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Axiom Energy hopes its prospect of a cheap, environmentally friendly fuel made from cooking oil or old shopping bags will pique investors‘‘ interest in its initial public offer.
The Advertiser reports that managing director David Vinson and chief operating officer Danny Goldman are in Adelaide this week to talk to underwriter ABN Amro about Axiom‘‘s A$37.6 million IPO. Axiom plans to be the largest biodiesel producer in eastern Australia by 2008, increasing output at its Laverton, Victoria, plant from a forecast 70 million litres in 2007 to 100 million. While the plant will use recycled cooking oil, tallow and possibly palm oil to create biodiesel, two separate plants are planned on the same site, which also will produce low-sulphur diesel from waste plastics such as shopping bags. These plants are forecast to produce 11 million litres of low-sulphur diesel in 2007, with the product excise-free as it will be made using a recycling process.
Axiom Energy is pursuing "viable solutions to meet the growing need for sustainable energy sources", Mr Vinson said. Biodiesel currently receives a full excise offset but, from 2011 to 2015, this will be scaled back so eventually the excise will be 19.1c per litre, or half the petro-diesel excise. Axiom has scope to build another 13 waste-plastic recycling plants in Australia and New Zealand in the next five years at a cost of about $6 million each. Mr Vinson said eventually this could involve a South Australian plant as raw materials inputs were identified.
Mr Vinson said there had been strong support from institutional and retail investors.
The company is offering 47 million 80c shares, or about 46 per cent of the company, which would value the company on listing at A$82.7 million. Mr Vinson said Axiom was forecast to be profitable if the diesel price was above A$1.01 a litre. It was retailing at between A$1.25 and A$1.28 in Adelaide yesterday. Forecasts are for revenue of A$70.1 million and net profits of A$10.1 million for 2006-07. A dividend policy based on a minimum of 40 per of net profits has been adopted. The IPO is expected to close on September 23 and listing is set for October 10
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