AUSTRALIAN Renewable Fuels Limited, a subsidiary of ASX-listed oil and gas company Amadeus Energy, has lodged a prospectus for a public offering of A$20 million to further develop its activities in the biodiesel industry.
The issue price of the new shares is A$1.00 and the company will have a market capitalisation of A$108 million at the issue price.
The offer comprises a priority offer of 5,000,000 shares for eligible Amadeus shareholders and a public offer of no less than 15,000,000 shares.
Australian Renewable Fuels currently has two biodiesel plants under construction in Australia – one in Adelaide with production due to start in November 2005, and one in Picton near Bunbury, Western Australia where production is due to begin in March 2006.
ARF has said it plans to selectively roll out additional plants in line with the continued growth in the biodiesel market in Australia.
Meanwhile, market rumour has it that Amadeus is about to close a deal with major US private producer Cobra Oil & Gas for more Texas acreage.
