years, many farmers across India, Africa and Asia
have been encouraged to plant Jatropha and advised on how to farm the crop
towards maturity. We have contracts with these farmers and we purchase the crop
from them, at the prevailing market price, as they harvest and prepare the grain
to our specification. The D1 Oils plc group ("D1" or "the Group") does not own
this land or the crops growing on the land, it owns a relationship with the
farmer. We organise the quality assurance; the collection; transportation and
processing of the grain as well as sales and distribution of the resultant oil
and meal. The network that facilitates this is scaled up in line with actual
harvest and we are selling ever increasing quantities of oil and meal in all of
our operational geographies. A natural consequence is a seasonal working capital
financing requirement for inventories of grain and oil in transit. We sell oil
to both local and export clients; whilst all meal sales are local.
In addition, we continue to invest in a research and development programme
designed to generate know-how and technology to enhance the economics of both
existing and future generations of Jatropha planting through improved, selected
planting material; through ever improving, Jatropha specific agronomic
practices; and through processes to improve the value of the meal.
This is an ambitious but achievable plan with many challenges yet to face and
further funding still required, but we remain convinced of the commercial
potential of Jatropha and determined to create a sustainable business for
ourselves and our farmers. To date in 2010, D1 has continued to make progress in
line with its operational plan despite the substantial uncertainties,
distractions and direct financial costs incurred due to the ongoing Offer Period
and the events leading up to the Requisitioned General Meeting on Board
composition.
Corporate activities
Funding position
The Group business plan requires further funding to see the business through to
a point where it is cash generative. The current business plan was originally
formulated in mid-2009 following the re-integration of operations of the former
D1-BP joint venture and has been subject to some subsequent revision. The plan
envisaged operating until late 2011 using existing cash reserves and achieving a
variety of milestones, such as oil sales targets, to give the business the best
possible chance of successfully raising additional funds.
Today, the Group continues on the basis that it will seek to raise funds during
2011, or earlier if it is able to, although the Offer Period discussed below is
another potential alternative. Typical equity fundraising avenues for the
business require the support of 75% of shareholders who vote. The Directors are
mindful that the differing perspectives of the major D1 shareholders continue to
make it challenging to straightforwardly address the funding issue. However, the
Directors are determined to work with shareholders to achieve a solution.
Offer period
D1 remains in the Offer Period which commenced in November 2009 following
approaches by several parties potentially interested in acquiring some or all of
the share capital of D1 Oils plc. As talks progressed, one bidder, Mission
NewEnergy, was identified, along with an in principle price, subject to due
diligence. In August 2010, Mission NewEnergy announced it was withdrawing from
talks because, despite support from several substantial D1 shareholders, a major
shareholder of D1 representing 28% of issued capital, Principle Capital, would
not support the proposed offer. The Offer Period remains open due to continuing
interest in the Group.
Requisitioned General Meeting
In May 2010, a general meeting was requisitioned by the representative of
Principle Capital to seek to replace a majority of the Board with two nominees
of Principle Capital. Following an adjournment of the general meeting to 19 July
2010, the proposed resolutions were rejected by a wide margin and the existing
Board members retained.
Sale of Bromborough site
In February 2010, the Group exchanged contracts for the sale of the remaining
refining site at Bromborough. Despite delays announced in July 2010, the Group
completed the sale of the site in July 2010 for consideration of GBP2.2m, of
which GBP1.8m was received up front and an additional GBP0.4m is due to be
received in the fourth quarter of 2010 when the purchaser recovers VAT on the
purchase. In addition, an associated royalty arrangement was agreed based on
future production volumes of biodiesel. The buyer also assumed responsibility
under a new sub-lease for the Group's leasehold obligations at the Bromborough
site for the remaining 12 year term. The receipt of cash from the sale of the
site ticked off a critical milestone for short-term funding of the business.
Business activities
Operations group
The Operations group is responsible for managing relationships with outgrower
farmers, collecting grain and processing it into crude Jatropha oil ("CJO") and
co-products. D1's key value proposition in the medium term is the prospect of
sourcing large quantities of oil through the existing plantations of outgrower
farmers.
Our forecast for oil production from this year's harvest remains on track at
approximately 2,000 tonnes; although it should be noted that the vast majority
of the harvest will be collected from September 2010 to January 2011 simply
because of the crop cycle. This will largely come from India, where this year's
monsoon has in general been favourable, There are encouraging quantities of
fruit on trees, ready for harvest in two of our major collection areas (North
West and Central India) although this is counter-balanced by disappointing early
signs in North East India where excessive rains, the heaviest in 30 years, have
depressed flowering and also driven farmers from the fields leading to problems
with weed clearance. On balance however we remain confident.
Preparations for this year's harvest are well advanced in Central India, with an
escalation of the grain collection arrangements successfully trialled last year.
In addition we have renegotiated the contract with our toll expeller, which
should achieve a 40% reduction in unit crush costs compared to last year.
We are consistently selling meal, to repeat customers, in India at approximately
US$110/tonne, a price which significantly exceeded our original expectations and
which we now expect to match in the coming season.
In September we have sold 150T of CJO at prices well in excess of last year.
Based on these developments, and having cleared all of our CJO and meal stocks
already in September, we are anticipating selling oil out of India at
significantly improved margins compared to our experience to date.
In addition, our joint venture with Williamson-Magor in north east India
continues to make progress in securing revenues from government-sponsored
planting programmes.
Science and Technology group
The Science and Technology group is responsible for improving our agronomy
knowledge, the breeding and cultivar programme and developing a commercial
process to turn Jatropha seedcake into a constituent of animal feed. The
highlights of the programme were:
· Animal feed. We successfully concluded our poultry feeding trial,
following last year's successful small mammal trial. Initial analysis indicates
no deleterious health effects and weight gains apparently superior to the
control group, fed on soya meal. Later this year we plan to process up to 10
tonnes of grain as an input to feeding trials on cattle. We are also working
with the FDA in the US to validate our product as a high protein animal feed.
· Breeding. Eight cultivars, selected for yield performance, have
progressed into commercial scale production of planting seed.
We have now sold quantities of selected seed in Africa, India and South East
Asia. Current stocks of this next generation of selected seed are sufficient for
18,000 hectares of planting. We have also identified further new accessions for
the next phase of breeding. These each have valuable attributes such as: high
fruit counts per tree, high grain oil contents (>40%wt) and one with a
resistance to one of Jatropha's most significant insect pests. In our F1 hybrid
programme we are currently producing and testing the first 20 genuine F1 hybrids
and expect the first results from this early next year. A successful F1 hybrid
programme would result in higher oil yields from these seeds.
· Agronomy research. Recent results continue to refine agronomy techniques.
For example, first season yield improvements for best practice compared to
average were 82% in canopy management trials and 23% in multi-factorial
fertiliser trials. Learnings from such trial work and from field surveys is used
to regularly refine and update our Agronomy Manuals - our method of passing on
the results of our R&D effort to the officers in the field, who take the
material and adapt it for local training sessions with farmers.
Business Development group
The Business Development group is responsible for the marketing of the Group's
plant science consulting services, selling of crude Jatropha oil and its
co-products and sourcing grant funding.
Over the past year we have seen clear evidence of a significant appetite for new
sources of vegetable oils, as well as strong underpinning prices for
conventional vegetable oils. However, our recent progress in securing
knowledge-based revenues has been disappointing. Our objective for these
revenues was for them to pass our rate of research and development expenditure
in 2011; however, this is unlikely to be achieved in the foreseeable future, in
large part due to the impact of recent business uncertainty on customer
confidence. We are reviewing our level of research and development expenditure
based on our revised expectations of knowledge-based revenues.
Finance
Group revenue from continuing operations was GBP0.1m (June 2009: GBP1.5m). Note,
the June 2009 comparatives reflect the period when the D1 Oils plc group was
providing the D1-BP Fuel Crops joint venture with plant science services. In
July 2009, D1 acquired BP's share of the joint venture resulting in the merger
of activities and the cessation of the plant science fee charged from D1 to the
D1-BP Fuel Crops joint venture. The net loss from continuing operations was
GBP3.7m (June 2009: GBP2.8m). The increased loss compared to June 2009 reflects
the transition of the business from supporting the D1-BP joint venture to a
stand-alone business undertaking both plantation and plant science activities.
The net profit from discontinued operations of GBP0.6m (June 2009: loss of
GBP0.1m) is a result of the final activities to wind up the Group's refining and
trading operations and the release of associated provision that is no longer
required. In early July 2010, the Group sold its remaining refining and trading
site at Bromborough for consideration of GBP2.2m, of which GBP1.8m was received
up front and an additional GBP0.4m is due to be received when the purchaser
recovers VAT on the purchase. In addition, an associated royalty arrangement was
agreed based on future production volumes of biodiesel, although, due to
uncertainties in timing and amount, no asset is recognised for this royalty.
The overall loss for the period was GBP3.1m (June 2009: GBP2.9m). The basic and
diluted loss per share was 2.45p (June 2009: 2.31p).
The Group's cash and cash equivalents and term deposits at 30 June 2010 were
GBP5.5m (June 2009: GBP8.4m). The Group's cash position was bolstered in early
July 2010 by the proceeds of the Bromborough sale.
Outlook
In the second half of 2010 we will continue to work hard on two fronts. On an
operational front, the major aim is to collect and process the forecast
quantities of grain in India; sell the resultant CJO to a satisfied customer
base and hit our scientific milestones, particularly in relation to animal feed.
On a corporate front, we will continue to work with our shareholders to
determine the future strategy, structure and funding of the business.
Barclay Forrest
Non-Executive Chairman
Martin Jarvis
Chief Executive Officer
22 September 2010
Consolidated interim income statement
unaudited results for the six months ended 30 June 2010
+----------------------------------------+-------+-----------+-----------+-----------+
| | | Six | Six | Year |
| | | months | months | |
+----------------------------------------+-------+-----------+-----------+-----------+
| | | ended | ended | ended |
+----------------------------------------+-------+-----------+-----------+-----------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+----------------------------------------+-------+-----------+-----------+-----------+
| | | 2010 | 2009 | 2009 |
+----------------------------------------+-------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| | Note | GBP000 | GBP000 | GBP000 |
+----------------------------------------+-------+-----------+-----------+-----------+
| Group revenue | 2 | 102.1 | 1,537.3 | 1,797.3 |
+----------------------------------------+-------+-----------+-----------+-----------+
| Cost of sales | | (67.2) | (1,359.2) | (1,450.7) |
+----------------------------------------+-------+-----------+-----------+-----------+
| Gross profit | | 34.9 | 178.1 | 346.6 |
+----------------------------------------+-------+-----------+-----------+-----------+
| Administrative expenses | | (3,557.7) | (3,197.8) | (7,947.6) |
+----------------------------------------+-------+-----------+-----------+-----------+
| Trading loss | | (3,522.8) | (3,019.7) | (7,601.0) |
+----------------------------------------+-------+-----------+-----------+-----------+
| Share of post-tax losses of joint | | (209.6) | - | (95.0) |
| ventures accounted for using the | | | | |
| equity method | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Impairment of investments | | - | - | - |
+----------------------------------------+-------+-----------+-----------+-----------+
| Net gain on transfer of operation from | | - | - | 2,750.6 |
| joint venture | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Group operating loss from continuing | | (3,732.4) | (3,019.7) | (4,945.4) |
| operations | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Finance income | | 128.6 | 229.5 | 667.5 |
+----------------------------------------+-------+-----------+-----------+-----------+
| Finance costs | | (128.0) | - | (23.0) |
+----------------------------------------+-------+-----------+-----------+-----------+
| Loss for the period from continuing | | (3,731.8) | (2,790.2) | (4,300.9) |
| operations before taxation | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Tax credit/ (expense) | | 6.8 | (18.1) | 123.8 |
+----------------------------------------+-------+-----------+-----------+-----------+
| Loss for the period from continuing | | (3,725.0) | (2,808.3) | (4,177.1) |
| operations | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Discontinued operations | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Profit/(loss) for the period from | 3 | 628.2 | (107.7) | (912.9) |
| discontinued operations | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Total loss for the period | | (3,096.8) | (2,916.0) | (5,090.0) |
+----------------------------------------+-------+-----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Loss for the period attributable to | | (3,096.8) | (2,916.0) | (5,090.0) |
| equity holders of the parent | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Loss per ordinary share | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Basic and diluted loss per ordinary | 4 | (2.45) | (2.31) | (4.03) |
| share (pence) | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
| Basic and diluted loss per ordinary | 4 | (2.95) | (2.22) | (3.30) |
| share from continuing operations | | | | |
| (pence) | | | | |
+----------------------------------------+-------+-----------+-----------+-----------+
Consolidated interim statement of comprehensive income
unaudited results for the six months ended 30 June 2010
+-----------------------------------------+--------+-----------+-----------+-----------+
| | | Six | Six | Year |
| | | months | months | |
+-----------------------------------------+--------+-----------+-----------+-----------+
| | | ended | ended | ended |
+-----------------------------------------+--------+-----------+-----------+-----------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+-----------------------------------------+--------+-----------+-----------+-----------+
| | | 2010 | 2009 | 2009 |
+-----------------------------------------+--------+-----------+-----------+-----------+
| | | Unaudited | Unaudited | Audited |
| | | | | |
+-----------------------------------------+--------+-----------+-----------+-----------+
| | | GBP000 | GBP000 | GBP000 |
+-----------------------------------------+--------+-----------+-----------+-----------+
| Loss for the period | | (3,096.8) | (2,916.0) | (5,090.0) |
+-----------------------------------------+--------+-----------+-----------+-----------+
| Exchange difference on retranslation of | | 71.6 | - | 62.3 |
| foreign operations | | | | |
+-----------------------------------------+--------+-----------+-----------+-----------+
| Transfer of foreign exchange reserves | | - | (29.2) | - |
| to income statement | | | | |
+-----------------------------------------+--------+-----------+-----------+-----------+
| Total recognised income and expense for | | (3,025.2) | (2,945.2) | (5,027.7) |
| the period | | | | |
+-----------------------------------------+--------+-----------+-----------+-----------+
| Attributable to: | | | | |
+-----------------------------------------+--------+-----------+-----------+-----------+
| Equity holders of the parent | | (3,025.2) | (2,945.2) | (5,027.7) |
+-----------------------------------------+--------+-----------+-----------+-----------+
Consolidated interim statement of changes in equity
unaudited results for the six months ended 30 June 2010
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| | | | Own | | | Share | Currency | |
| | | | | | | | | |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| | Share | Share | shares | Merger | Revenue | option | translation | |
| | | | | | | | | |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| | capital | premium | held | reserve | reserve | reserve | reserve | Total |
| | | | | | | | | |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
| | | | | | | | | |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| At 1 January 2009 | 1,266.3 | 99,290.3 | (484.0) | 437.7 | (100,079.8) | 12,787.0 | 29.2 | 13,246.7 |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| Total recognised | - | - | - | - | (2,945.2) | - | (29.2) | (2,974.4) |
| income and expense | | | | | | | | |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| Share-based payments | - | - | - | - | 280.9 | - | - | 280.9 |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| At 1 July 2009 | 1,266.3 | 99,290.3 | (484.0) | 437.7 | (102,744.1) | 12,787.0 | - | 10,553.2 |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| Total recognised | 0.5 | - | - | - | 10,423.5 | (11,762.0) | (33.1) | (1,371.1) |
| income and expense | | | | | | | | |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| Share-based payments | - | - | - | - | 401.0 | - | - | 401.0 |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| At 1 January 2010 | 1,266.8 | 99,290.3 | (484.0) | 437.7 | (91,919.6) | 1,025.0 | (33.1) | 9,583.1 |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| Total recognised | - | - | - | - | (3,025.2) | - | (71.6) | (3,096.8) |
| income and expense | | | | | | | | |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| Share-based payments | - | - | - | - | 78.0 | - | - | 78.0 |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
| At 30 June 2010 | 1,266.8 | 99,290.3 | (484.0) | 437.7 | (94,866.8) | 1,025.0 | (104.7) | 6,564.3 |
+-----------------------+-----------+-----------+-----------+-----------+-------------+------------+-------------+-----------+
Consolidated interim balance sheet
unaudited results as at 30 June 2010
+----------------------------------------+-+------+-+-----------+----------+----------+----------+------------+
| | | As at | As at | As at |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | 30 June | 30 June | 31 December |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | 2010 | 2009 | 2009 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | Unaudited | Unaudited | Audited |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | Note | GBP000 | GBP000 | GBP000 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Assets | | | | |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Non-current assets | | | | |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Property, plant and equipment | | 310.3 | 371.2 | 399.2 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Biological assets | | 23.2 | - | - |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Intangible assets | | 0.6 | 3.1 | 2.5 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Investments accounted for using the | | - | - | 206.1 |
| equity method | | | | |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | 334.1 | 374.3 | 607.8 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Current assets | | | | |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Inventories | | 160.9 | 18.8 | 100.9 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Trade and other receivables | | 958.2 | 1,849.3 | 1,233.1 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Other financial assets | 5 | 4,116.7 | - | 4,547.6 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Cash and short-term deposits | | 1,424.9 | 8,408.0 | 4,425.5 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | 6,660.7 | 10,276.1 | 10,307.1 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Assets held for resale | 3 | 2,076.0 | 3,132.9 | 2,124.0 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Total assets | | 9,070.8 | 13,783.3 | 13,038.9 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | | | |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Equity and liabilities | | | | |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Current liabilities | | | | |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Trade and other payables | | (267.3) | (907.0) | (623.2) |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Interest-bearing loans and borrowings | | - | (690.0) | - |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Accruals and deferred income | | (739.7) | (448.2) | (552.2) |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Payments due to vendors | | (53.9) | - | (51.0) |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Other financial liabilities | | (92.8) | (0.8) | - |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Provisions | | (895.5) | (1,184.1) | (1,796.5) |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | (2,049.2) | (3,230.1) | (3,022.9) |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Non-current liabilities | | | | |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Payments due to vendors | | (457.3) | - | (432.9) |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | (457.3) | - | (432.9) |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Total liabilities | | (2,506.5) | (3,230.1) | (3,455.8) |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| Net assets | | 6,564.3 | 10,553.2 | 9,583.1 |
+------------------------------------------+--------+-----------+---------------------+-----------------------+
| | | | | |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Capital and reserves | | | | |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Equity share capital | | 1,266.8 | 1,266.3 | 1,266.8 |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Share premium | | 99,290.3 | 99,290.3 | 99,290.3 |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Own shares held | | (484.0) | (484.0) | (484.0) |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Other reserves | | 437.7 | 437.7 | 437.7 |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Revenue reserves | | (94,866.8) | (102,744.1) | (91,919.6) |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Share option reserve | | 1,025.0 | 12,787.0 | 1,025.0 |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Currency translation reserve | | (104.7) | - | (33.1) |
+----------------------------------------+--------+------------------------+---------------------+------------+
| Equity shareholders' funds | | 6,564.3 | 10,553.2 | 9,583.1 |
+----------------------------------------+--------+------------------------+---------------------+------------+
| | | | | | | | | |
+----------------------------------------+-+------+-+-----------+----------+----------+----------+------------+
Consolidated interim statement of cash flows
unaudited results for the six months ended 30 June 2010
+------------------------------------------+-----+-----------+-----------+------------+
| | | Six | Six | Year |
| | | months | months | |
+------------------------------------------+-----+-----------+-----------+------------+
| | | ended | ended | ended |
+------------------------------------------+-----+-----------+-----------+------------+
| | | 30 June | 30 June | 31 |
| | | | | December |
+------------------------------------------+-----+-----------+-----------+------------+
| | | 2010 | 2009 | 2009 |
+------------------------------------------+-----+-----------+-----------+------------+
| | | Unaudited | Unaudited | Audited |
| | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| | | GBP000 | GBP000 | GBP000 |
+------------------------------------------+-----+-----------+-----------+------------+
| Operating activities | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Loss for the period | | (3,096.8) | (2,916.0) | (5,090.0) |
+------------------------------------------+-----+-----------+-----------+------------+
| Adjustments to reconcile loss for the | | | | |
| period to net cash flow from operating | | | | |
| activities: | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Depreciation of property, plant and | | 92.2 | 84.9 | 217.4 |
| equipment, and amortisation of | | | | |
| intangible assets | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Impairment of fixed assets | | 56.3 | 8.9 | 64.8 |
+------------------------------------------+-----+-----------+-----------+------------+
| Share-based payments | | 78.0 | 281.0 | 401.0 |
+------------------------------------------+-----+-----------+-----------+------------+
| Net gain on transfer of operation from | | - | - | (2,750.6) |
| joint venture | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Loss/(profit) on disposal of fixed | | 7.1 | 21.9 | 52.9 |
| assets | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Share of post-tax losses of joint | | 209.6 | - | 95.0 |
| ventures accounted for using the equity | | | | |
| method | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Finance income | | (128.6) | (634.5) | (1,072.5) |
+------------------------------------------+-----+-----------+-----------+------------+
| Finance expense | | 128.0 | 61.7 | 104.3 |
+------------------------------------------+-----+-----------+-----------+------------+
| Income tax expense | | (6.8) | (29.8) | (171.6) |
+------------------------------------------+-----+-----------+-----------+------------+
| Tax paid | | 6.8 | 15.0 | 189.5 |
+------------------------------------------+-----+-----------+-----------+------------+
| Decrease/(increase) in inventories | | (60.0) | 1.5 | (20.9) |
+------------------------------------------+-----+-----------+-----------+------------+
| Decrease/(increase) in trade and other | | 274.9 | (929.7) | 218.8 |
| receivables | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Increase/(decrease) in trade and other | | (168.4) | (923.9) | (2,979.3) |
| payables | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Increase/(decrease) in provisions | | (901.0) | (4,616.9) | (4004.5) |
+------------------------------------------+-----+-----------+-----------+------------+
| Net cash flow from operating activities | | (3,508.7) | (9,575.9) | (14,745.7) |
+------------------------------------------+-----+-----------+-----------+------------+
| Investing activities | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Interest received | | 28.8 | 275.3 | 310.4 |
+------------------------------------------+-----+-----------+-----------+------------+
| Payments to acquire property, plant and | | (36.4) | (10.0) | |
| equipment, and intangible assets | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Funds transferred to deposits | | 514.0 | 4,986.3 | 861.0 |
+------------------------------------------+-----+-----------+-----------+------------+
| Purchase of joint venture investments | | (11.4) | - | - |
+------------------------------------------+-----+-----------+-----------+------------+
| Net cash acquired from acquisitions | | - | - | 4,993.1 |
+------------------------------------------+-----+-----------+-----------+------------+
| Proceeds from disposal of assets held | | - | - | 953.0 |
| for sale | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Net cash flow from investing activities | | 495.0 | 5,251.6 | 7,056.5 |
+------------------------------------------+-----+-----------+-----------+------------+
| Financing activities | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Interest paid | | - | (61.7) | (81.3) |
+------------------------------------------+-----+-----------+-----------+------------+
| Exercise of share options | | - | - | 0.5 |
+------------------------------------------+-----+-----------+-----------+------------+
| Settlement of leases and mortgages | | - | - | (2,661.7) |
+------------------------------------------+-----+-----------+-----------+------------+
| Repayment of mortgage | | - | (30.0) | (30.0) |
+------------------------------------------+-----+-----------+-----------+------------+
| Repayment of capital elements of finance | | - | (2,161.8) | (190.1) |
| leases | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Net cash flow from financing activities | | - | (2,253.5) | (2,962.6) |
+------------------------------------------+-----+-----------+-----------+------------+
| Net increase/(decrease) in cash and cash | | (3,013.7) | (6,577.8) | (10,651.9) |
| equivalents | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Cash and cash equivalents at the start | | 4,425.5 | 15,055.9 | 15,055.9 |
| of the period | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Effects of exchange rates on cash at the | | 13.1 | (70.1) | 21.5 |
| start of the period | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
| Cash and cash equivalents at the end of | | 1,424.9 | 8,408.0 | 4,425.5 |
| the period | | | | |
+------------------------------------------+-----+-----------+-----------+------------+
Notes to the interim financial statements
1. Basis of preparation
This interim report, which does not constitute statutory accounts within the
meaning of Section 435 of the Companies Act 2006, was approved by the Board on
22 September 2010. The condensed set of financial statements of this interim
report has been prepared in accordance with accounting policies which will be
adopted in presenting the full year annual report and accounts for the year
ending 31 December 2009.
The full year annual report and accounts will be prepared in accordance with
International Financial Reporting Standards ("IFRSs") as adopted by the European
Union. The Group has not applied IAS 34 Interim Financial Reporting in the
preparation of these condensed interim financial statements, as it is not
mandatory for AIM-listed companies.
The financial information for the full preceding year does not constitute
statutory accounts as defined in Section 435 of the Companies Act 2006 and has
been extracted from the statutory accounts for the financial year ended 31
December 2009 which have been delivered to the Registrar of Companies. Those
accounts, which included an auditors' report which contained a 'disclaimer on
view' qualification, did not contain a statement under Section 498(2) nor
Section 498(3).
Fundamental accounting concept
The financial statements have been prepared on a going concern basis which
assumes that the Company and the Group will continue in operating existence for
the foreseeable future and meet its liabilities as they fall due. There are
uncertainties that the Directors have had to consider in deciding to prepare the
financial statements on the going concern basis which are set out below.
Funding uncertainty
The Directors have prepared cash flow forecasts which show the Group will need
to raise new funds in 2011. The key assumptions underlying these forecasts
include maintaining the existing operations at the current rate of cash outflow,
local borrowings to fund some working capital requirements in India, and
generating cash inflow from the sale of Jatropha oil, by-products and technical
services. The cashflow forecasts approved by the Board of Directors take into
account various sensitivities and risks, including underperformance against
expectations in individual areas. The Directors have also considered mitigation
steps available to absorb some underperformance. As might be expected, the
timing of future fundraising may need to be accelerated if certain anticipated
cash inflows from asset sales or revenue generation are delayed or costs are
higher than forecast.
In order to raise new equity, the business needs to ensure that it has made
sufficient progress in demonstrating Jatropha as a new energy crop with
sufficient oil flow, and thereafter it is able to achieve profitability and be
cash generative over the longer term.
Transaction uncertainty
The Company is in an offer period. There can be no certainty that an offer will
be made or that any offer made will be on acceptable terms. Furthermore, the
implication of any potential transaction on the business itself cannot be
assessed at this stage.
Directors' view
After making enquiries and considering these uncertainties, the Directors
conclude that the issue of whether the Company can maintain positive cash
resources until funds to continue implementation of the Group's business plan
are secured and address the transaction challenges are material uncertainties
which may cast significant doubt about the Group and Company's ability to
continue as a going concern in its current form. The Directors believe that
these uncertainties can be managed and mitigated and the Directors have a
reasonable expectation that the Group and the Company have adequate resources to
continue in operational existence for the foreseeable future. Consequently the
Directors believe that it is appropriate to prepare the financial statements on
a going concern basis.
Should management significantly underachieve the targets set out above and cash
resources be depleted before an additional injection of funds, or the strategy
be changed in a way which restricts the Group's ability to implement the
business plan, then the going concern basis would be invalid and adjustments may
have to be made to reduce the value of the assets to their recoverable amount,
to provide for any further liabilities which might arise and to reclassify fixed
assets and long term liabilities to current assets and current liabilities.
Significant accounting policies
The accounting policies adopted in the preparation of the Group's interim
financial statements are consistent with those followed in the preparation of
the annual financial statements for the year ended 31 December 2009, except for
the adoption of new Standards and Interpretations as of 1 January 2010 listed
below:
· IFRS 2 - Amendment to IFRS 2 - Group Cash-settled Share-based Payments.
The amendments clarified the classification of share-based payment awards in
parent and subsidiary companies and addressed plans not considered in the
original Standard. The adoption of this amendment has not had a material impact
on the financial position or performance of the Group.
The amendments to the following standards did not have any impact on the
accounting policies, financial position or performance of the Group:
· IFRS 1 - Additional Exemptions for First-time Adopters - effective 1
January 2010.
· IAS 39 - Eligible Hedged Items - effective 1 July 2009.
· IFRIC 17 - Distribution of Non-cash Assets to Owners - effective 1 July
2009.
· IFRIC 18 - Transfers of Assets from Customers - effective in EU no later
than 1 January 2010.
· Various - Annual improvements to IFRS - effective various dates but most
1 January 2010.
2. Segmental information
The Group operates in a number of different business segments. An analysis of
the revenue and operating profit for each segment for the financial period is
set out below.
Following the integration of the former D1-BP joint venture operations into the
Group in the second half of 2009, the Group's segments were revised to reflect
the business structure adopted. Comparatives for the periods ending 30 June 2009
and 31 December 2009 are restated to reflect the revised segments. Descriptions
of the segments are contained in the Chairman and Chief Executive's Report.
+-------------------------------------------+------------+------------+------------+
| | Six months | Six months | Year |
| | | | |
+-------------------------------------------+------------+------------+------------+
| | ended | ended | ended |
+-------------------------------------------+------------+------------+------------+
| | 30 June | 30 June | 31 |
| | | | December |
+-------------------------------------------+------------+------------+------------+
| | 2010 | 2009 | 2009 |
+-------------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+-------------------------------------------+------------+------------+------------+
| | GBP000 | GBP000 | GBP000 |
+-------------------------------------------+------------+------------+------------+
| Revenue | | | |
+-------------------------------------------+------------+------------+------------+
| Business Development | 86.7 | - | 169.0 |
+-------------------------------------------+------------+------------+------------+
| Operations | 15.4 | - | 33.7 |
+-------------------------------------------+------------+------------+------------+
| Science and Technology | - | 1,537.3 | 1,594.6 |
+-------------------------------------------+------------+------------+------------+
| UK Refining and Trading (discontinued | - | 1.7 | 1.7 |
| operation) | | | |
+-------------------------------------------+------------+------------+------------+
| Group total | 102.1 | 1,539.0 | 1,799.0 |
+-------------------------------------------+------------+------------+------------+
| Loss | | | |
+-------------------------------------------+------------+------------+------------+
| Business Development | (237.1) | - | (31.0) |
+-------------------------------------------+------------+------------+------------+
| Operations | (766.6) | - | (1,241.6) |
+-------------------------------------------+------------+------------+------------+
| Science and Technology | (1,044.2) | (833.3) | (2,782.7) |
+-------------------------------------------+------------+------------+------------+
| UK Refining and Trading (discontinued | 628.2 | (107.7) | (912.9) |
| operation) | | | |
+-------------------------------------------+------------+------------+------------+
| | (1,419.7) | (941.0) | (4,968.2) |
+-------------------------------------------+------------+------------+------------+
| Corporate | (1,677.1) | (1,975.0) | (2,872.4) |
+-------------------------------------------+------------+------------+------------+
| Net gain on transfer of operation from | - | - | 2,750.6 |
| joint venture | | | |
+-------------------------------------------+------------+------------+------------+
| Group total | (3,096.8) | (2,916.0) | (5,090.0) |
+-------------------------------------------+------------+------------+------------+
3. Discontinued operations
In April 2008, the Group announced the decision of its Board to cease biodiesel
refining and trading operations. The two refining sites at Middlesbrough and
Bromborough in the UK were closed. Closure of these businesses resulted in the
sites and refining equipment being reclassified from plant, property and
equipment to assets held for sale. In June 2009, the sale of the Middlesbrough
site was completed. At 30 June 2010, the Bromborough site was classified as an
asset held for sale. On 2 July 2010, the sale of the Bromborough site was
completed.
+------------------------------------------------+-----------+-----------+-----------+
| | Six | Six | Year |
| | months | months | |
+------------------------------------------------+-----------+-----------+-----------+
| | ended | ended | ended |
+------------------------------------------------+-----------+-----------+-----------+
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------------------+-----------+-----------+-----------+
| | 2010 | 2009 | 2009 |
+------------------------------------------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
| | | | |
+------------------------------------------------+-----------+-----------+-----------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------------------+-----------+-----------+-----------+
| Revenue | - | 1.7 | 1.7 |
+------------------------------------------------+-----------+-----------+-----------+
| Administrative expenses (a) | 676.2 | (500.6) | (1,221.4) |
+------------------------------------------------+-----------+-----------+-----------+
| Trading loss | 676.2 | (498.9) | (1,219.7) |
+------------------------------------------------+-----------+-----------+-----------+
| Asset impairment | (48.0) | - | (64.8) |
+------------------------------------------------+-----------+-----------+-----------+
| Group operating loss from discontinued | 628.2 | (498.9) | (1,284.5) |
| operations | | | |
+------------------------------------------------+-----------+-----------+-----------+
| Finance income | - | 405.0 | 405.0 |
+------------------------------------------------+-----------+-----------+-----------+
| Finance costs | - | (61.7) | (81.3) |
+------------------------------------------------+-----------+-----------+-----------+
| Loss from discontinued operations before | 628.2 | (155.6) | (960.8) |
| taxation | | | |
+------------------------------------------------+-----------+-----------+-----------+
| Tax expense | - | 47.9 | 47.9 |
+------------------------------------------------+-----------+-----------+-----------+
| Loss for the period from discontinued | 628.2 | (107.7) | (912.9) |
| operations | | | |
+------------------------------------------------+-----------+-----------+-----------+
(a) Administrative expenses includes the reversal of an onerous contracts
provision in relation to the Bromborough site.
Loss per ordinary share
+------------------------------------------------+-------------+-------------+-------------+
| | Six | Six | Year |
| | months | months | |
+------------------------------------------------+-------------+-------------+-------------+
| | ended | ended | ended |
+------------------------------------------------+-------------+-------------+-------------+
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------------------+-------------+-------------+-------------+
| | 2010 | 2009 | 2009 |
+------------------------------------------------+-------------+-------------+-------------+
| | Unaudited | Unaudited | Audited |
| | | | |
+------------------------------------------------+-------------+-------------+-------------+
| | Number | Number | Number |
+------------------------------------------------+-------------+-------------+-------------+
| Weighted average number of shares in issue | 126,481,574 | 126,431,574 | 126,438,697 |
+------------------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------------------+-------------+-------------+-------------+
| | Pence | Pence | Pence |
+------------------------------------------------+-------------+-------------+-------------+
| Basic and diluted loss per ordinary share from | 0.50 | (0.09) | (0.70) |
| discontinued operations | | | |
+------------------------------------------------+-------------+-------------+-------------+
The number of shares in issue at 31 December 2009 and at 30 June 2010 was
126,675,219. For the purposes of calculating the loss per ordinary share the
weighted average number of shares excludes 193,645 shares held by the D1 Oils
plc Employee Benefit Trust. The diluted loss per share doesn't differ from the
basic loss per share as the share options are anti-dilutive.
For the purposes of calculating earnings per share, the following profit figures
were used:
+------------------------------------------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | |
+------------------------------------------------+-----------+-----------+----------+
| | ended | ended | ended |
+------------------------------------------------+-----------+-----------+----------+
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------------------+-----------+-----------+----------+
| | 2010 | 2009 | 2009 |
+------------------------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | | | |
+------------------------------------------------+-----------+-----------+----------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------------------+-----------+-----------+----------+
| Loss for the period attributable to equity | 628.2 | (107.7) | (912.9) |
| holders of the parent from discontinued | | | |
| operations | | | |
+------------------------------------------------+-----------+-----------+----------+
The carrying value of assets held as available for sale is set out below:
+------------------------------------------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | |
+------------------------------------------------+-----------+-----------+----------+
| | ended | ended | ended |
+------------------------------------------------+-----------+-----------+----------+
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------------------+-----------+-----------+----------+
| | 2010 | 2009 | 2009 |
+------------------------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | | | |
+------------------------------------------------+-----------+-----------+----------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------------------+-----------+-----------+----------+
| Property | 1,960.9 | 3,000.0 | 2,000.0 |
+------------------------------------------------+-----------+-----------+----------+
| Environmental insurance prepayment | 115.1 | 132.9 | 124.0 |
+------------------------------------------------+-----------+-----------+----------+
| Assets classified as available for sale | 2,076.0 | 3,132.9 | 2,124.0 |
+------------------------------------------------+-----------+-----------+----------+
4. Loss per ordinary share
+------------------------------------------------+-------------+-------------+-------------+
| | Six | Six | Year |
| | months | months | |
+------------------------------------------------+-------------+-------------+-------------+
| | ended | ended | ended |
+------------------------------------------------+-------------+-------------+-------------+
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------------------+-------------+-------------+-------------+
| | 2010 | 2009 | 2009 |
+------------------------------------------------+-------------+-------------+-------------+
| | Unaudited | Unaudited | Audited |
| | | | |
+------------------------------------------------+-------------+-------------+-------------+
| | Number | Number | Number |
+------------------------------------------------+-------------+-------------+-------------+
| Weighted average number of shares in issue | 126,431,574 | 126,431,574 | 126,438,697 |
+------------------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------------------+-------------+-------------+-------------+
| | Pence | Pence | Pence |
+------------------------------------------------+-------------+-------------+-------------+
| Basic and diluted loss per ordinary share for | (2.45) | (2.31) | (4.03) |
| the period | | | |
+------------------------------------------------+-------------+-------------+-------------+
| Basic and diluted loss per ordinary share from | (2.95) | (2.22) | (3.30) |
| continuing operations | | | |
+------------------------------------------------+-------------+-------------+-------------+
The number of shares in issue at 31 December 2009 and at 30 June 2010 was
126,675,219. For the purposes of calculating the loss per ordinary share the
weighted average number of shares excludes 193,645 shares held by the D1 Oils
plc Employee Benefit Trust. The diluted loss per share doesn't differ from the
basic loss per share as the share options are anti-dilutive.
For the purposes of calculating earnings per share, the following profit figures
were used:
+------------------------------------------------+-----------+-----------+-----------+
| | Six | Six | Year |
| | months | months | |
+------------------------------------------------+-----------+-----------+-----------+
| | ended | ended | ended |
+------------------------------------------------+-----------+-----------+-----------+
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------------------+-----------+-----------+-----------+
| | 2010 | 2009 | 2009 |
+------------------------------------------------+-----------+-----------+-----------+
| | Unaudited | Unaudited | Audited |
| | | | |
+------------------------------------------------+-----------+-----------+-----------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------------------+-----------+-----------+-----------+
| Loss for the period attributable to equity | (3,725.0) | (2,808.3) | (4,177.1) |
| holders of the parent from continuing | | | |
| operations | | | |
+------------------------------------------------+-----------+-----------+-----------+
| Loss for the period attributable to equity | 628.2 | (107.7) | (912.9) |
| holders of the parent from discontinued | | | |
| operations | | | |
+------------------------------------------------+-----------+-----------+-----------+
| Total loss for the period attributable to | (3,096.8) | (2,916.0) | (5,090.0) |
| equity holders of the parent | | | |
+------------------------------------------------+-----------+-----------+-----------+
5. Other financial assets
Other financial assets comprises the following:
+------------------------------------------------+-----------+-----------+----------+
| | Six | Six | Year |
| | months | months | |
+------------------------------------------------+-----------+-----------+----------+
| | ended | ended | ended |
+------------------------------------------------+-----------+-----------+----------+
| | 30 June | 30 June | 31 |
| | | | December |
+------------------------------------------------+-----------+-----------+----------+
| | 2010 | 2009 | 2009 |
+------------------------------------------------+-----------+-----------+----------+
| | Unaudited | Unaudited | Audited |
| | | | |
+------------------------------------------------+-----------+-----------+----------+
| | GBP000 | GBP000 | GBP000 |
+------------------------------------------------+-----------+-----------+----------+
| Other cash deposits | 4,104.4 | - | 4,534.1 |
+------------------------------------------------+-----------+-----------+----------+
| Accrued bank interest | 12.3 | - | 13.5 |
+------------------------------------------------+-----------+-----------+----------+
| | 4,116.7 | - | 4,547.6 |
+------------------------------------------------+-----------+-----------+----------+
6. Contingent liabilities
As part of the sale of the Bromborough site, the purchaser was also assigned two
leases for land adjacent to the site. If the purchaser defaults on the lease
payments, the liability may revert to D1 Oils plc. The maximum exposure at 30
June 2010 is GBP2.0m. Should this exposure crystallise, the liability could be
mitigated by sub-letting the land.
7. Post balance sheet events
On 2 July 2010, the Group sold the Bromborough site that was part of the
discontinued refining and trading operations. The sale price less selling costs
were equal to the value of the asset held for sale at 30 June 2010 of GBP2.1m.
8. Approval by the Board of Directors
The Interim Report was approved by the Board of Directors on 22 September 2010.
+--------------------------------------+--------------------------------------+
| Directors and advisors | |
| | |
| | |
| Barclay Forrest OBE, FRAgs | Company Secretary |
| Non-Executive Chairman | Marie Edwards |
| | |
+--------------------------------------+--------------------------------------+
| Martin Jarvis | Registered office |
| Chief Executive Officer | 1 Park Row |
| | Leeds |
| | LS1 5AB |
+--------------------------------------+ +
| Dr Henk Joos | |
| Plant Science Director | |
| | |
+--------------------------------------+--------------------------------------+
| | Registered number |
| | 5212852 |
| | |
+--------------------------------------+--------------------------------------+
| | Broker and nominated advisor |
| | Piper Jaffray Ltd |
| | One South Place |
| | London EC2M 2RB |
| | |
+--------------------------------------+ +
| | |
+--------------------------------------+--------------------------------------+
| | Bankers |
| | Barclays Bank plc |
| | PO Box 378 |
| | 71 Grey Street |
| | Newcastle upon Tyne NE99 1JP |
| | |
+--------------------------------------+ +
| | |
+--------------------------------------+--------------------------------------+
| | Auditors |
| | Ernst & Young LLP |
| | Citygate |
| | St James' Boulevard |
| | Newcastle upon Tyne NE1 4JD |
| | |
+--------------------------------------+ +
| | |
+--------------------------------------+--------------------------------------+
| | Solicitors |
| | Pinsent Masons |
| | CityPoint |
| | One Ropemaker Street |
| | London EC2Y 9AH |
| | |
+--------------------------------------+--------------------------------------+
| | Registrars |
| | Capita IRG plc |
| | The Registry |
| | 34 Beckenham Road |
| | Kent BR3 4TU |
| | |
+--------------------------------------+--------------------------------------+
For further information please contact:
+-------------------------------+-----------------------+
| D1 Oils plc | + 44 (0) 20 7936 9115 |
+-------------------------------+-----------------------+
| Martin Jarvis, Chief | |
| Executive Officer | |
+-------------------------------+-----------------------+
| | |
+-------------------------------+-----------------------+
| | |
+-------------------------------+-----------------------+
| Piper Jaffray Ltd. | + 44 (0) 20 3142 8700 |
| | |
+-------------------------------+-----------------------+
| Charlie Lilford | |
+-------------------------------+-----------------------+
| Rupert Winckler (Qualified | |
| Executive) | |
+-------------------------------+-----------------------+
| | |
+-------------------------------+-----------------------+
| Brunswick Group | + 44 (0) 20 7404 5959 |
| | |
+-------------------------------+-----------------------+
| Kevin Byram | |
+-------------------------------+-----------------------+
| Saadia McGlinchey | |
+-------------------------------+-----------------------+
Piper Jaffray Ltd., which is authorised and regulated by the Financial Services
Authority, is acting exclusively for D1 Oils and for no-one else in connection
with the matters referred to in this announcement and will not be responsible to
anyone other than D1 Oils for providing the protections afforded to customers of
Piper Jaffray Ltd. nor for giving advice in relation to the matters referred to
in this announcement.
Responsibility
The Directors of D1 Oils accept responsibility for all of the information
contained in this announcement. To the best of their knowledge and belief
(having taken all reasonable care to ensure that such is the case), the
information contained in this announcement is accurate and does not omit
anything likely to affect the import of such information. To the best of their
knowledge and belief (having taken all reasonable care to ensure that such is
the case), the information contained in this announcement for which the
Directors take responsibility is accurate and does not omit anything likely to
affect the import of such information.
Disclosure requirements of the Takeover Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any
class of relevant securities of D1 Oils or of any paper offeror (being any
offeror other than an offeror in respect of which it has been announced that its
offer is, or is likely to be, solely in cash) must make an Opening Position
Disclosure following the commencement of the offer period and, if later,
following the announcement in which any paper offeror is first identified.
An Opening Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant securities of
each of (i) D1 Oils and (ii) any paper offeror(s). An Opening Position
Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than
3.30 pm (London time) on the 10th business day following the commencement of the
offer period and, if appropriate, by no later than 3.30 pm (London time) on the
10th business day following the announcement in which any paper offeror is first
identified. Relevant persons who deal in the relevant securities of the offeree
company or of a paper offeror prior to the deadline for making an Opening
Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
paper offeror must make a Dealing Disclosure if the person deals in any relevant
securities of the offeree company or of any paper offeror. A Dealing Disclosure
must contain details of the dealing concerned and of the person's interests and
short positions in, and rights to subscribe for, any relevant securities of each
of (i) the offeree company and (ii) any paper offeror, save to the extent that
these details have previously been disclosed under Rule 8. A Dealing Disclosure
by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm
(London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a paper offeror, they will be deemed to be a
single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any
offeror and Dealing Disclosures must also be made by the offeree company, by any
offeror and by any persons acting in concert with any of them (see Rules 8.1,
8.2 and 8.4). Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing Disclosures must be
made can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. If you are in any doubt as to whether you are required to make
an Opening Position Disclosure or a Dealing Disclosure, you should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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