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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Andalas Energy And Power Plc | LSE:ADL | London | Ordinary Share | IM00BZ7PNY71 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.20 | 0.19 | 0.21 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Andalas Energy and Power Plc
('Andalas' or the 'Company')
Interim Results
Andalas Energy and Power Plc, the AIM listed Indonesian focused upstream oil
and gas and power company (AIM: ADL), is pleased to announce its half-yearly
report for the six months ended 31 October 2016.
Highlights:
* Readmission to AIM to focus on upstream oil, gas and power opportunities in
Indonesia
* Milestone cooperation agreement with Pertamina, Indonesia's national energy
company, provides Andalas with the opportunity to fast track our strategy
to transform into a significant power producer
* Initial target of 250-500MW of installed capacity on five initial fields
located close to infrastructure and markets
* Submission of first gas to power project of 2 x 30MW to be included in the
Republic of Indonesia's Electricity Supply Business Plan ('RUPTL')
* Discussions ongoing with equipment vendors, industry participants and
finance specialists with regards funding options
* Appointment of Dr Robert Arnott as Non-Executive Director to complement
proven board and management team
Andalas Chairman, Paul Warwick, said: "The signing of the cooperation agreement
with Pertamina during the period provides third party validation of the high
standing of Andalas' management team within Indonesia's energy sector. Working
closely with Pertamina, already much progress has been made and post period end
we submitted our first 2 x 30MW gas to power project for inclusion in the
RUPTL. Approval not only opens up multiple funding options for the development
of the first project, but will also prove the model we have adopted to become a
leading Indonesian focused energy company via the roll-out of an initial
portfolio of 250-500MW of installed capacity."
The Interim Report will be available from the Company's website
www.andalasenergy.co.uk shortly.
Chairman's Statement
Andalas Energy and Power's objective is to become a leading Indonesian focused
energy company and since our readmission onto AIM in May 2016, we have advanced
a strategy through which to achieve this. This strategy is based on four
pillars: Market; Opportunity; Relationships; and Economics.
Market
Indonesia is the right focus for Andalas. Despite being the seventh largest
producer of LNG in the world and the 28th in terms of oil production, there is
an electricity crisis in Indonesia due to a relatively low electrification rate
which, as recently as 2013, stood at 81%. This translates into as much as 60
million people in the country not having access to electricity. Such low rates
of electrification and frequent power outages are widely believed to have held
back the country's economic growth in the past. In response, the Government of
Indonesia has set itself the target to add 35,000MW of new power generating
capacity by 2019, a 60% increase in total domestic power generation capacity.
A major hydrocarbon producer, an electricity crisis and a government with the
appetite to do something about it, translates into a highly attractive
opportunity for a management team with a highly specialised skillset and an
in-depth knowledge of the country.
Opportunity
We intend to capitalise on these favourable market dynamics by developing a
portfolio of at least five small (i.e. up to 100 MW) independent power producer
projects ('IPPs') that are fired with gas supplied from proven but undeveloped
gas fields. We have set ourselves an initial target of 250-500MW of installed
capacity and since the Company's readmission onto AIM in May 2016, a number of
milestones that are key to achieving this goal have been met.
Having a strategy that is deliverable is paramount. For a company of Andalas'
current size minimising both risk and the time to first cash flows are key to
protecting shareholders' interests. From the outset we adopted a business
model which does not require Andalas to take on board undue levels of risk. We
set out to avoid activities such as exploring for commercial quantities of oil
and/or gas or having to rely on untested technologies. Instead our focus is on
already discovered gas fields which can be monetised using proven technology.
Relationships
Andalas' management team has an unrivalled track record in Indonesia's energy
sector and the ability to deliver. The management team have direct experience
in the country with more than 25 years helping shape Indonesia's gas industry
having led the development of a number of pivotal gas field and infrastructure
projects. Among these was one of the most important value creation projects
for Pertamina where our CEO, David Whitby, acted as lead negotiator for
Pertamina in unitisation negotiations for the Suban gas field, which resulted
in a multiple billion dollar return to Pertamina.
Building on this already pre-eminent team of people, during the period we
further strengthened the Board with the appointment of Dr Robert Arnott as
Non-Executive Director. With 30 years' experience in the oil and gas industry
which has seen him successfully execute a number of high profile transactions,
the Board believes Dr Arnott will continue to be highly instrumental in the
Company's development going forward.
Having access to a suitable inventory of assets is crucial and with this in
mind in September 2016, Andalas signed a cooperation agreement with Pertamina,
a member of the Global Fortune 500 list of most valuable companies, which
promises to bring scale to a strategy that is already designed to be fast
tracked. As the national energy company, Pertamina not only plays a pivotal
role in the country's vast oil and gas sector, but it also has an extensive
inventory of discovered gas fields. It is easy to see why we believe Pertamina
is the right partner for Andalas, of the 139 undeveloped gas fields that our
screening identified in our target region, Pertamina is the licence holder for
52 fields, which together represent a significant portfolio of potential gas
supply to feed gas-to-power generation. Our cooperation with Pertamina is
therefore designed to give us access to an extensive portfolio of discovered
gas assets in our target region, which allows us to propose projects from those
gas fields that fully match our criteria for gas to power: near pipeline
quality gas resources that can sustain an IPP for 10-15 years; and which is
close to markets and infrastructure.
Delivering on our strategy will help make a significant contribution to solving
Indonesia's power crisis at the local level, but equally important for
Pertamina is that our concept provides a valuable route to market for its gas
projects. Aggregating the gas required to feed our target of 500MW of IPP
projects would result in the monetisation of a significant amount of gas, our
estimates are that these projects would need to purchase circa 100million
standard cubic feet of gas per day or 16,666BOEPD.
In line with the terms of the agreement, Andalas and Pertamina have been
working together to identify a minimum of five undeveloped gas fields in the
Sumatran provinces of Riau, Jambi and South Sumatra; and we have been preparing
development and commercialisation plans for each identified field. Despite
only signing the agreement in September 2016, excellent progress has already
been made. A first project has not only been identified but after passing
vigorous technical and commercial scrutiny, in December 2016 an application was
submitted for its inclusion in the Republic of Indonesia's Electricity Supply
Business Plan ('RUPTL'). We are currently working to obtain the required
approval after which our first project will be presented to the Energy Minister
for final sign-off. Once a project has been approved, exclusive joint
development agreements to design, construct, fund and operate the project will
be put in place.
Economics
Inclusion of our first project in the RUPTL will continue the rapid progress we
have made since our readmission to AIM in May 2016. A desktop study performed
by the Company highlights the potential returns of our IPP strategy. A 25MW
IPP is expected to generate, at the project level, approximately US$57 million
of gross free cash flow over a 15 year project life.
However, whilst the investment that Andalas has made to date would be justified
by the origination of just one 2 x 30MW project alone, it is not our intention
to stop there. The work completed by Andalas in 2016 has set a platform from
which to scale the business, we have set a near term target of 5 projects with
a total of 250-500MW, which we believe is eminently achievable, and as the
economics above demonstrate would create a very significant business that would
still have an enormous opportunity to continue to grow.
The value inherent in originating projects becomes increasingly tangible as we
receive each government approval and progress the gas sales contract and the
power purchase agreement negotiations. It is the value inherent in these
projects that Andalas intends to use; by selling equity in the projects to
third parties, Andalas expects to strengthen the consortium to supply, build,
operate and maintain the projects. In addition, the sale of equity interests
in a project is expected to contribute towards the capital that Andalas would
be required to invest to bring it into production.
Indonesian electrification is perhaps the single largest infrastructure
opportunity in the ASEAN region today. This may not yet be fully recognised in
the eyes of the stock market, but this fact and Andalas' strategy has not gone
un-noticed in the region. The industry participants we are currently speaking
to, including power equipment suppliers and project finance specialists, all of
whom understand the energy dynamic in Indonesia, see the inherent value in our
strategy and respect the progress being made in progressing our strategy.
Financial Review
The period under review included a number of one-off expenses relating to the
readmission of the Company to AIM in May 2016, which included share based
payment expenses totalling US$794,000 (30 April 2016: US$348,000, 31 October
2015: US$Nil) in respect of share consideration and options and US$446,000 (30
April 2016: US$Nil, 31 October 2015: US$Nil) relating to IPO costs expensed
following the completion of the Company's readmission to AIM in May 2016.
Adjusting for these one-off costs the Group generated a loss in the period of
US$1,816,000, Including all charges the loss for the period was US$3,151,000
(30 April 2016: US$4,673,000, 31 October 2015: US$1,890,000).
Furthermore, included in the $1,816,000 loss in the period was significant
expenditure incurred in pursuing the Group's strategy in Indonesia that has
been categorised as business development costs totalling $1,091,000, which
included the continued development of Andalas' gas to power strategy of that
resulted in the Company delivering the Pertamina cooperation agreement plus the
identification of the first conceptual project and also performing due
diligence work on a number of potential assets in Indonesia. Despite there
being ongoing value to the Group, this business development and due diligence
cost is required to be expensed.
Also included in the business development cost was an amount of US$173,000 in
respect of the investment made by the Group at Tuba Obi East. This expenditure
delivered approval from Pertamina and significant site preparation in advance
of executing the planned work programme, however as previously reported to the
market we continue to work with PT Akar Golindo, the operator, to seek to
progress the revised work programme.
The Group held a cash balance of US$318,000 at 31 October 2016 (US$290,000 at
30 April 2016, 31 October 2015: US$1,182,000). In addition the Company had
trade payables of US$737,000 at 31 October 2016 (US$1,799,000 at 30 April 2016,
31 October 2015: US$111,000), included in this amount is US$514,000 of payables
to certain Directors, consultants and third parties that had either agreed to
either receive equity settlement or cash at such time as the Company has
greater cash resources at its disposal.
The Directors believe inclusion in the RUPTL, will significantly de-risk the
First Project, thereby strengthening our position when discussing partnering or
funding opportunities with third parties. Subsequent to the period end the
Group therefore issued a loan note of GBP500,000 with a repayment date of 28
April 2017. The Board believes this will provide sufficient additional working
capital to progress the Company's strategy without issuing further dilutive
equity at this time. The Directors remain confident that the Group will
continue to be able to finance its future working capital and development cost
requirements beyond the period of twelve months from the date of this report.
During the period and principally in conjunction with the readmission to AIM on
13 May 2016, the Company issued a total of 1,775,020,674 shares at a price of
0.2 pence in settlement of the convertible loan note (GBP600,000 (US$856,000)),
settlement of certain share issue costs and corporate finance fees and a
further placing to raise cash of GBP1.72million (US$2.512million).
Outlook
The gas to power strategy we are employing in Indonesia is elegantly simple and
scalable. Our first IPP will open the way for additional projects we already
have in the pipeline, as we home in on the initial 250-500MW target of
installed capacity we have set ourselves. Each new project that we originate
as we scale towards this target has the potential to unlock significant value
for shareholders, however this target does not represent the sum of our
ambitions. We intend to continue adding projects to our portfolio beyond our
initial target and in the process make a significant contribution towards
addressing the country's power crisis at a local level. We believe we are in
the right market, with the right opportunity, relationships and economic
fundamentals to deliver value for all shareholders and I look forward to
providing further updates on our progress in the months ahead during what
promises to be an exciting period for the Company.
On behalf of the Board I would like to take this opportunity to thank our
shareholders for their continued support over the last half year.
Paul Warwick
Non-Executive Chairman
31 January 2017
**S**
For further information, please contact:
David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316
Sarah Wharry Cantor Fitzgerald Europe Tel: +44 20 7894 7000
Craig Francis (Nominated Adviser)
Frank Buhagiar St Brides Partners Limited Tel: +44 20 7236 1177
Susie Geliher
Market Abuse Regulations (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.
Consolidated Statement of Comprehensive Income
For the six months ended 31 October 2016
(Unaudited) (Unaudited) (Audited)
6 6 12
Months to Months to Months to
31 October 31 October 30 April
2016 2015 2016
US$'000 US$'000 US$'000
Net gain from financial assets at - - (179)
fair value through profit or loss
Business development costs (1,264) - (3,195)
Share based payments (794) - -
AIM readmission costs (446) - -
Other administration (552) (1,840) (970)
expenses
Total Administrative (3,056) (1,840) (4,344)
Expenses and Operating
Loss
Finance income - 2 4
Finance costs (95) (51) (333)
(95) (49) (329)
(3,151)
Loss before and after (4,673)
taxation attributable to (1,889)
owners of the parent
Total comprehensive loss (3,151) (1,889) (4,673)
for the period / year
attributable to owners of
the parent
Basic and diluted loss 3 (0.13) (0.30) (0.69)
per share (US dollar
cents)
Consolidated Statement of Financial Position
At 31 October 2016
(Unaudited) (Unaudited) (Audited)
31 31 30
October October April 2016
2016 2015
US$'000 US$'000 US$'000
Non-current assets
Financial assets at fair value - 179 -
through profit or loss
Total non-current assets - 179 -
Current assets
Trade and other receivables 156 34 885
Cash and cash equivalents 318 1,182 290
Total current assets 474 1,216 1,175
Total assets 474 1,395 1,175
Current liabilities
Trade and other payables (737) (111) (1,799)
Borrowings - - (876)
Total liabilities (737) (111) (2,675)
Net (liabilities)/ assets (263) 1,284 (1,500)
Equity attributable to the owners
of the parent:
Share premium 6 10,411 6,124 6,124
Accumulated deficit (10,674) (4,840) (7,624)
Total (deficit)/equity (263) 1,284 (1,500)
Consolidated Statement of Changes in Equity
For the six months ended 31 October 2016
Accumulated Total
Share Deficit Equity
Premium
US$'000 US$'000 US$'000
Balance at 1 May 2015 (audited) 3,616 (3,104) 512
Loss for the period - (1,889) (1,889)
Total comprehensive loss for the period - (1,889) (1,889)
Transactions with equity owners of the parent
Share based payments - 153 153
Proceeds from share issue 2,487 - 2,487
Consideration shares 194 - 194
Share issue costs (173) - (173)
Balance at 31 October 2015 (unaudited) 6,124 (4,840) 1,284
Loss for the period - (2,784) (2,784)
Total comprehensive income for the period - (2,784) (2,784)
Balance at 30 April 2016 (audited) 6,124 (7,624) (1,500)
Loss for the period - (3,151) (3,151)
Total comprehensive loss for the period - (3,151) (3,151)
Transactions with equity owners of the parent
Share based payments 1,805 101 1,906
Shares issued in settlement of convertible 856 - 856
loan note
Proceeds from share issue 2,441 - 2,441
Share issue costs (815) - (815)
Balance at 31 October 2016 (unaudited) 10,411 (10,674) (263)
Consolidated Statement of Cash Flows
For the six months ended 31 October 2016
(Unaudited) (Unaudited) (Audited)
6 6 12
Months to 31 Months to 31 Months to 30
October 2016 October 2015 April 2016
US$'000 US$'000 US$'000
Cash flows from operating activities
Loss for the period (3,151) (1,889) (4,673)
Adjustments for:
Finance income - (2) (4)
Finance cost 95 5 333
Exchange differences - 46 -
Share based payment 794 347 527
Realised gain on sale of investments at - - 179
fair value through profit or loss
Changes in working capital:
Change in trade and other receivables 205 (12) (863)
Change in trade and other payables (7) 68 1,576
Net cash flows used in operating activities (2,064) (1,437) (2,925)
Cash flows from investing activities
Interest received - 2 4
Net cash flows generated from investing - 2 4
activities
Cash flows from financing activities
Finance costs (7) (5) (10)
Proceeds from issue of share capital 2,478 2,487 2,487
Share issue costs (269) (173) (173)
Proceeds from borrowings - - 704
Cost of borrowings - - (87)
Net cash flows from financing activities 2,202 2,309 2,921
Net increase in cash and cash equivalents 138 874 -
Cash and cash equivalents at start of 290 354 354
period
Effect of exchange rate fluctuations on (110) (46) (64)
cash balances
Cash and cash equivalents at end of period 318 1,182 290
/ year
Notes to the consolidated interim financial information
For the six months ended 31 October 2016
1. General information
The Company was incorporated on 19 September 2006 in the Isle of Man as a
public limited company. The address of its registered office is IOMA House,
Hope Street, Douglas, Isle of Man. CEB Resources changed its name to Andalas
Energy and Power PLC on 3 December 2015. The Company is listed on AIM, which
is operated by the London Stock Exchange.
2. Basis of preparation
Andalas Energy and Power plc (the "Company") is presenting unaudited financial
statements as of and for the six months ended 31 October 2016. The
consolidated interim financial statements of the Company for the six months
ended 31 October 2016 comprise the results of the Company and its wholly owned
subsidiary (together referred to as the "Group").
The consolidated interim financial information for the period 1 May 2016 to 31
October 2016 is unaudited. The comparatives for the full year ended 30 April
2016 do not represent the Company's full accounts for that year although they
were derived from them. The auditor's report on those financial statements was
unqualified but did contain an emphasis of matter paragraph in respect of the
going concern status of the Group. It does not include all disclosures that
would otherwise be required in a complete set of financial statements and
should be read in conjunction with the 2016 Annual Report.
As at the date of these financial statements, the ability of the Company, and
therefore the group, to continue as a going concern will require further
funding to be raised. The Directors believe inclusion in the RUPTL of our
first project; will significantly de-risk the First Project, thereby
strengthening our position when discussing partnering or funding opportunities
with third parties. The Directors remain confident that the Group will be able
to continue to finance its future working capital and development costs beyond
the period of twelve months from the date of this report. However, there can be
no guarantee that the required funds to meet working capital and development
costs will be available to the Group within the necessary timeframe.
The financial information contained in this interim report does not constitute
full accounts, which are available from the company's website
www.andalasenergy.co.uk. The annual financial statements of the Group are
prepared in accordance with International Financial Reporting Standards as
adopted by the European Union ("IFRS"). The consolidated interim financial
statements have been prepared using the accounting policies which will be
applied in the Group's financial statements for the year ended 30 April 2017.
As allowed under the AIM rules the consolidated financial information has not
been prepared in accordance with IAS 34.
The same accounting policies, presentation and methods of computation are
followed in the interim consolidated financial statements as were applied in
the Group's latest annual audited financial statements except that in the
current financial year, the Group has adopted a number of revised Standards and
Interpretations. However, none of these has had a material impact on the
Group's reporting. In addition, the IASB has issued a number of IFRS and IFRIC
amendments or interpretations since the last annual report was published. It is
not expected that any of these will have a material impact on the Group but the
Group continues to assess the potential implications of IFRS 9.
The interim consolidated financial statements were approved by the Board and
authorised for issue on 31 January 2017.
3. Loss per share
The basic and diluted loss per share is calculated by dividing the loss for the
period attributable to ordinary shareholders by the weighted average number of
shares outstanding during the period:
6 months ended 6 months ended Year ended
31 October 2016 31 October 30 April 2016
(unaudited) 2015 (audited)
(unaudited)
Loss attributable to ordinary (3,151) (1,889) (4,673)
shareholders of the Company ($'000s)
Weighted average number of shares in 2,349,987 637,033 678,188
issue ('000s)
Basic loss per share (US cents) (0.13) (0.30) (0.69)
In accordance with International Accounting Standard 33 'Earnings per share',
no diluted earnings per share is presented as the Group is loss making.
4. Related party transactions
As at 31 October 2016 the following balances were included in trade payables
and were outstanding in respect of Directors remuneration at the period end.
Outstanding Outstanding Outstanding
at 31 October at 30 October at 30
2016 2015 April
(unaudited) (unaudited) 2016
(audited)
$'000 $'000 $'000
David Whitby - - 99
Paul Warwick 30 - 24
Daniel Jorgensen 90 - 124
Ross Warner - - 80
Simon Gorringe - - 81
Robert Arnott 7 - -
Total Key Management 127 - 408
The balances due to Daniel Jorgensen, Paul Warwick, Robert Arnott were accrued
in accordance with their contracts pending full or partial conversion into
equity at a future juncture. During the period to 31 October 2016 Paul Warwick
and Daniel Jorgensen did not receive any cash remuneration, receiving only
shares in lieu of their service during the period.
5. Share based payment
The following is a summary of the share options and warrants outstanding and
exercisable as at 31 October 2016, 30 April 2016 and 30 April 2015 and the
changes during each period:
Weighted
average
Number of exercise
options and price (Pence)
warrants
Outstanding and exercisable at 30 April 2015 68,250,464 0.945
Options granted as consideration 34,344,865 0.400
Outstanding and exercisable at 31 October 2015 102,595,329 0.762
and 30 April 2016
Warrants granted 42,000,000 0.200
Outstanding and exercisable at 31 October 2016 144,595,329 0.600
The above has been expressed in pence and not cents due to the terms of the
options and warrants. The following share options or warrants were outstanding
and exercisable in respect of the ordinary shares:
Grant Date Expiry 1 May 2015 Issued 31 Oct 2015 Issued 31 Oct 2016 Exercise
Date & 30 Apr Price
2016
Warrants
07.12.2013 07.12.2018 10,839,750 - 10,839,750 - 10,839,750 2.00 p
24.01.2014 24.01.2019 26,410,714 - 26,410,714 - 26,410,714 1.00 p
13.05.2016 13.05.2021 - - - 42,000,000 42,000,000 0.20p
Options
07.12.2013 07.12.2018 6,000,000 - 6,000,000 - 6,000,000 2.00 p
04.02.2015 04.02.2017 25,000,000 - 25,000,000 - 25,000,000 0.175p
05.06.2015 05.06.2018 - 34,344,865 34,344,865 - 34,344,865 0.40p
68,250,464 34,344,865 102,595,329 42,000,000 144,595,329
The new options and warrants have been valued using the Black-Scholes valuation
method and the assumptions used are detailed below. The expected future
volatility has been determined by reference to the historical volatility:
Grant Share Exercise Volatility Option Dividend Risk-free Fair value
date price at price life yield investment per option
grant rate
Current period
13-05-16 0.2p 0.2p 124% 5 years 0% 3% 0.241 cents
Prior period
05-06-15 0.4p 0.4p 124% 3 years 0% 3% 0.448 cents
The Group recognised $101,220 (30 April 2016: $153,954, 31 October 2015:
$153,954) relating to equity-settled share based payment transactions during
the period arising from Option or Warrant grant, of which $101,220 was expensed
as interest cost because it related to the settlement of the convertible loan
note (30 April 2016: $Nil, 31 October 2015: $Nil), of which $Nil (30 April
2016: $153,954, 31 October 2015: $153,954) was expensed as a pre-licence
acquisition cost with $Nil being expensed in relation to Directors and
consultants services (30 April 2016: $Nil, 31 October 2015: $Nil). Not
included in the above table are 103,034,596 of unvested options (30 April
2016: 103,034,596, 31 October 2015: 103,034,596), that are held by certain
Directors and consultants, which vest in three equal tranches relating to
acquiring an economic interest in a first concession, an interest in a second
concession and gross production from its interest in projects exceeding
400BOPED. As the triggers for the grant of the tranches have not occurred at
the reporting date no share based payment charge arises.
For the share options and warrants outstanding as at 31 October 2016, the
weighted average remaining contractual life is 2.39 years (30 April 2016: 2.02
years, 31 October 2015: 2.52 years).
6. Share capital
All shares are fully paid and each ordinary share carries one vote. No warrants
have been exercised at the reporting date.
Allotted, called-up and fully paid: Number Pence per Share
share premium
$'000s
Balance at 30 April 2015 261,897,302 3,616
06/05/2015 - equity placing 50,000,000 0.200 152
Cost of issue - - (9)
05/06/2015 - equity placing 375,000,000 0.400 2,335
Cost of issue - - (164)
11/06/2015 - consideration shares* 31,250,000 0.400 194
Balance at 31 October 2015 and 30 April 718,147,302 6,124
2016
13/05/2016 - equity placing 850,000,000 0.200 2,478
Cost of issue (815)
13/05/2016 - loan note settlement 300,000,000 0.200 856
13/05/2016 - share based payments 549,389,762 0.200 1,568
31/05/2016 - equity placing 12,007,661 0.200 34
30/06/2016 - share based payments 63,623,250 0.200 166
Balance at 31 October 2016 2,493,167,975 10,411
* Non-cash item per the consolidated cash flow statement
At the period end the Company has the obligation to issue a further 93,750,000
shares subject to further milestones being achieved but as at the reporting
date the milestones had not been met accordingly the Company had not recorded
the obligation as a liability.
7. Events after the reporting date
On 31 January 2017 the Company issued a Loan Note with nominal par value of GBP
500,000. No interest is charged over the term of the Loan Note, which has been
issued at a 20% discount to nominal value, consequently the cash proceeds due
to the Company following the issue of the Loan Note are GBP400,000. The note is
repayable in cash on or before 28 April 2017 ('the Maturity Date'), if the Loan
Note has not been repaid it can be converted into equity at the lower of the
closing day bid price or a 20% discount to the VWAP in minimum tranches of GBP
20,000. For every three conversion shares issued under a conversion notice the
lender will receive one 18 month warrant with exercise price at a 100% premium
to the conversion price.
END
(END) Dow Jones Newswires
February 01, 2017 02:00 ET (07:00 GMT)
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