". . . repurchase 3.5 million shares of its common stock from NTR plc, its largest shareholder, at a price of $8.00 per share."
SEE HERE
It trades around $9.50, has about a 350M market cap and is presently GreenShift's largest customer.
SkunK
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Tuesday, September 13, 2011
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5 comments:
price action is very ugly....we are within days of a R/S and absolutely no technical price support...this portends poorly...and i am long big...what a waste of my money....fundemental great story...just will not matter yet...
larry
Larry,
Be careful, you are being objective and that will get you confused with other posters that Slash has lumped into one persona.
Marquis Energy Puts Expansion Plans On Hold..
How much tax revenue and how many jobs will be created from this expansion? I hope putnam county reconsiders the tax assessment. Nobody wants to see new jobs killed...
http://www.ethanolproducer.com/articles/8124/marquis-energy-puts-expansion-on-hold-due-to-tax-dispute
"September 08, 2011
A good news story in the ethanol industry has hit a speed bump. Marquis Energy LLC has announced its pulling back on a planned project to double the size of its 140 MMgy ethanol plant in Hennepin, Ill., due to a tax assessment dispute.
The assessed value of the ethanol plant for 2011 was $26.8 million, according to the Putnam County Assessment Office. The 2010 assessment was similar. Mark Marquis, president of Marquis Energy, said that the assessment is incorrect and doesn’t properly allocate personal property versus real property, taxing substantial amounts of nontaxable personal property. The valuation is nearly double the average assessment of 35 other U.S. ethanol plants of similar size and design. “No ethanol company would want to expand with this incorrect and grossly exaggerated tax assessment issue remaining unresolved,” he said.
Although the Marquis Energy attempted to reach an agreement with the assessor office attorneys and State’s Attorney, the issue is now pending a hearing at the State of Illinois Property Tax Appeal Board, the company said. The date of the hearing has not yet been set.
The tax assessment is a key issue in whether Marquis Energy moves forward with the expansion of the plant. “It is unfortunate that the construction jobs and permanent jobs resulting from a planned expansion would be delayed,” Marquis said. The company told EPM previously that the expansion would create 40 additional jobs at the ethanol plant, plus temporary construction jobs.
Construction on the originally 100 MMgy facility began in 2006. An expansion later brought it up to 140 MMgy. The plan from the beginning was to double the size of the plant by building a mirror image of the existing facility and the footprint was laid out with that in mind."
In today's economy, spending 150 million dollars in a small community carries leverage. I do not blame Marquis for dangling this carrot out to gain a lower property tax basis. In the end, they will get what they want, especially when the unions in Illinois get behind the project. Marquis is not in a hurry and are probably still engineering the new facility anyway and have time to burn for leveraging local authorities who need to get re-elected.
Please keep in mind GPRE could not make this commitment until they understood what the "new crop" outlook is. This, along with new revenue from corn oil sales has provided GPRE confidence to announce the stock buy-back prior to new crop harvest. This action may be a positive indication for the health of the Corn Ethanol Industry as well as capital funds available for installing COES at the Corn Ethanol Facilities. Did I hear "bumper crop"?
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