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June 29, 2011

D1 Oils fails to win backing of its auditor over jatropha doubts

by Rowena Mason

Brian Myerson, the activist investor whose funds own 27pc of D1, quit as chairman last year after a failed boardroom coup. D1 said that his son, Nicholas, will be independent and not a representative for his father's funds.

The company will need to raise money this year and next to support the sale of jatropha plant as biodiesel. D1 Oils sold its technology business to two former directors last year.

Ernst & Young yesterday gave a "disclaimer of opinion" on whether the company could continue as a going concern. The auditor identified "significant uncertainties," including the "need to demonstrate that jatropha can deliver sustainable economics for both farmer and industry".

D1 is in the middle of a "business review" due by August. In a board shake-up, the current chairman, Barclay Forrest, will be replaced by Steven Rudofsky, an ex-Glencore trader, as executive chairman.
Martin Jarvis, the chief executive, will become chief operating officer. Brunswick, its longstanding public relations adviser, is no longer working with D1 Oils.

The Telegraph

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