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D1 Oils Chairman Steps Down
Added 171 days ago - D1 Oils chairman Bryan Myerson has stepped down from the board and been replaced as chairman of the Jatropha-based products developer by non-executive director Barclay Forrest.
This is not a big surprise because Myerson’s plan to reverse Principle Energy into D1 was opposed by shareholders owning more than two-fifths of the loss-making company. Recent D1 announcements have been from the “independent directors”, which is all the directors other than Myerson, because he is connected to Principle Energy.
Myerson is a director of Principle Capital Advisors, which is the biggest shareholder in D1 with a 27.6% stake. Principle does not believe in the current strategy of D1 and wants to shut the existing operations and preserve the remaining cash. The next five biggest shareholders are backing D1’s strategy.
Principle Energy is developing bioethanol projects in Africa. Principle Capital Holdings owned 8.5% of Principle Energy at the end of 2008.
D1 has sold its Bromborough site for £2.6m - £500,000 more than book value. Prior to the sale there was £9m in the bank. That should last until the end of 2011.
D1 harvested 400 tonnes of Jatropha grain in 2009. Selling prices for crude Jatropha oil are in the range of $800-$1,000 a tonne. D1 is also investigating the use of Jatropha for animal feed.
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