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___________________________________________________________________ Eco Investor Update A Weekly News Update for Environmental Investors 2
April 2012 - No 74
ASX 100 Hastings Diversified Utilities
Fund The new facilities will be used to replace all existing senior and mezzanine debt facilities, and consist of three tranches: an 18 month debt facility of $250 million, a $720 million three year term facility and a $355 million four year term facility, as well as a $50 million three year capital expenditure facility. Commercial benefits of the refinancing include reduced interest costs and increased available annual cash flows, and an enhanced ability to access global debt markets and implement longer debt maturity tenors. Funding has been received from ANZ, BTMU, Commonwealth Bank, JP Morgan, National Australia Bank, the Royal Bank of Canada, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation. (ASX: HDF) ASX 300 Tassal Group Tox Free Solutions IOOF Holdings seems to have taken advantage of the high price to realize some profits as it has reduced its stake from 10.66 to 9.14 per cent. (ASX: TOX) Unlisted Share Funds Climate Advocacy Fund The disagreement appears to be between the board and some of the founders of the investment manager, who have lodged resolutions to remove the board.
ASX 200 Transpacific Industries
Group He has worked in the resources, industrial, logistics and communications sectors with BHP and Australia Post. He was previously chairman of AUX Investments, which is jointly owned by Qantas and Australia Post and is the parent company of Star Track Express and Australian Air Express, and was head of Corporate Development at Australia Post. (ASX: TPI) Emerging Companies Clean TeQ Holdings CMA Corporation The buy-back shares were acquired by CMA in December 2010 as part of the settlement of litigation commenced by CMA against former managing director Douglas Rowe and his company WMR Investments Pty Ltd. (ASX: CMV) DoloMatrix International The announcement follows the resolution, subject to final documentation, of a short dispute with Tox Free Solutions over completion adjustments to their agreement for the sale of DoloMatrix’s operating subsidiaries to Toxfree. CVC Ltd has increased its holding in DoloMatrix from 10.09 to 11.37 per cent. The shares were acquired at an average price of 4.52 cents each. (ASX: DMX) Unlisted Share Funds Australian Ethical Smaller
Companies Fund The disagreement appears to be between the board and some of the founders of the investment manager, who have lodged resolutions to remove the board. CVC Sustainable Investments The company is considering a strategy of realizing its investments and returning funds to shareholders. During the period it sold its investment in Pro-Pac Packaging at a price of 45 cents per share and generated a pre-tax profit of $528,648. Net assets were $6.09 million, of which cash was $3.6 million. Shares in unlisted companies available for sale are valued at $1.86 million. The Fund’s 34.4 per cent in the listed Environmental Group Ltd is valued at another $1.36 million.
Micro Cap Companies Electrometals Technologies “Since 1991 the business of Electrometals has been the commercialization of its patented electrowinning technology, which we call EMEW (ElectroMetals ElectroWinning). Over the years management has attempted a number of strategies to achieve this with varying degrees of success: selling plants outright, selling supplies, selling maintenance packages, selling systems using EMEW and related technologies, selling laboratory and engineering services, charging royalties, and selling metal from EMEW cells we own and operate ourselves," he said. "We continue in our search to find the right business model to commercialize this technology.” Directors said of perhaps even more concern is cash consumption. “During the year we raised $3.9 million. However, $2.7 million of this has already been consumed. Our year-end cash balance is $2.0 million, an increase of $1.1 million over the previous year.” A major strategic and operational review was undertaken during the year, and management is taking initiatives to address the problems, said Mr Melgaard. “This will necessarily result in an increase in short term cash costs and will take time to implement. Your board is doing everything we can to avoid another equity capital raising. However this may prove unavoidable.” Director Michael Nugent has indirectly acquired 50,000 shares at 1.4 cents each. (ASX: EMM) Intermoco Meanwhile another 33,333,333 shares have been issued under a convertible note facility at 0.09 cents per share. Although the shareholder is not stated, it could be La Jolla Cove Investors. (ASX: INT) Vmoto The company is conducting a feasibility study for its dealer distribution network in some European countries where it does not have a relationship with an importer for its electric scooters. Such a network should increase
revenue and profit through additional sales directly with When Vmoto completes EC compliance registration, it will be in a position to trial and launch its first own dealer distribution network in a targeted country. Once the best structure and strategy are determined, it will roll-out the model to other countries. Vmoto says the main considerations by consumers when purchasing electric scooters are the cost and the inconvenience and time required to recharge batteries. The ability to rent batteries woud significantly reduce initial purchase costs, and the ongoing running costs of an electric scooter would be significantly lower than for a petrol scooter, even after the battery’s rental cost. It would enable users to quickly exchange batteries while on the road without needing to wait to recharge the batteries. The network would serve as a ‘petrol station’ for electric vehicles. The business model will be trialed in Spain, where Vmoto has its European head office. If successful, other revenue streams may derive from renting batteries. Meanwhile, 32 electric scooter samples have been delivered to TAO in Denmark for trial. TAO is one of the largest newspaper delivery companies in the country and has a 500 unit petrol scooter fleet. Denmark Post has ordered 5 electric units for trial and these are being prepared to meet its requirements. Denmark Post has 1,000 petrol scooters in its fleet. Belgium Post has ordered 50 scooters for trial, and these are now being manufactured. Belgium Post has a 5,000 unit petrol fleet. Vmoto is also in discussion with two electric bicycle/scooter companies in China about cooperation in electric scooters. The development of two electric scooter models for China is on plan. The models are a redevelopment of the E-Max 80L electric scooter with a lithium battery where costs will be reduced by about 50 per cent; and a new electric scooter known as the Green which is a retro styled scooter powered by a silicone battery. The strategy is to offer a competitive price for consumers who want an electric scooters for transport but are currently deterred by the generally higher prices of electric scooters over petrol scooters. (ASX: VMT)
ASX 200 Dart Energy Meanwhile, Dart and its partner Maria’s Farm Veggies Pty Ltd (MFV) have won the FutureGAS Innovation Award for 2012. The award is for the MFV combined heat and power glasshouse project that will produce vegetables and generate electricity. Dart said the project is a model of sustainability that demonstrates that coal seam gas (CSG) production can bring significant benefits to communities and the economy. The project will produce food and electricity yet have a much lower impact on the environment than conventional food and power production techniques. Project benefits include ten times the food production compared to conventional techniques, near zero CO2 emissions for power exported to the grid, and beneficial re-use of CSG water. Dart Energy will start work on its coal seam gas production pilot near Maria’s Farm Veggies once formal approvals have been received, it said. FutureGAS is the annual gas conference organized by Gas Today magazine. (ASX: DTE) ASX 300 Galaxy Resources Ramp-up is progressing in line with expectations and the next spodumene consignment to China is in April. The 27,000 tonne consignment will represent the first sizeable revenue flow for Galaxy since start-up at Mt Cattlin. Manwhile, shares in Galaxy Resources are in a trading halt pending an announcement. No further details were given. (ASX: GXY) Micro Cap Companies Algae.Tec Dyesol The raising was at 18 cents per share and partly underwritten by Octa Phillip Securities for $3 million. “The Company is deeply gratified by the strong financial support from Dyesol shareholders and looks forward to reporting exciting developments in our world-class partner projects in the coming weeks and months.” said chairman Richard Caldwell. In line with mooted management changes, Dyesol has ended the engagement of Dr Gavin Tulloch who has been a consultant in the role of Director of Technology since October 2010. He remains a non-executive director. (ASX: DYE) EcoQuest The pro-rata non-renounceable offer is 1 for 2 at 0.5 cents per share, and like the placement shares come with a 1:1 free option with an exercise price of 1 cent exercisable by 31 December 2012. The placement was to sophisticated investor clients of Forrest Capital Pty Ltd. The offer is underwritten by Forrest Capital Pty Ltd. EcoQuest has issued 11,194,029 shares to Mariner Corporation at 0.67 ecnts per share for the services of Darren Olney-Fraser's as acting managing director. Denlin Nominees Pty Ltd has become a substantial shareholder with 7.77 per cent. (ASX: ECQ) Eden Energy On 29 March Eden’s shareholders voted to approve this funding. (ASX: EDE) Enerji Ledge Equipment Finance will endeavour to secure a debt facility to give Enerji an alternative funding source to the issuing of shares. This would minimize shareholder dilution. Enerji believes the Opcon Powerbox systems are suitable for debt financing as they give predictable revenues from generated electricity that is sold back to the customer under long term power purchase agreements. (ASX: ERJ) EnviroMission Faithful+Gould's Phoenix office will provide consultant services from the conceptual design phase through to construction and operation. “Faithful+Gould has provided technical expertise and support to diverse projects in the energy sector over many years, however the EnviroMission La Paz Solar Tower represents a new level of renewable energy innovation in the energy sector,” said Faithful+Gould Technical Director Adrian Smith. (ASX: EVM) Intelligent Solar “It has become evident to the Board in its discussions that there are a number of competing technologies in the market and it accordingly has not been able to reach commercial agreements with potential customers. In addition, the Federal Government`s decision to cease the solar water hot water rebate scheme has significantly reduced the market potential for the ISET technology,” said managing director, Kevin Chin. “The Board has decided that it would not be in the best interests of shareholders to continue to pursue commercialization of ISET, given the additional investment that would be required to improve the technology and the high probability of limited to no returns being yielded.” The board will now investigate new business opportunities, and any proposal is expected to “significantly change the nature of the Company’s activities”. (ASX: ISL) MediVac Petratherm Petratherm has begun the first phase of a large magnetotelluric (MT) survey on the Island of Tenerife, Spain. The survey is to extend the mapping of a subsurface, hydrothermally altered clay cap that is typically indicative of an upflow of geothermal fluid. The survey is to determine if the system has an expression at shallow depth on the lower flanks of the volcano in areas that are suited for drilling and potential development. It could determine if there is a better drilling target than previously identified. The MT is funded by the previously announced Spanish Federal Government Grant of over $1 million to characterize the geothermal resources of the Canary Islands. Petratherm España leads the consortia that won the grant. Its collaborators are the Institute of Technology and Renewable Energy, the University of Barcelona, the University of Laguna, and the Canaries Institute of Volcanology. It is anticipated the first phase of survey work will be completed by early April. (ASX: PTR) Torrens Energy Water Resources Group With a satellite monitoring system, operations continue unattended 24 hour per day, seven day per week. The system gives over 45 per cent savings in actual power consumption compared to conventional desalination systems, said WRG. Unanticipated improvement in water quality have resulted from system upgrades. Chief executive Brian Harcourt said “This is a significant step in the history of the Company. The proven operating performance of our proprietary ASWRO desalination system reinforces our competitive advantage over traditional desalination systems globally. The system is continually proving to be the most competitive low cost, chemical free, community based desalination system in the world.” (ASX: WRG) Eco Investor Update
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