Biofutures International PLC News Announcement

Biofutures Intl plc - EGM Statement

RNS Number:6070M
Biofutures International plc
23 November 2006


Immediate Release                                            23 November 2006

                          Biofutures International Plc
                   ('Biofutures International' or 'Company')

                  Result of Extraordinary General Meeting
                                 ('EGM')

The Board of Biofutures International Plc is pleased to announce that at an EGM
held at 11.00 a.m. today, all resolutions proposed for consideration were
unanimously passed.

The Company announced on 30 October 2006 that it had entered into an agreement
to acquire the entire issued share capital of Zurex Corporation Sdn. Bhd.
('Zurex') and that it was raising GBP11.05 million (before expenses) through the
issue of 44,200,000 new ordinary shares (the 'Placing Shares') at 25p per share.
The net proceeds of the placing will be applied to acquire a 50 acre plot of
land at Lahad Datu, Sabah, Malaysia (the 'Site') and to commence construction of
a 200,000 tonnes per annum plant for the production of palm oil biodiesel on the
Site. The consideration for the acquisition is being satisfied by the allotment
and issue of 66,670,000 new Ordinary Shares in the Company (the 'Consideration
Shares').

The resolutions which have been passed today included an ordinary resolution to
approve a waiver by the Panel on Takeovers and Mergers of the obligation of the
Concert Party (which comprises the vendors of Zurex) to make a general offer for
the issued share capital of Biofutures International Plc under Rule 9 of the
City Code on Takeovers and Mergers, which would otherwise arise as a result of
the Consideration Shares being issued to the Concert Party. Following Admission
the Concert Party will be interested in 66,670,000 ordinary shares in the
capital of the Company representing 45.13 per cent of the enlarged share
capital. None of the members of the Concert Party have been granted any
convertible securities, options or securities with subscription rights other
than the Consideration Shares. The maximum controlling position of the Concert
Party therefore remains at 45.13 per cent.. Further details of the Concert Party
and the waiver are set out in the admission document published by the Company on
30 October 2006 (the 'Admission Document').

Wong Kai Fatt, and Lim Kwee Gee, have been appointed to the Board with effect
from admission.

Application has been made for the enlarged issued share capital of the Company
including the Placing Shares and Consideration Shares, to be re-admitted to
trading on AIM. It is expected that Admission will become effective and dealings
will commence in the enlarged issued share capital on 24 November 2006. The
number of ordinary shares in issue following admission will be 147,730,000.

Further details of the acquisition, the Placing, the Concert Party and the other
matters approved at the EGM are set out in the Admission Document.
Information required by Schedule 2(g) of the AIM Rules:

The information on the newly appointed directors required to be disclosed by the
AIM Rules was set out in the Company's admission document dated 30 October 2006
and there have been no changes to this information subsequent to this date.

For further information please contact:

Nicholas Gee: Executive Chairman
Biofutures International Plc                                    020 7466 5000

Joseph Marffy/Roxane Marffy
Ruegg & Co Limited                                              020 7584 3663

Daniel Briggs
Hichens Harrison & Co plc                                       020 7382 7776

Buchanan Communications
Mark Edwards/Suzanne Brocks                                     0207 466 5000


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

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