2nd Nov 2009 07:00
D1 Oils plc ("D1 Oils" or "the Company")
Announcement re US company dispute
The Board of D1 Oils plc has finalised negotiations of a binding cash settlement agreement in relation to its dispute with a US company. The Company announced a £4.2m arbitration award on 27 March 2009 which was subsequently assessed to be a contingent asset in the Company's 2008 Annual Report and Accounts, with a zero carrying value in both those accounts and the 30 June 2009 Interim Accounts. The Directors have taken into account a complex legal background, as well as the financial condition of the debtor, in assessing the cash value of the settlement announced today at approximately £1m. The settlement agreement is subject to certain conditions precedent which are anticipated to be resolved during November.
Enquiries:
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D1 Oils: |
Ben Good, Chief Executive Officer Tel: +44 (0) 20 7367 5600 |
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Brunswick Group: |
Kevin Byram / Camilla Gore Tel: +44 (0) 20 7404 5959 |
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Piper Jaffray: |
Michael Covington / William Carnwath (Qualified Executive) Tel: +44 (0) 20 3142 8700 |
Notes to Editors:
D1 Oils plc is an alternative energy crop company. We are pioneering the development of Jatropha curcas, a robust, tropical oilseed bearing tree, into a new sustainable energy crop that has the potential to replace food crops as a source of biodiesel. Jatropha is a hardy crop that is able to grow on a wide range of soils, including soils which are sub-optimal for arable agriculture. Its grain is crushed to produce inedible oil for biodiesel and meal that has the potential to be processed into a high-value, protein source for animal feed. We have an established plant science and planting programme for Jatropha, and we provide commercial technology and services to the emerging Jatropha sector, including the breeding and selection of Jatropha seeds and seedlings, the development of planting practices and husbandry methods, and the harvesting and processing of Jatropha oil and meal.
Related Shares:
NEOS.L