Bromborough sale now completed


 

TIDMDOO 
 
RNS Number : 7822O 
D1 Oils Plc 
02 July 2010 
 
FOR IMMEDIATE RELEASE 
D1 Oils plc 
Bromborough sale now completed 
The Board of D1 Oils plc ("D1 Oils" or the "Company") today announces the 
completion of the sale of the Bromborough site. 
As announced on 24 June, the buyer had informed the Board that there was a 
material risk that it would not be funded to perform its obligations under a 
possible revised structure to that agreed in binding terms and announced on 4 
February.  Accordingly the Board decided to continue discussions for a further 
short period, whilst taking legal steps to enforce its contractual rights. 
Since this time the buyer has been successful in firming up its sources of 
funding for the acquisition of Bromborough. 
The Company can now confirm that it has received GBP2.2m of cash from the buyer. 
 The Company will apply GBP0.4m of the GBP2.2m receipt to fund its obligation to 
account for VAT to HMRC.  The Board anticipates that the buyer will be able to 
recover GBP0.4m of VAT from HMRC in due course and the buyer has agreed to pass 
on such receipt to the Company. 
The buyer has also agreed to pay the Company a net royalty, which will be capped 
at GBP0.4m plus VAT, based on Bromborough's future production volumes of 
biodiesel.  The buyer's production plans indicate that the Company should 
receive these payments during the next two to three years.  However, the Board 
anticipates that the precise magnitude and timing of any royalty payments will 
depend on the commercial success of the buyer in managing a range of factors and 
so there remains a material risk to recovery.  All other particulars of the sale 
remain as announced on 4 February. 
 
 
 
 For further information please contact: 
 
+------------------------+-----------------+ 
| D1 Oils plc            | + 44 (0) 20     | 
|                        | 7367 5609       | 
+------------------------+-----------------+ 
| Ben Good, Chief        |                 | 
| Executive Officer      |                 | 
+------------------------+-----------------+ 
|                        |                 | 
+------------------------+-----------------+ 
| Piper Jaffray Ltd.     | + 44 (0) 20     | 
|                        | 3142 8700       | 
+------------------------+-----------------+ 
| Charlie Lilford        |                 | 
+------------------------+-----------------+ 
| Rupert Winckler        |                 | 
| (Qualified Executive)  |                 | 
+------------------------+-----------------+ 
|                        |                 | 
+------------------------+-----------------+ 
| Brunswick Group        | + 44 (0) 20     | 
|                        | 7404 5959       | 
+------------------------+-----------------+ 
| Kevin Byram            |                 | 
+------------------------+-----------------+ 
| Claire Gore            |                 | 
+------------------------+-----------------+ 
 
Piper Jaffray Ltd., which is authorised and regulated by the Financial Services 
Authority, is acting exclusively for D1 Oils and for no-one else in connection 
with the matters referred to in this announcement and will not be responsible to 
anyone other than D1 Oils for providing the protections afforded to customers of 
Piper Jaffray Ltd. nor for giving advice in relation to the matters referred to 
in this announcement. 
Responsibility 
The Directors of D1 Oils accept responsibility for all of the information 
contained in this announcement.  To the best of their knowledge and belief 
(having taken all reasonable care to ensure that such is the case), the 
information contained in this announcement is accurate and does not omit 
anything likely to affect the import of such information.  To the best of their 
knowledge and belief (having taken all reasonable care to ensure that such is 
the case), the information contained in this announcement for which the 
Directors take responsibility is accurate and does not omit anything likely to 
affect the import of such information. 
 
Disclosure requirements of the Takeover Code (the "Code") 
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any 
class ofrelevant securities of D1 Oils or of any paper offeror (being any 
offeror other thanan offeror in respect of which it has been announced that its 
offer is, or is likely to be, solely incash) must make an Opening Position 
Disclosure following the commencement of the offerperiod and, if later, 
following the announcement in which any paper offeror is first identified. 
An Opening Position Disclosure must contain details of the person's interests 
and shortpositions in, and rights to subscribe for, any relevant securities of 
each of (i) D1 Oils and (ii) any paper offeror(s). An Opening Position 
Disclosure by a person to whomRule 8.3(a) applies must be made by no later than 
3.30 pm (London time) on the 10thbusiness day following the commencement of the 
offer period and, if appropriate, by no laterthan 3.30 pm (London time) on the 
10th business day following the announcement in whichany paper offeror is first 
identified. Relevant persons who deal in the relevant securities of theofferee 
company or of a paper offeror prior to the deadline for making an Opening 
PositionDisclosure must instead make a Dealing Disclosure. 
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% 
or more ofany class of relevant securities of the offeree company or of any 
paper offeror must make aDealing Disclosure if the person deals in any relevant 
securities of the offeree company or ofany paper offeror. A Dealing Disclosure 
must contain details of the dealing concerned and ofthe person's interests and 
short positions in, and rights to subscribe for, any relevantsecurities of each 
of (i) the offeree company and (ii) any paper offeror, save to the extent 
thatthese details have previously been disclosed under Rule 8. A Dealing 
Disclosure by a personto whom Rule 8.3(b) applies must be made by no later than 
3.30 pm (London time) on thebusiness day following the date of the relevant 
dealing. 
If two or more persons act together pursuant to an agreement or understanding, 
whetherformal or informal, to acquire or control an interest in relevant 
securities of an offereecompany or a paper offeror, they will be deemed to be a 
single person for the purpose of Rule8.3. 
Opening Position Disclosures must also be made by the offeree company and by any 
offerorand Dealing Disclosures must also be made by the offeree company, by any 
offeror and byany persons acting in concert with any of them (see Rules 8.1, 8.2 
and 8.4).Details of the offeree and offeror companies in respect of whose 
relevant securities OpeningPosition Disclosures and Dealing Disclosures must be 
made can be found in the DisclosureTable on the Takeover Panel's website at 
www.thetakeoverpanel.org.uk, including details ofthe number of relevant 
securities in issue, when the offer period commenced and when anyofferor was 
first identified. If you are in any doubt as to whether you are required to make 
anOpening Position Disclosure or a Dealing Disclosure, you should contact the 
Panel's MarketSurveillance Unit on +44 (0)20 7638 0129. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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