"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Tuesday, August 26, 2008

All that is Green is not Golden : Part 27

On Friday, June 30, 2006 we posted about a forthcoming IPO that Lord Patel was investing an honest shilling into China Biodiesel commences trading on AIM . Their business was collecting used oils, fats and converting them in biodiesel.

On the day China Biodiesel (incorporated in British Virgin Islands (registration number: 681276) ) raised £8Mn (for 20% of the shares) and trading commenced - Bid 87p Offer 90p at mid-day with light trading.

Evolution, who have offices in Shanghai, handled the launch which presages a great deal of interest in renewable fuels in China. Closed the day with 600,000 shares changing hands and closed at 98/100.

Lord Patel took up shares at 80p in the IPO and sold when they reached 107p and took his profits, since which time they have slid to 10.5 p.

More details here of the company and the the then new biodiesel market in China Tuesday, June 27, 2006 China Biodiesel IPO on AIM - Friday

They have produced profits but the dividend of 0.365 Renminbi (1US$ = 6.8 RM) doesn't really pay any bills.

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