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Newspaper Article
Ethanol pulls plug
2006
Overview
Less than a month after unveiling the proposed float, chief executive Trevor Bourne described the cancellation as \"disappointing\" but said he still hoped to proceed with a listing since about 90 per cent of the stock had been reserved. He stressed that the firm's business plan for expansion of its US- based ethanol plants could still proceed with a private equity injection and continued backing from South African merchant bank Investec, the majority shareholder in Global Ethanol. Mr Bourne said he learned on a flight from San Francisco back to Australia that two key overseas investors had dramatically reduced their exposure to the company after being spooked by share market fluctuations, including this week's 30 per cent share price plunge of engineering group Downer EDI.
Publisher
Nationwide News Pty Ltd
Subject
