| Company History |
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The business was founded in 2004 to capitalise on the opportunity presented by the local agricultural and socio-economic conditions in Madagascar to produce Jatropha oil for use as a biodiesel feedstock.
In May 2005, Paul Benetti joined the business and, following an initial investment the business was transferred to Green Energy, a company incorporated in August 2005. In December 2005, the Company was incorporated and acquired the beneficial ownership of the shares of Green Energy. In December 2005, RAB (Special Situations) Fund was issued with shares equal to 50 per cent. of the issued share capital in return for providing initial funding. In March 2007, RAB invested provided further funds to the Company and additional shares from certain of the founder shareholders. Since the initial financing in December 2005, the Group has planted approximately 55,700 hectares of Jatropha. The Company also established its local management and monitoring structure, including the appointment of Adam Broadhurst as resident Operations Manager in April 2006. In October 2007, GEM BioFuels listed on the Alternative Investment Market of the London Stock Exchange after raising £3.5 million. |
