Looks like Dick Selwood is happy to increase his stake a little bit. He has a bucket load already but I guess he is showing his support.
Number acquired 55,000 ordinary shares Value/Consideration 9.8 cents
From the final report: The Company’s operations in Singapore are in the final stages of construction and commissioning and the directors expect to commence biodiesel production during the first half of the 2009 financial year. The Group had a working capital deficit at 30 June 2008 of $2.04 million which has since been offset by the receipt of US$20 million in subscription funds from Power Knight. However the cash requirements for the commissioning of operations of the Singapore plant and working capital to commence operations and production will necessitate additional external funding during the coming financial year. Directors are advancing negotiations to secure this additional funding, which may take the form of equity, debt or a combination of both.
Biodiesel economics have improved considerably in the September quarter with palm oil futures reducing to a 10-month low. Crude palm oil prices have dropped approximately 40% from a record high in March 2008 of US$1,343 per tonne due to lower crude oil prices and increased supply from past plantings in Indonesia and Malaysia. In response to this opportunity NFL is currently in discussions with leading Asian agri-business groups to commence contract (tolling) biodiesel production.
BGC Price at posting:
8.4¢ Sentiment: None Disclosure: Held
