15th Dec 2005 09:33
D1 Oils Plc15 December 2005 D1 Oils plc STATEMENT OF INTENTION re BIOFUELS 15 December 2005 On 6th December, D1 Oils plc ("D1") announced that it had made a preliminaryapproach to Biofuels Corporation plc ("Biofuels") regarding a potential merger.The Board of D1, having reviewed the information provided by Biofuels, wasunable to value clearly the underlying assets of the business and accordinglyhas decided not to proceed with the discussions. D1 approached Biofuels on 17 November 2005, immediately following the suspensionof Biofuels' shares and prior to the agreement of the debt restructuring packageannounced by Biofuels on 2 December. D1's purpose was to explore the opportunityfor enhancing shareholder value as part of its strategy of producing biodieselfrom renewable energy crops. D1 reserves the right to make or participate in an offer within the next sixmonths with the agreement or recommendation of the board of Biofuels, or ifthere is an announcement of an offer for Biofuels by a third party, there is anannouncement by Biofuels of a 'whitewash' proposal or of a reverse takeover, asdefined in the City Code on Takeovers and Mergers. Contacts: D1 Oils plc:Graham Prince, Head of Corporate CommunicationsTel: +44 (0) 20 7321 3892Mobile: +44 (0) 7973 323840 Brunswick Group:Gill Ackers/Helen BarnesTel: +44 (0) 20 7404 5959 Notes to Editors D1 Oils plc is a UK-based global producer of biodiesel from renewable energycrops. It is the owner of technical, marketing, logistical and otherintellectual property related to the establishment, development and harvestingof jatropha plantations, the extraction of oil from the harvested seed and theproduction of biodiesel and other valuable by-products from jatropha and othervegetable oils. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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