Edenville Energy Investors - EDL

Edenville Energy Investors - EDL

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Edenville Energy Plc EDL London Ordinary Share GB00BN47NP32 ORD 1P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 32.50 08:00:14
Open Price Low Price High Price Close Price Previous Close
32.50 31.75 33.49 32.50
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therealtonythetiger: tomboy It will be interesting to see if all the whingers/moaners now sell up and move on. I doubt it as i dont believe half of these so called investors have any money on the line..
therealtonythetiger: https://www.investegate.co.uk/edenville-energy-plc--edl-/rns/agreement-with-lind-partners-and--900-000-placing/202101150700057792L/ Friday 15 January, 2021 Edenville Energy PLC Agreement with Lind Partners and £900,000 Placing 15 January 2021 EDENVILLE ENERGY PLC ("Edenville" or the "Company") Agreement Reached with Lind Partners LLC Oversubscribed Placing to Raise £900K New Strategic Shareholder Edenville Energy Plc (AIM: EDL), the AIM quoted company operating the Rukwa Coal Project in southwest Tanzania ("Rukwa") is pleased to provide the following corporate update. Funding Agreement with Lind Partners LLC - Update The Company provides an update regarding its outstanding funding agreement with Lind Partners LLC ("Lind"), that was first announced on 6 November 2018 (the "Funding Agreement"). As announced on 6 October 2020, Lind requested Edenville repay the total outstanding balance of the Funding Agreement, being US$580,000, by 30 November 2020. The Company has since been engaged in a constructive dialogue with Lind regarding the repayment terms of the Funding Agreement and is pleased to report the revised repayment schedule has been agreed as follows: - The company will pay Lind US$116,000 in cash, being 20% of the outstanding debt, by 31 January 2021; - The remainder, being US$464,000, will be repaid in monthly instalments of US$50,000 starting from the end of April 2021; - The monthly instalments may be paid in cash or via the issuance of shares by mutual agreement; and - No further interest or charges will be applied to the US$580,000 headline figure. Following settlement of the Placing (outlined below) the Company will have sufficient capital to meet its outstanding obligations to Lind. The Company's cash position is expected to be further strengthened by increased production and sales of washed coal from its flagship Rukwa mine in Tanzania during the course of 2021. Oversubscribed £900,000 Placing The Company has conditionally raised £900,000 (before expenses) by way of a placing of 3,600,000 new ordinary shares of 1p each in the Company ("Ordinary Shares") at a placing price of 25p per Ordinary Share (the "Placing Shares") (the "Placing Price") with new and existing shareholders through Brandon Hill Capital Limited ("Brandon Hill") (the "Placing"). Edenville's three largest shareholder groups (representing approximately 50% of the shares currently in issue) have subscribed for an aggregate of £250,000 in the Placing. In addition, specialist mining investor RAB Capital, has subscribed for £300,000 in the Placing and will own 10.2% of the enlarged issued share capital of the Company following the admission of the Placing Shares to trading on AIM ("Admission"). Significant Shareholder Participation Brandon Hill, including Neal Griffith and Oliver Stansfield (collectively the "Brandon Hill Group"), who currently hold 1,717,248 Ordinary Shares representing 21.08% of the Company's issued share capital, have agreed to subscribe for, in aggregate, 280,000 Placing Shares representing a cash subscription of £70,000. Following Admission, the Brandon Hill Group's revised holding of 1,997,248 Ordinary Shares will represent 17% of the Company's enlarged share capital. The Brandon Hill Group have been granted warrants over 180,000 Ordinary Shares as a result of the Placing (the "Broker Warrants"). The Broker Warrants have a 3 year life and an exercise price of 25p per Ordinary Share. Pitchcroft Capital Limited and its executives, namely Alexander Fullard, William Orgee and David Thomas (collectively the "Pitchcroft Group"), who currently hold 1,218,327 Ordinary Shares representing 14.9% of the Company's issued share capital, have agreed to subscribe for, in aggregate, 360,000 Placing Shares representing a cash subscription of £90,000. Following Admission, the Pitchcroft Group's revised holding of 1,578,327 Ordinary Shares will represent 13.4% of the Company's enlarged share capital. John Story, who currently holds 1,019,161 Ordinary Shares representing 12.5% of the Company's issued share capital, has agreed to subscribe for 360,000 Placing Shares representing a cash subscription of £90,000. Following Admission, John Story's revised holding of 1,379,161 Ordinary Shares will represent 11.7% of the Company's enlarged share capital. Related Party Transaction The Brandon Hill Group, the Pitchcroft Group and John Story are Substantial Shareholders of the Company and are therefore related parties as defined by the AIM Rules for Companies (the "Related Parties"). Accordingly, the participation of the Related Parties in the Placing and the issue of Broker Warrants to the Brandon Hill Group constitute related party transactions pursuant to Rule 13 of the AIM Rules for Companies. The Directors, having consulted with the Company's nominated adviser, consider that the terms of the Related Parties' participation in the Placing and the issue of the Broker Warrants to the Brandon Hill Group are fair and reasonable insofar as Edenville's shareholders are concerned. Admission to AIM Application will be made for admission of the 3,600,000 Placing Shares to trading on AIM, which is expected to occur at 8am on or around 21 January 2021. The Placing Shares will rank pari passu with the existing Ordinary Shares. Operational Update The Company now expects to hand over operations at Rukwa to its strategic partner Infrastructure and Logistics Tanzania Ltd ("ILTL") in February 2021, pursuant to the terms of the previously announced Coal Mining Agreement ("CMA") between the two parties. T he Company acknowledges this has taken longer than previously envisaged, with timing impacted by both the global COVID-19 pandemic and the Tanzanian general elections, which took place on 28 October 2020. The election, for both President and members of the National Assembly, created an administrative vacuum, with a number of relevant Ministerial positions only being appointed in December 2020. As previously outlined, this resulted in a number of logistical problems for ILTL, including the securing of work permits. Both ILTL and the Company have continued to work closely during this period, not only on handover preparations but also on securing additional contracts for the sale of washed coal from Rukwa. The Company believes both the handover and additional contracts will come to fruition in February 2021 and in the meantime Edenville International (Tanzania) Limited, the Company's in-country operating company, is continuing to meet current customer orders and demands. Additional Assets & Board Restructuring Given the expected handover of operations at Rukwa in the current quarter to ILTL, combined with the anticipated cashflow to be received from Rukwa, the Board of Edenville will also utilise its existing networks to identify new potential projects that could be accretive to the Company. The mining and capital markets expertise of its significant shareholders, which also now includes RAB Capital, should support the Board with the identification and any subsequent execution of this strategy. To further streamline costs during this period, Jeff Malaihollo will assume the title of CEO of the Company, in addition to his current Chairman role, with no additional remuneration. Alistair Muir will continue as a Director of the Company responsible for Tanzanian operation. CEO's Comments Jeff Malaihollo, now acting CEO of Edenville, said "I am pleased to confirm we have reached an agreement with Lind regarding the outstanding debt repayment schedule. This had clearly been cause for investor concern, particularly during Q4 2020. We are also pleased to see the confidence the market has shown in the potential of Edenville and Rukwa through an oversubscribed placing and I am delighted to welcome specialist mining investor RAB Capital as a significant shareholder to the Company. Whilst 2020 was a challenging year for Edenville as a result of the COVID-19 pandemic, we can now look forward to 2021 with renewed optimism. Rukwa is a producing mine with a sizeable JORC compliant resource of 143Mt and recent upgrades to the processing plant have now boosted capacity to 12,500t per month of washed coal. The three agreements (Coal Mining Agreement, Loan Agreement and Sales & Marketing Agreement) signed with our strategic partner during the course of 2020 remain in place and we expect to finally see the benefits of their implementation this year, starting with the handover of Rukwa under the Coal Mining Agreement next month." Total Voting Rights Following Admission, the Company will have 11,745,575 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The above figure of 11,745,575 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
sky24: Whatever the stock price,investors should note that after the Lind payment,the company has a NAV of approx 60p per share. It certainly is time to buy.The trades selling are not very large.
sky24: I made the four trades on friday that seem to interest them over on LSE. This is the reason I bought - In the interim accounts to June 30th 2020 it states the net assets are worth £6,541,900.The share price represents less than 50% of this,and this number is more than it was at the end of 2019 when EDL had more debt. The cash owed to LIND is only $580,000,and a lot less than the original amount.This debt is approx 7.2% of the total assets of the company,and I don't reckon it's of great concern.I think the reason for the consolidation is to attract more investors,and stock that is a fraction of a penny is never very attractive to II's. They may be a fund raise after the consolidation,but does not worry me very much. They stated that they are selling coal - EDL may be in better shape than we think,although the cost of sales were quite high in the results. When the consolidated shares start trading they would be at 68p if they were to represent the full value of the company - market cap £5.5 mln.
therealtonythetiger: denville Energy PLC Proposed Share Capital Reorganisation & AGM Notice RNS Number : 4457I Edenville Energy PLC 11 December 2020 11 December 2020 EDENVILLE ENERGY PLC ("Edenville" or the "Company") Notice of Annual General Meeting Proposed Share Capital Reorganisation & Correction of Total Voting Rights Edenville Energy Plc (AIM: EDL), the AIM quoted company operating the Rukwa Coal Project in southwest Tanzania announces that its Annual General Meeting ("AGM") will be held 10.00 a.m. on 5 January 2021. The Notice of AGM is being published today and will shortly be available on the Company's website at hxxps://edenville-energy.com/aim-rule-26/ . As a result of the ongoing Covid-19 pandemic, Edenville's shareholders ("Shareholders") should note they are not entitled to attend the AGM in person unless notified otherwise by the Company prior to the AGM. The Company's Articles of Association allow Edenville to use electronic communications for sending out notices of general meetings, as such the Company will not be providing a paper copy of the Notice of AGM or Form of Proxy on this occasion. Shareholders are now able to vote online by logging on to www.signalshares.com . On the home page, search 'Edenville Energy PLC' and then log in or register, using your Investor Code which can be found on your share certificate. To vote, click on the 'Vote Online Now' button. Proposed Share Capital Reorganisation & Correction of Total Voting Rights The Notice of AGM will include certain resolutions relating to a proposed share capital reorganisation ("Capital Reorganisation") of the 8,145,575,092 existing ordinary shares of £0.0002 each that the Company has in issue ("Existing Ordinary Shares"). Shareholders should note that the ordinary issued share capital of the Company was previously incorrectly stated by the Company as 8,145,575,095 Existing Ordinary Shares in its announcement of 10 August 2020, rather than the correct figure of 8,145,575,092 Existing Ordinary Shares. The effect of the proposed Capital Reorganisation will be to reduce the number of issued ordinary shares of £0.0002 each in the Company by a multiple of 1,000 (the "Consolidation"), which is expected to increase the trading price of the resulting ordinary shares proportionally. As such, following the Consolidation and the subsequent sub-division of each consolidated ordinary share of £0.20 each in the capital of the Company, into 1 ordinary share of £0.01 each in the capital of the Company and 19,000 new deferred shares of £0.00001 each in the capital of the Company (the "New Deferred Shares"), the Company expects 8,145,575 ordinary shares of £0.01 each (the "New Ordinary Shares") to be readmitted to trading on AIM. The New Ordinary Shares will have the same rights and be subject to the same restrictions (save as to nominal value) as the Existing Ordinary Shares as set out in the Company's articles of association for the time being. The New Deferred Shares are non-voting, have no economic rights and may be bought back by the Company at any time for nil consideration. As it is proposed that all Existing Ordinary Shares held in the Company be consolidated, the proportion of the issued ordinary share capital of the Company held by each Shareholder immediately before and after the Capital Reorganisation will remain relatively unchanged, other than for changes that may arise from the rounding for fractional entitlements. In the event that a Shareholder's holding of Existing Ordinary Shares is not exactly divisible by the consolidation ratio, such Shareholder will be left with a fractional entitlement to a resulting new consolidated ordinary share. Any such fractions as a result of the consolidation will be aggregated and, following the sub-division, the directors will, in accordance with the Company's articles of association, sell the aggregated shares in the market for the benefit of the relevant Shareholders. The proceeds from the sale of the fractional entitlements will be distributed pro rata amongst the relevant Shareholders save that where a Shareholder is entitled to an amount which is less than £3 it will not be distributed to such Shareholder but will be retained by the Company. Reasons for the Capital Reorganisation and update re Funding Agreement with Lind Partners LLC The Board considers the Capital Reorganisation to be in the best interests of the Company and its Shareholders as it believes that the Capital Reorganisation should improve the market liquidity of and trading activity in the Company's shares. The Directors believe that the existing share capital structure is no longer appropriate, as the high number of shares in issue combined with the relatively low price per share is thought to result in excess volatility and reduced liquidity in the Company's shares. By proceeding with the Capital Reorganisation, the Directors anticipate that the Capital Reorganisation should improve the liquidity and the marketability of the Company's shares with institutional investors in the UK and overseas. Secondly, plans for a proposed share consolidation were originally set out in the Company's announcement of 29 April 2019 following Edenville and Lind Partners LLC ("Lind") entering into an agreement to vary certain terms of the Company's outstanding funding agreement with Lind, that was first announced on 6 November 2018 and further detailed in the Company's announcements of 29 April 2019, 23 January 2020, 7 April 2020, 6 October 2020 and 27 November 2020 (the "Funding Agreement"). These plans were later deferred, as detailed in the Company's announcement of 6 September 2019. The Company's Directors are currently in constructive discussions with Lind regarding the repayment terms of the Funding Agreement. Following the recent discussions, Edenville's Directors have agreed to revisit plans for a share consolidation, hence why Shareholders are being asked to approve the Capital Reorganisation at the AGM. The Directors remain confident that mutually agreeable terms can be agreed with Lind regarding the Funding Agreement, however, at this current time it is premature to reach any conclusions.
latetrain20: TTT - yet another jigsaw piece in place for EDL, just a shame the vile JohnCasey is missing quite a few jigsaw pieces of his own. Hes happy to see people dying with Covid as long as he can get out of lockdown. What a bellend ! - New top Board appointment now - New Investor & buying fixed coal from us - Fully funded - Liabilities reduced - Coal & Marketing agreements - New Udanga & Rwanda contracts - 173m tonnes of coal reserves - Coal Price to rise as coal stations shut-down
therealtonythetiger: COVID-19 & Operational Update Edenville Energy Plc (AIM: EDL), the AIM quoted company developing the Rukwa coal project in southwest Tanzania ("Rukwa" or the "Project'), provides the following update in light of the COVID-19 pandemic (the "Pandemic"). Background Edenville's primary operations are located in Tanzania, with the Project located approximately 850km west of Dar es Salaam. The Company has one member of staff in Dar Es Salaam, who works from home, and just over 40 employees on the Project site located in the Western Highlands, near the town of Sumbawanga. As of 5 April 2020 there has been no cases of COVID-19 at the mine site or in the surrounding region, whilst 22 cases of COVID-19 have been reported in Tanzania, with one death. However, as with many other countries across the globe, Tanzania has introduced steps in an attempt to curb the further spread of the virus; as part of this there has been the temporary closure of certain non-essential businesses and the introduction of social distancing protocols. Edenville places the safety and wellbeing of its employees and contractors as the highest priority. Accordingly, in response to the Pandemic, a business continuity programme has been introduced to protect staff while ensuring the continued safe operation of the Company. This has resulted in all non-essential travel being cancelled since early March 2020, with all non-operational staff working from home. Rukwa Operations As announced on 4 March 2020, operations at Rukwa restarted in March 2020, although, as expected, the recommencement of mining has been hampered by the continued rainy season. The Company was able to bring the plant back online after further upgrades and continued to process stockpiles of coal for sale to a long-term customer in Arusha, Tanzania, who purchased and received in excess of 500 tonnes of washed coal during March 2020. However, given the Tanzanian government's recent advice and that of its customers, Edenville has elected to stand down Rukwa employees and suspend production with immediate effect until the situation is resolved. With the rainy season expected to draw to a close later this month, the Company is optimistic that with an improvement in the situation Edenville will be able to commence mining in the Northern Area at short notice, which as previously reported has shown itself to be of a higher quality than areas previously mined at Rukwa. A security team will remain present at site during the shutdown. Funding & Strategic Partner Update On 23 January 2020 Edenville announced the completion of an equity financing to raise £700,000 (before expenses) at 0.04p per share, which funded the restart of operations at Rukwa, as well as the payment of certain local and international creditors. In order to effectively manage its working capital position during this period of uncertainty, the Company has engaged with Lind Partners LLC ("Lind") regarding its outstanding funding agreement (the "Funding Agreement"), that was first announced on 6 November 2018 and further detailed in the Company's announcements of 29 April 2019 and 23 January 2020. Lind have agreed to a three-month deferral on loan repayments pursuant to the Funding Agreement as a result of the Pandemic, starting with the April 2020 payment due at the end of this month. All other historic loan repayments are currently up to date and a balance of about US$580,000 now remains outstanding under the Funding Agreement. In addition, Lind have provided their consent to the Company entering into an unsecured loan from a third party of up to £300,000 such as the proposed loan offered to the Company as announced on 23 January 2020, although the Company has not entered into any such agreement as at the date of this announcement. In exchange for the 3-month repayment deferral and consent to a potential third party loan, Edenville has agreed to grant a warrants over 270,000,000 ordinary shares of 0.02 pence each in the Company to Lind with an exercise price of 0.03p per share, being the closing bid price on 3 April 2020. The warrants will have a life to expiry of 5 years from today's date and if exercised would provide the Company with proceeds of £81,000. The Company's cash position as at 31 March 2020 is approximately £60,000 (including an upcoming VAT return). In addition, circa US$25,000 is owed to Edenville International Tanzania Ltd from customers and an expired bank guarantee in Tanzania. Potential Strategic Partner As announced on 11 December 2019 and in the update provided on 27 February 2020, the Company remains in discussions with a potential strategic partner for the Project. The scope of these discussions still includes a potential asset-level loan, a potential coal mining agreement and a potential coal marketing agreement. These discussions are progressing, with a number of key commercial terms now agreed in principle. Whilst the pace has been slower than originally envisaged given the effects of the Pandemic and the subsequent restrictions it has imposed on travel, Edenville's Directors remain optimistic that a deal can be concluded in Q2 2020. Board Update The Company announces that due to the Pandemic the Board has temporarily suspended its search for a new Non-Executive Director. As a result of this Rufus Short has agreed to stay on the Edenville board in his current role as a Non-Executive Director until a new appointment is made. Alistair Muir, CEO of Edenville, commented: "As with much of the world, our operations have naturally been impacted by the rapid spread of COVID-19. Our principal focus must always be on the safety of our employees, as well as the moral obligation to do what we can to reduce the spread of the virus. "Whilst to date there have been few cases of COVID-19 in Tanzania, we fully support the government's initiatives which will hopefully ensure the country remains as sheltered as possible from the Pandemic. "We believe the steps taken now should enable us to return to mining as soon as practicable. The order book for our coal remains healthy and we have seen consistent demand given our primary market is currently regional industrial players, meaning Rukwa's location gives it cost advantages over certain other operations. "I look forward to updating the market as and when we return to mining, along with any developments with respect to our potential strategic investor."
telbap: We are just warning you, no de ramp, not that what I might say here would change anything.Just look at the spread, it's 40% !!! MM's are lumbered with stock they wan to off load so they create what looks like a price spike to pull in PI investors thinking news is about to drop.Look how quickly the increase fell away.
johncasey: huge late buy 40m...blue tomoro..was being filled all day,new investor
therealtonythetiger: Two New Coal Supply Contracts Signed for up to 9,000 tonnes per Month Edenville Energy Plc (AIM: EDL), the AIM quoted company developing the Rukwa coal project in southwest Tanzania, is pleased to announce the signing of two new significant contracts to supply washed coal from the Company's flagship Rukwa Coal Project ("Rukwa" or the "Project"). Since the opening up the Northern Mining Area earlier this year, the Company has expanded its marketing efforts in the countries to the north of Tanzania, in particular Uganda, Rwanda, and Burundi, where the Company's Directors believe Edenville has a competitive advantage over other Tanzanian coal producers, many of whom are located up to 700km further south of Rukwa. As a result of this the Company is pleased to announce it has signed two contracts to supply up to 6,000 tonnes and up to 3,000 tonnes respectively of washed coal per month to industrial customers in Rwanda and Uganda. The up to 6,000 tonnes per month contract has been signed with a Rwandan company, Tara Group Ltd, which is a wholly owned subsidiary of Tanzanian company, Kitanyoe Group Company Ltd, which currently supplies coal, gypsum, limestone and calcite to industrial users. The end user for the Company's coal is expected to be a major cement manufacturer in Rwanda. The up to 3,000 tonnes per month contract has been signed with a Ugandan company, Springwood Capital Ltd, ("Springwood") with the expected end user being a Kampala based steel works. As with the Tanzanian agent, Springwood supplies limestone, gypsum, calcite and iron ore to consumers in Uganda and Kenya. The Rwanda contract is of particular note to the Project as it has the potential to open up a major new transport route for the Company's coal on Lake Tanganyika to both Rwanda and Barundi. This is a route that is both shorter than conventional truck transport and is more cost-effective, using low cost barge transport. In aggregate these two new contracts represent a supply of up to 9,000 tonnes per month, which accounts for approximately 75% of the current capacity of the recently refurbished wash plant. The new contracts will also complement the existing long-term contracts. Progression of these supply arrangements is, however, dependent on the Company securing sufficient operating capital to fund production, as detailed in the Company's announcement on 29 November 2019. In this regard discussions with the potential strategic investor in the Project are progressing and a second investor has expressed interest in becoming involved with the Company as a strategic shareholder at the Company level. Whilst there is currently no certainty that these negotiations will lead to a successful outcome for Edenville, the Board believes that the two coal new contracts increase the attractiveness of both the Project and the Company for potential investors. Further announcements will be made on these matters as appropriate. Assuming sufficient working capital is available, the Company expects to be in a position to supply coal on an ongoing basis under these contracts before the end of Q1 2020. As previously reported, Edenville expect cashflow breakeven at Rukwa at around 4,500 tonnes of washed coal sold per month and has a target of achieving this by May 2020. Alistair Muir, Chief Executive Officer of Edenville, commented: "I would like to acknowledge the Project team's efforts, and particularly those of former CEO Rufus Short, for their groundwork and efforts in making these contracts possible. The Project has a significant advantage being the most northerly coal mine in the region by some 700km. I believe these contracts represent an important first step; now Rukwa has to deliver and assuming the required operational funds are secured we should see the mine and plant delivering as initially planned and our goal of becoming cash flow positive being realised. I look forward to providing our shareholders with further updates in due course."
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