![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fenikso Limited | AQSE:FNK | Aquis Stock Exchange | Ordinary Share | KYG5462G1073 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.15 | 0.80 | 1.40 | 1.15 | 1.05 | 1.15 | 0.00 | 16:29:37 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFNK
RNS Number : 5724N
Fenikso Limited
26 September 2023
26 September 2023
Fenikso Limited
("Fenikso" or "the Company")
Interim Results
Fenikso Limited ("Fenikso" or the "Company") (AQSE: FNK), the Cayman Islands enterprise company is pleased to announce its unaudited interim results (the "Interim Report") for the six months ended 30 June 2023 (the "Reporting Period").
PRINCIPAL ACTIVITY, FINANCIAL REVIEW, OPERATIONS AND ASSET SUMMARY REPORT
PRINCIPAL ACTIVITY
The Company is an exempted limited liability company incorporated and registered in the Cayman Islands on 3 December 2010.
Fenikso is the restructured holding company that used to be called Lekoil Limited. The Company holds one main asset which is a US$51.9 million loan made to Lekoil Oil & Gas Investments ("LOGI"), a wholly owned subsidiary of Lekoil Nigeria. The Company is an AQSE listed enterprise company.
FINANCIAL REVIEW
Financial overview and performance
The Company reported a loss of $224,000 for the six month period ended 30 June 2023.
Net assets of the Company at the end of the Reporting Period were $19.3 million. Cash balances as at the end of the Reporting Period were $1.09 million.
OPERATIONS REPORT AND ASSET SUMMARY
The principal business of the Company is to manage and ensure the full recovery of the LOGI Loan. The Company has received payments under the LOGI Loan as at the end of 30 June 2023 amounting to $2,615,472. A further $1,543,240 has since been received post 30 June 2023. The Board will continue to monitor the compliance with the terms and conditions of the LOGI Loan. As at the end of June 2023 LOGI had complied with all conditions of the Settlement Deed save for the cancellation of certain shares in the Company owned by Lekoil Nigeria, Lekan Akinyami and Samuel Olutu. The total shares that should have been cancelled are 107,658,847 ordinary shares. On 2 August 2023 the Company announced the surrender of 106,443,637 ordinary shares held by Lekoil Nigeria to the Company for nil consideration had been completed. The Company has agreed to extend the period during which the remaining 1,215,210 ordinary shares that are required to be surrendered by Lekoil Nigeria in accordance with the terms of the Settlement Deed until no later than 15 December 2023.
Outlook
The Company intends to repay all creditors as well as the first instalment of the Savanah Energy loan repayment before the end of the year. Once these steps have been taken the Company will look to build its cash position before deciding how best to deploy the cash it builds up.
This report was approved by the board on 22 September 2023 and signed on its behalf.
Thomas Richardson
Chairman
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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
For further information, please visit https://feniksoplc.com or contact:
Fenikso Limited info@feniksoplc.com Thomas Richardson, Chairman First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) Brian Stockbridge +44 20 3855 5551 ---------------------
Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited Audited 30 June 30 June 31 December 2023 2022 2022 $000 $000 $000 OTHER OPERATING INCOME Cost of sales - - - ------------ Gross (loss) - - - --------- --------- ------------ Fair value adjustment of receivables - - (20,710) Fair value adjustment borrowings - - 6,839 Administrative expenses Recurring administrative costs (224) (944) (1,526) OPERATING LOSS (224) (944) (15,397) --------- --------- ------------ Finance income - - - Finance cost - - - --------- --------- ------------ LOSS FROM CONTINUING ACTIVITIES BEFORE TAXATION (224) (944) (15,397) Tax expense - - - --------- --------- ------------ LOSS FOR THE PERIOD ATTRIBUTABLE TO THE EQUITY HOLDERS (224) (944) (15,397) ========= ========= ============ TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO THE EQUITY HOLDERS (224) (944) (15,397) ========= ========= ============ Loss per share - basic (0.0003) (0.001) (0.02) Loss per share - diluted (0.0003) (0.001) (0.02) ========= ========= ============
Statement of Financial Position
At 30 June 2023
Unaudited Unaudited Audited 30 June 30 June 31 December 2023 2022 2022 $000 $000 $000 CURRENT ASSETS Trade and other receivables due within one year 2,474 - 2,114 Cash and cash equivalents 1,093 547 208 ---------- ---------- ------------- TOTAL CURRENT ASSETS 3,567 547 2,322 Trade and other receivables due after one year 26,120 51,919 29,095 TOTAL ASSETS 29,687 52,466 31,417 ========== ========== ============= EQUITY Share capital 30 38 30 Share premium account 264,729 265,500 264,729 Retained earnings (245,465) (230,788) (245,241) ---------- ---------- ------------- TOTAL EQUITY 19,294 34,750 19,518 ---------- ---------- ------------- CURRENT LIABILITIES Trade and other payables due within one year 2,995 1,459 4,501 ---------- ---------- ------------- TOTAL CURRENT LIABILITIES 2,995 1,459 4,501 Trade and other payables due after one year 7,398 16,257 7,398 TOTAL LIABILITIES 10,393 17,716 11,899 ---------- ---------- ------------- TOTAL EQUITY AND LIABILITIES 29,687 52,466 31,417 ========== ========== =============
Statement of Changes in Equity
For the six months ended 30 June 2023
Share capital Share premium Retained Total shareholder losses equity $000 $000 $000 $000 Balance (restated) as at 31 December 2021 27 264,004 (229,844) 34,187 -------------------------- -------------- -------------- ---------- ------------------ Loss for the period - - (944) (944) -------------- -------------- ---------- ------------------ Total comprehensive income for the period 27 264,004 (230,788) 33,243 -------------- -------------- ---------- ------------------ Issue of ordinary shares 11 1,496 - 1,507 Total transactions with owners 11 1,496 - 1,507 -------------------------- -------------- -------------- ---------- ------------------ Balance at 30 June 2022 38 265,500 (230,788) 34,750 -------------------------- -------------- -------------- ---------- ------------------ Loss for the period - - (14,453) (14,453) -------------- -------------- ---------- ------------------ Total comprehensive income for the period 38 265,500 (245,241) 20,297 -------------- -------------- ---------- ------------------ Issue of ordinary shares 2 367 - 369 Shares cancelled (10) (1,138) - (1,148) -------------------------- -------------- -------------- ---------- ------------------ Total transactions with owners (8) (771) - (779) -------------------------- -------------- -------------- ---------- ------------------ Balance at 31 December
2022 30 264,729 (245,241) 19,518 -------------------------- -------------- -------------- ---------- ------------------ Loss for the period - - (224) (224) -------------- -------------- ---------- ------------------ Total comprehensive income for the period 30 264,729 (245,465) 19,294 -------------- -------------- ---------- ------------------ Issue of ordinary shares - - - - -------------- -------------- ---------- ------------------ Total transactions with - - - - owners -------------------------- -------------- -------------- ---------- ------------------ Balance at 30 June 2023 30 264,729 (245,465) 19,294 -------------------------- -------------- -------------- ---------- ------------------
Statement of Cashflows
For the six months ended 30 June 2023
Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2023 2022 2022 $000 $000 $000 Operating activities Loss before taxation (224) (944) (15,397) Decrease in trade and other receivables 2,615 - 20,710 (Decrease) / increase in trade and other payables (1,506) 1,714 (5,155) ---------- ---------- ------------- Net cash used in operating activities 885 770 158 ---------- ---------- ------------- Cash Flows from Financing Activities Loans received - 1,096 - Loan repayment via issue of shares - (1,369) - Net Cash generated from Financing - (273) - Activities ---------- ---------- ------------- Increase in cash and cash equivalents in period 885 497 158 Cash and cash equivalents at beginning of period 208 50 50 Cash and cash equivalents at end of period 1,093 547 208 ---------- ---------- -------------
Notes to the Interim Report
For the six months ended 30 June 2023
1. GENERAL INFORMATION
Fenikso Limited ("the Company") is a company incorporated and domiciled in the Cayman Islands. The address of the registered office is 190 Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands.
The Company's shares are traded on the Aquis Stock Exchange under symbol FNK and ISIN number KYG5462G1073.
2 BASIS OF PREPARATION
These condensed interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 December 2022 which were prepared in accordance with EU-endorsed International Financial Reporting Standards ('IFRSs'), IFRIC interpretations as adopted by the EU.
The financial statements have been prepared under the historical cost convention except for financial instruments and share based payments which are measured at fair value. Monetary amounts in these financial statements are rounded to the nearest $000.
The interim financial statements for the six months ended 30 June 2023 are unaudited and have not been reviewed by the Company's auditors, Bright Grahame Murray. The comparative interim figures for the six months ended 30 June 2022 are also unaudited and are restated to reflect the adjustments made in the audited financial statements for the year ended 31 December 2022 to the prior year comparatives for the year ended 31 December 2021.
The accounting policies applied by the Company in the preparation of these condensed consolidated interim financial statements are the same as those applied by the Company in its financial statements for the year ended 31 December 2022.
3. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the period attributable to ordinary shareholders by the weighted average number of shares in issue.
Unaudited Unaudited Audited 30 June 2023 30 June 2022 31 December 2022 $000 $000 $000 Loss for the period (224) (944) (15,397) Weighted average number of shares 599,396 673,394 736,567 Basic earnings per share (0.0003) (0.001) (0.02) 4. TRADE AND OTHER RECEIVABLES Unaudited Unaudited Audited 30 June 2023 30 June 2022 31 December 2022 $000 $000 $000 Current - falling due within one year Trade receivables - - - Other receivables 2,474 - 2,114 -------------- -------------- ------------- 2,474 - 2,114 -------------- -------------- ------------- Non current - falling due after one year Other receivable 26,120 51,919 29,095 -------------- -------------- ------------- Total 28,594 51,919 31,209 ============== ============== =============
Under the settlement deed of 7 December 2022, the Company granted a new loan of approximately $51,919,467 to Lekoil Oil and Gas Investments Limited ("LOGI") (the "LOGI Loan") in consideration for the transfer of certain loans granted to Lekoil Nigeria and its related entities to LOGI, the release of security related to such loans and the waiver of any repayment of amounts due under such loans. Accordingly, the balance of intercompany receivable at 31 December 2022 was $51,919,467 with residual balances written off to reserves. The Company carried out an assessment of the value of the amounts due at 31 December 2022 on a discounted basis using a rate of 16.821% to effect a current market value of the loan of $31,209,408. The difference of $20,710,059 was recognised in the statement of comprehensive income. The loan is being repaid by 8.653% of the aggregate proceeds of the sales received from Shell Western in respect of each lifting of crude oil by LOGI. During the period to 30 June 2023, the Company has announced it has received a total of $2,615,472 as partial repayment of
the loan of US$51,919,467. A further $1,543,240 has since been received post 30 June 2023. 5. TRADE AND OTHER PAYABLES Unaudited Unaudited Audited 30 June 2023 30 June 2022 31 December 2022 $000 $000 $000 Current - falling due within one year Trade payables 542 737 1,494 Other payables 2,020 137 2,020 Accruals 433 585 987 -------------- -------------- ------------- 2,995 1,459 4,501 -------------- -------------- ------------- Non current - falling due after one year Other payables 7,398 16,257 7,398 -------------- -------------- ------------- Total 10,393 17,716 11,899 ============== ============== =============
Following the Settlement Deed, the Company entered into a loan agreement with Savannah Energy pursuant to which the Company agreed to pay Savannah Energy certain upfront payments together with 25% of all amounts received by the Company from LOGI pursuant to the LOGI Loan, subject to a maximum total payment of approximately $16,256,159. The Company assessed the value of the loan amount at 31 December 2022 on a discounted basis using a rate of 16.821% to effect a current market value of $9,417,555. The difference of $6,838,604 was recognised in the statement of comprehensive income .
6. APPROVAL OF INTERIM FINANCIAL STATEMENTS
The Condensed interim financial statements were approved by the Board of Directors on 25 September 2023. A copy can be obtained on the Company's website at https://feniksoplc.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
NEXLAMITMTATBFJ
(END) Dow Jones Newswires
September 26, 2023 02:00 ET (06:00 GMT)
1 Year Fenikso Chart |
1 Month Fenikso Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions