Australian Renewable Fuels engages Macquarie Bank

Australian Renewable Fuels (ARF) has informed its shareholders and the Australian Stock Exchange that it has engaged Macquarie Bank to provide advice in relation to business development and financing and operational strategies. ARF’s share price rose 23.7% on the news. In return for its advice, Macquarie will get 25.8 million five-year options with a strike price of 19c.

Chief executive John Lillywhite said that Macquarie Bank would help out with business strategy and financing, but would not be looking at plans to sell the business.

We believe that their assistance will be valuable in developing strategies for the ongoing sustainability and success of the business.

Mr Lillywhite said the biofuels industry had been struggling because of difficulty securing contracts with the large oil companies. In June the company secured a contract with Caltex Australia to supply up to 10 million litres of biofuel per year.

Source: ARF via Herald Sun

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