News blog
Equatorial Palm Oil
- BY: Andrew Hore |
- POSTED: 07/02/2010 |
Equatorial Palm Oil has resurrected its plans to float on Aim before the end of February.
The business is developing existing palm oil plantations in Liberia and the development of new ones. There is potential to reactivate 10,200 hectares of plantations in the short-term. The company also has rights over an agricultural land bank covering 78,548 hectares plus a potential joint venture to develop palm oil plantations on 80,000 hectares of land.
On 22 May 2008, Equatorial Palm talked about joining Aim in mid-June 2008. This was subsequently changed to mid-July 2008 And then mid-September 2008. It wanted to raise £15m. No figure has been put on the latest fundraising. Net debt was £756,000 at the end of 2008.
Equatorial Palm then went quiet until Aim-quoted grain processor Agriterra Ltd announced on 18 August 2009 that it expected to pay $12m in cash and shares - $2m in cash and 110m shares - for Equatorial Biofuels, which is the main operating subsidiary of Equatorial Palm. In September, Agriterra decided it would not go ahead with the acquisition.
Ambrian was the original nominated adviser but it has been replaced with Shore Capital, which is also joint broker with the original broker Mirabaud.
Equatorial Palm Oil has been quoted on Aim before. It joined as a shell on 14 February 2006 when it was known as Nardina Resources (www.nardinaresources.com). It raised £3m. Nardina changed its name to Equatorial Biofuels but the quotation was cancelled on 22 February 2007 because the shares were suspended for six months. This was because the purchase of the Liberian assets could not be completed in time.
www.epoil.co.uk
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