At an extraordinary general meeting yesterday the UK's Biofuels Corporation made the following statement.
Further to the Company’s announcement of 26 June 2007, the Company today announces that at the extraordinary general meeting and annual general meeting of the Company held earlier today all resolutions put to the meetings, as set out in the notices of those meetings, both dated 26 June 2007, were duly passed by the requisite majority.
Cancellation of the Company’s trading facility on the AIM market of the London Stock Exchange
will therefore be effective from 07.00 (UK time) on 2 August 2007 and the Company will reregister as a private company with the name Earls Nook Limited.
Pursuant to the restructuring Sean Sutcliffe, Andy Leeser, Richard Nickels and Clare Spottiswoode have with immediate effect resigned as directors of the Company and Paul Elliott has been appointed as a director of the Company.
Something like this was on the cards after the company's announcement on 26 June and announcement of more funding in April. The advantage of becoming private is that the shareholders can take a longer term view of the future, but they'll need to be determined and optimistic.