Print this story | E-mail story | This story has 14 comments Add your own | iPod friendly
Rentech shareholders meet in Natchez
Published Sunday, April 20, 2008
NATCHEZ — On Friday, Rentech’s top executives filled a conference room at the Eola Hotel for their 2008 shareholders meeting.
While the meeting was opened to shareholders only Rentech’s director of investor relations, Julie Dawoodjee, said after the meeting was over that it was well attended.
“We had a good turnout,” she said.
Before the meeting, Rentech’s president and CEO, Hunt Ramsbottom, described the meeting as a time to inform shareholders of the company’s progress and future plans.
Ramsbottom said he felt it was appropriate to have the meeting in Natchez — such meetings are traditionally in Denver— since Natchez will be the site of Rentech’s biggest production site.
“This is going to be our cornerstone site; it’s important for people to see,” he said.
On March 28, the company was scheduled to have purchased the old International Paper factory site for their development.
However, just days before the land closing was to take place, last-minute issues concerning mineral rights leasing surfaced and subsequently postponed the deal.
An extension was granted to Rentech that allowed 60 additional days for the closing to take place.
At the first meeting of the Adams County Board of Supervisors, after the land closing should have happened, board President Henry Watts said he learned from Rentech representatives that a list of all necessary steps for the closing date to take place on schedule was being compiled.
On Friday, Dawoodjee said the contents of the list could not be discussed since much list was deemed “procedural.”
However, Ramsbottom said he was not surprised the land closing did not happen on schedule.
He described the land closing as a large and complicated transaction with many nuances.
“We need to work through each nuance,” he said. “Our primary goal is to build the plant here.”
Ramsbottom said delays in such large projects are not uncommon and pointed to Rentech’s product development unit in Colorado as evidence.
The Colorado plant, close to completion, was built to make up to 10 barrels a day of Rentech’s clean burning fuel.
Ramsbottom said the plant is very near completion and should be making fuel soon, but was still experiencing some delays.
The fuel to be produced in Colorado will be sold to private airlines and the military for use and testing.
While it’s unclear exactly when Rentech’s Natchez plant will begin construction, since the land it’s to be built on has still not been purchased, the Natchez plant will be a big one.
After the final stages of completion the project is scheduled to cost approximately $4.5 billion and produce a wide variety chemical products including ultra clean burning diesel.
Comments
Posted by speakup (anonymous) on April 20, 2008 at 2:46 a.m. (Suggest removal)
i will beleive it when i see it.
Posted by shedevil (anonymous) on April 20, 2008 at 5:18 a.m. (Suggest removal)
what will the county pay ip for the land & what will rentech buy the land from the county for? i keep hearing this is a big scam.
Posted by sayitloud (anonymous) on April 20, 2008 at 6:34 a.m. (Suggest removal)
It isn't a scam...I actually talked with a couple of the exec's this weekend and it isn't. They are truly as excited to come here as we are to have them.
Posted by shedevil (anonymous) on April 20, 2008 at 6:58 a.m. (Suggest removal)
if its not a scam ....give us some details on the land deal...they are keeping us the taxpayers in the dark
Posted by Bozo (anonymous) on April 20, 2008 at 8:30 a.m. (Suggest removal)
I spot another suspected Democrat typo. 10 barrels a day??? I hope it's more like 1,000 or more barrels a day.
Posted by gemccull (Gary McCullars) on April 20, 2008 at 8:38 a.m. (Suggest removal)
No typo. The ND has it right for the production number at the Colorado R&D plant.
Posted by freedom42 (anonymous) on April 20, 2008 at 8:49 a.m. (Suggest removal)
There are signs on all the buildings downtown saying "Welcome Rentech" or something like that. I am guessing they were made up from the Downtown Development group or the Economic Board or whatever it is called.
Posted by redusmfan (anonymous) on April 20, 2008 at 8:50 a.m. (Suggest removal)
Well, they met...where at, The Waffle House? How many people came for it? What was discussed? When will the land be cleared? Come on, we want substance, not flowers and sweet talk.
Posted by MSroots (anonymous) on April 20, 2008 at 8:51 a.m. (Suggest removal)
MS friends & relatives,
It is a good thing to see their board meeting in Natchez. A land deal of this magnitude, as Ramsbottom so well puts it, is filled with difficulty and nuances that must be worked through. I would encourage you to stop the barrage of negativism and work together to pull on this thing. Their Colorado pilot plant is small (10 bbls/day), designed to prove the technology, so don't misinterpret that information. Remember, be positive and project a positive message about the good things in Natchez and in Mississippi.
Posted by tedhinson (anonymous) on April 20, 2008 at 9:04 a.m. (Suggest removal)
Hey Root, some of us are exited about the potential benefits that a new, forward looking company like Renteck will bring to Natchez. Some have questions about the land deal between IP and the county and the monies involved and I am sure that information will be presented when the time is appropriate....but it makes the public feel like mushrooms...and you know how they are grown. I just hope that the transition from paper to reality comes soon for the good of Natchez and Its people...they deserve the best.
Posted by sideline (anonymous) on April 20, 2008 at 1:15 p.m. (Suggest removal)
Don't hold your breath
Posted by sandyman7 (anonymous) on April 20, 2008 at 3:09 p.m. (Suggest removal)
OMG..a plant that only makes 10 barrels a day?????And they expect to see a profit....Must not be many "shareholder" if thy met in Natchez, and no one knew it till AFTER the meeting...More "snowballs" in the start of summer !!!!
Posted by shedevil (anonymous) on April 20, 2008 at 3:21 p.m. (Suggest removal)
we need some good reporting on this natchez democrat...please give us some details...would like to know the numbers on the land deal...we as taxpayers have the right to know the numbers and details of the land deal
Posted by redusmfan (anonymous) on April 20, 2008 at 8:17 p.m. (Suggest removal)
I just want to know where the land deal stands and where the shareholders met. Who is on the board, and how many people were in Natchez for it. I hope it does become a reality. I really do. I know that most big companies were small start-up companies at one time.
Post a comment (Terms of Use Policy)
(Requires free registration.)