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GEM BioFuels
- BY: Andrew Hore |
- POSTED: 07/11/2010 |
Shares in Jatropha plantations developer GEM BioFuels have returned from suspension following the release of its figures for 2009 and the first half of 2010 and the company is seeking £2m to move ahead with its plans.
GEM generated its first revenue of £18,000 in the first half of 2010. The sales of crude Jatropha oil achieved prices of between $540-$685/metric ton.
There was a £1.31m cash outflow in 2009 but this was pared back to £59,000 in the six months to June 2010 because GEM did not have the cash to finance further planting.
There was just under £15,000 in the bank at the end of June 2010. Since then GEM has raised £300,000 at 8p a share. It needs a further £2m in order to capitalise on the Jatropha assets. If that cash is not raised it will have to consider other ways of moving forward in order to remain a viable business.
At 5.5p a share, down 1.75p on the suspension price, GEM is valued at £1.94m.
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