administrators appointed, page-5

I'm not sure if they can divest whilst NFAL is in Administration. If they do, it would be a very distressed sale of thier 50% share. Would you buy a 50% share in a biodiesel plant that is in Administration?

The Administrator will control the orderly resolution of NFAL by selling assets or the company as a whole. The 50% proceeds of either transaction will go to NFL, but I wouldn't imagine the timing would be appropriate for NFL unless someone comes in quickly to buy NFAL (or its assets).

I think it more likely that NFL will source the funds they require from other sources. They have indicated they hope to get biodiesel production started some time before the end of the year if market conditions continue to improve.

Given the current state of biodiesel production market and the need to complete the commissioning of the Darwin plant, I would expect this to be a bit of a distressed sale by the Administrator.

Once NFL or someone else gets runs on the board with biodiesel production, NFAL might be worth more.