Natural Fuel to be sold to NRG Capital

Collapsed biofuels company Natural Fuel is set to be sold to NRG Capital, a private company based in Western Australia. Under the offer, NRG has proposed to pay an upfront A$575,000 (US$528,190) for the Natural Fuel shell, Natural Fuel’s shareholding in Natural Fuel Australia and its assets, and the shareholding in U.S. subsidiary NFE and its assets. The offer is conditional on creditor approval and confirmation from the Australian Securities Exchange that it will reinstate trading of Natural Fuel shares and conditional on shareholder approval of a A$1.4 million (US$1.29 million) capital raising through a one-for-two rights issue. (October 27, 2009)