Acquisition - Westwood

RNS Number:9369L
Libra Natural Resources PLC
13 November 2006


Press Release                                                  13 November 2006




                          Libra Natural Resources plc



                            ("LNR" or "the Company")



                                  Acquisition



Libra Natural Resources plc (AiM: LNR), the international company that acquires
and invests in waste-to-energy assets, is pleased to announce that, in line with
its strategy to develop its subsidiary, Westwood Fibre Products Inc ("Westwood
"), into one of North America's leading wood pellet manufacturers, it has
increased its equity stake in Westwood from 55% to 75%.  This increased stake
has been acquired from an existing minority shareholder in Westwood, in return
for the transfer to it of a legacy patent and a #92,000 cash payment.



Westwood has recently completed several significant plant upgrades and personnel
additions that the Board believes will result in materially improved operational
performance.  These changes will enhance Westwood's capabilities to meet the
growing demand for wood pellets in North America and Europe.



The Board anticipates providing a further announcement on the potential
acquisition of an additional wood pellet manufacturing business within the next
two to three weeks.



Peter Greensmith, CEO of LNR, commented: "The acquisition of an additional stake
in Westwood represents another important milestone in our ambition to build a
significant presence in this fast growing, cash generative, sub-sector of the
alternative energy marketplace.  Additionally, alongside the recent listing of
Prometheus (AiM: PEC), in London, this represents another example of LNR's clear
focus on near-term value creation.  Shareholders can look forward to further
significant announcements delivering on this strategy, over the next quarter."

                                    - Ends -

For further information:
Libra Natural Resources plc
Peter Greensmith, Chief Executive                      Tel: +44 (0) 20 7877 5052
Teather & Greenwood
Gareth Price / Simon Brown, Corporate Finance          Tel: +44 (0) 20 7426 9000
simon.brown@teathers.com                                        www.teathers.com



Media enquiries:
Abchurch
Heather Salmond / Franziska Bohnke                     Tel: +44 (0) 20 7398 7700
franziska.boehnke@abchurch-group.com                      www.abchurch-group.com



Notes to Editors



Libra Natural Resources plc is a company invests in, or acquire assets,
businesses or companies involved in, the natural resources sector.  The Company
listed on the AiM market of the London Stock Exchange in March 2005.  Libra's
successful green fuel strategy concentrates on three waste-to-energy concepts:
waste coal, waste wood and waste gas.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQBMBRTMMJBBMF

Libra Natural Resources (LSE:LNR)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024