biofuels project now worth nothing

This from Quarterly report:

"FEI have unfortunately not been able to secure their own project funding as planned and this has led to the Board to open discussions with other interested parties who may have wish to acquire the Malaysian subsidiary and its assets. However, because of the lack of investment interest in the biodiesel sector, we have found it very difficult to get a firm purchaser. We will continue to inform the market of any further developments."

No wonder they need to do a capital raising.

This means the Biofuel project, nominally valued at $115,000,000 for the IPO, is now worthless.