Agri Energy shares suspended from trading on the ASX

Agri Energy, the biofuels company that backed away from developing ethanol plants in Victoria and New South Wales in October 2007 (previous post), has requested suspension of trading on the Australian Stock Exchange.

Request for Suspension in Trading of Company’s Securities (PDF)

Agri Energy’s efforts to secure financing to cover project costs and overheads have been frustrated by the poor sentiment for the biofuels industry both in Australia and overseas as well as the limited profit margins within the industry. They have requested trading of their shares be halted based on concerns that they will be unable to keep the market adequately informed of a series of interrelated negotiations to fund their business.

Sounds complicated but complicated or not, it is another sign that the biofuels industry is facing tough times.

Source: ABC News, ASX

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