Announcement re US company dispute


 

TIDMDOO 
 
RNS Number : 7317B 
D1 Oils Plc 
02 November 2009 
 

 
 
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 
GBP4.2m 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 GBP1m. The settlement agreement is subject to 
certain conditions precedent which are anticipated to be resolved during 
November. 
 
 
 
 
 
 
Enquiries: 
+-----------------+-------------------------------------------------------+ 
| D1 Oils:        | Ben Good, Chief Executive Officer                     | 
|                 | Tel: +44 (0) 20 7367 5600                             | 
|                 |                                                       | 
+-----------------+-------------------------------------------------------+ 
| Brunswick       | Kevin Byram / Camilla Gore                            | 
| Group:          | Tel: +44 (0) 20 7404 5959                             | 
|                 |                                                       | 
+-----------------+-------------------------------------------------------+ 
| 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. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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