Mission NewEnergy completes company transformation
Mission NewEnergy has completed its company transformation plan which began back in 2012.
The final step of the transformation includes:
• Completion of the sale of its 250,000 tonnes per year biodiesel refinery for $22.5 million (€19.9 million)
• Settlement of all outstanding convertible note debt of approximately AU$25 million (€17 million)
• Retention of a 20% stake in a joint venture with a palm oil plantation company and a US-based provider of disruptive fuels technology
• Retention of approximately two years in general working capital to cover operational and legal expenses.
Mission has added 40.28 cents per share of asset value on a fully diluted basis from this transaction, including 10.44 cents per share of cash and enterprise value of Mission's interest in the JV of 29.84 cents per share.
Being well capitalised and with all debt removed, the company is focused on driving its JV interest and is now able to execute new opportunities.