12 September 2008The ManagerCompany Announcements...

12 September 2008
The Manager
Company Announcements Office
Australian Stock Exchange Limited
10th Floor, 20 Bond Street
SYDNEY NSW 2001
Dear Sir(s),
Agri Energy Limited – Appointment of Voluntary Administrator
Agri Energy Limited (“AAE or the Company”) advise that the Company filed Thursday 11
September 2008 (Australian time) for Chapter 7 Bankruptcy in the United States for the
Group’s principle asset, Beatrice Biodiesel LLC. As a result of the Chapter 7 file, Directors
resolved today to appoint a Voluntary Administrator to Agri Energy Limited.
The appointment of Mr Ken Stout of Boutique Corporate Advisory as the Voluntary
Administrator of Agri Energy Limited was a consequence of the Company being unable to
put in place the necessary interim finance through to the end of September 2008 required to
maintain the Group’s assets in good standing prior to the completion of the capital injection of
$30 million previously announced on 1 September 2008.
The Company was unable to complete and close on the interim finance once a Notice of
Default was received from Yorkville Advisors on 5 September 2008 despite efforts by the
Board to negotiate an acceptable outcome with Yorkville Advisors (the AAE Convertible Note
Holder), the investors and an AAE major shareholder that had offered interim finance on a
secured basis. Interim finance requirements to the end of September to cover the running
costs of AAE and to maintain the United States subsidiaries was US$200,000.
After an extended period seeking financial support and a capital injection into the Company,
the Board has now exhausted all prospects to raise funds to support the ongoing operation of
the Group and are left with no option but to appoint the Voluntary Administrator.
Yours faithfully
Peter Anderton