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GEM BioFuels
- BY: Andrew Hore |
- POSTED: 12/04/2012 |
- COMMENTS: Add yours
Jatropha plantations developer GEM BioFuels says that its planting programme in Madagascar has been less successful than hoped.
Management blames a lack of financial resources. This led to poor crop maintenance and fewer than expected plants reaching maturity and producing oil seeds. An external review has been commissioned. GEM is considering whether to grow other crops on its land.
Paul Benetti has stepped down as chief executive.
At 1.5p a share, down 1.25p, GEM is valued at £1.4m.
The recent £350,000 placing at 1p a share led to RAB increasing its stake to 54.7%.
Allenby has replaced Shore Capital as GEM’s nominated adviser and broker.
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