Viceroy Acquisition Corporation, a shell company whose purpose is to acquire companies exposed to the explosive growth of the biofuels industry, announced yesterday that it will list on London's Alternative Investment Market (AIM) in July. Viceroy's stated intention is to "control and operate any target business that it acquires interests in".

 

The following is a verbatim extract from the company's AIM listing notification:

 

Extract starts: 

 

Viceroy Acquisition Corporation will initially pursue acquisitions only in certain segments of the oil and gas industry. In order of priority they are:

• the refining, storage, transportation and marketing of alternative fuels, including biodiesel and ethanol
• the transportation of petroleum and petroleum products
• the exploration, development, extraction, production, storage, transportation and marketing of natural gas and crude oil

The Company will not pursue acquisitions in the refining, storage or marketing of petroleum or petroleum products.

 

However, the Company may choose to pursue acquisitions in such segments of the oil and gas industry in the future. The Company expects to pursue acquisitions initially in North America and Europe. The Company expects to be an active investor and will seek, to the extent permitted by all applicable laws, to control and operate any target business that it acquires interests in. Other than where the acquisition of a company is not legally possible, the Company intends to acquire either the entirety or a majority of such company, however, the Company may also consider the possibilities of acquiring minority shares in such company.

 

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:

Paul Anthony Novelly (Chairman)
Lee E. Mikles (CEO & President)
Douglas D. Hommert (EVO, Secretary & Treasurer)
William J. Dore (Director)
Thomas R. Evans (Director)
Edwin A. Levy (Director)

 

Extract ends. 

 

Editorial comment: There is plenty of un-met demand for biofuels in the US and Europe. The US has the voluntary '25x25' (25% of transport fuel from renewable sources by 2025), and Europe has the mandatory '20x20' (20% biofuels by 2020).  Europe is the leader in both production technology and capacity at present.

 

The fact that fuel in Europe is taxed far more heavily than in the US coupled with Europe's unified, centrally-funded R&D effort, have provided the necessary stimulus to give European industry a head-start. 

 

This has resulted in foreign companies listing on London's AIM as a way of getting access to European renewables technology and infrastructure, and a 'foot in the door' of the European market.

 

As the name suggests, London's Alternative Investment Market (AIM) is an alternative to the LSE's 'main board', and was set up for the purpose of enabling smaller, generally higher-risk companies to access the capital they need to grow their business, and to provide an exchange for investors seeking greater exposure to risk and reward than is typically available on the main boards.

 

See other AIM listings:

 

 

Articles comparing US & European governmental policies towards renewables:

 

Pew report says US states lead on renewables, central government lags: http://www.biofuelreview.com/content/view/118/2/

EU says more effort needed to reverse greenhouse gas emissions: http://www.biofuelreview.com/content/view/156/2/

 

David Smith, Singapore