Unionmet/ OEL

Unionmet/ OEL: Unionmet entered conditional agreement to acquire 51% stake in Biofuel for $3m (4.7x FY13 NAV), with the intention to gain a foothold in the oil blending business. Biofuel conducts R&D, produces renewable biochemicals and biofuels from vegetable oil by-products. Proforma FYNov13 NTA/share for Unionmet will improve from US5.67¢ to US5.83¢. OEL will realize a $1.1m gain from the sale, reducing its stake from 51% to 25% (1.3m shares). Proforma FY13 NTA/share for OEL will rise to 7.05¢ (+2.6%)