directors resigning, page-2

Well I had a read through the Annual Report which was also released yesterday, and couldn't really find anything new to report. The few interesting points are:

(1) They mentioned factors effecting share price as:
- feedstock prices
- start up issues in Darwin
- construction challenges in Singapore
- Substantion change in market sentiment

They had never mentioned the "construction challenges in Singapore" before, but perhaps that should rated an annoucement during the year especially as Singapore will be starting up almost six months behind schedule ... and this did not even rate a mention till the last couple of months.

I would have thought "holders of convertible notes" selling shares and major shareholders selling out would have had a greater effect than things such as "start up issues in Darwin"

(2) I was able to get a bit more understanding of the
FY07 Net loss of $47.8 million.

The majority of this loss were "non-cash" amounts. Although they had already mentioned the $21 million related to Houston, I didn't realise that $20 million was related to the convertible notes.

(3) They mentioned current price for refined and pharmaceutical grades of glycerine is over $US1,000 per tonne. This compares to and average selling price of $US700 per tonne in 2006.


Summary: Nothing really new to get excited about in the Annual Report. Probably well worth reading about the first 8 pages if you don't know much about the Biofuels industry, but I think the MBT report did a better job of putting a positive spin on where the Biofuels industry is heading


As for the share price, I can't imagine this Annual Report would have any effect. I would imagine the share price will slowly drift upwards as the depth is building up on the BUY side and we seem to have lost the big sellers who were continually wiping out that depth.