Edenville Energy Share Discussion Threads

[ultimatejustice9] 24/8/2021 08:00

Efforts have focused on short term contract opportunities, but with discussions with the Tanzanian Government on power station supply options planned for September 2021.

[therealtonythetiger] 06/8/2021 16:33

Hopefully mate and its got a long way to go.
Latest Podcats hints at a Gas Play.

[scoots] 06/8/2021 15:37

Looking like a good call TRTT

[scoots] 05/8/2021 12:48

..but where to

[therealtonythetiger] 05/8/2021 10:42

Shocking Comms from EDL.
Time to move on..

[scoots] 29/6/2021 19:29

No, but we can all read the news links on the stocks that we are monitoring.

[nasarsaddique] 29/6/2021 14:05

Not everyone clicks on a link

[therealtonythetiger] 29/6/2021 13:28

A link wouldve done mate :-)

[nasarsaddique] 29/6/2021 11:52

28 June 2021 GROUP STATEMENT OF COMPREHENSIVE INCOMEYEAR ENDED 31 DECEMBER 2020 Note20202019 (restated) ££Revenue533,852233,414Cost of sales (583,876)(1,005,480) Gross loss (550,024)(772,066) Administration expenses6(529,632)(887,555) Share based payments27(50,398)(16,077) Group operating loss (1,130,054)(1,675,698) Finance income10112113Finance costs11(111,503)(170,537) Loss on operations before taxation (1,241,445)(11,846,122) Income tax12-- Loss for the year (1,241,445)(1,846,122) Attributable to: Equity holders of the Company (1,239,553)(1,843,654)Non-controlling interest (1,892)(2,468) Other comprehensive loss Item that will or may be reclassified to the profit and loss: (Loss/)gain on translation of overseas subsidiary (209,935)(235,431) Total comprehensive loss for the year (1,445,380)(2,081,553) Attributable to: Equity holders of the Company (1,443,488)(2,079,085)Non-controlling interest (1,892)(2,468) Earnings per Share (pence) Basic and diluted loss per share13(0.02)(0.05) All operating income and operating gains and losses relate to continuing activities. No separate statement of comprehensive income is provided as all income and expenditure is disclosed above. GROUP AND COMPANY STATEMENT OF FINANCIAL POSITIONAS AT 31 december 2020 Company Registered Number 05292528NoteGroup31 December2020 31 December2019(restated) 31 December2020Company31 December2019 ££££ Non-current assets Investment in subsidiaries14--16,561,61716,160,713 Property, plant and equipment155,644,5776,085,4031,3341,778 Intangible assets16311,032321,368-- 5,955,6096,406,77116,562,95116,162,491 Current assets Inventories17251,736247,538-- Trade and other receivables18301,251365,5418,49948,412 Cash and cash equivalents1925,69041,11025,62840,845 578,677654,18934,12789,257 Current liabilities Trade and other payables20(685,809)(897,122)(213,559)(479,244) Borrowings21(440,831)(504,444)(416,142)(481,581) (1,126,640)(1,401,566)(629,701)(960,825) Current assets less current liabilities (547,963)(747,377)(595,574)(871,568) Total assets less current liabilities 5,407,6465,659,39415,967,37715,290,923 Non-current liabilities Borrowings21(39,873)(185,599)(16,084)(141,463) Environmental rehabilitation liability22(21,912) 5,345,8615,473,79515,951,29315,149,460 Equity Called-up share capital234,041,6013,414,9354,041,6013,414,935 Share premium account 19,390,84918,811,15719,390,84918,811,157 Share option reserve 301,174281,502301,174281,502 Foreign currency translation reserve 494,130698,065-- Retained earnings (18,866,991)(17,718,347)(7,782,331)(7,358,134) Attributable to the equity shareholders of the Company 5,360,7635,487,312 15,951,29315,149,460 Non- controlling interests (14,902)(13,517) Total equity 5,345,8615,473,79515,951,29315,149,460 The financial statements were approved by the board of directors and authorised for issue on 28 June 2021 and signed on its behalf by: Alistair Muir, Director

[nasarsaddique] 29/6/2021 11:50

CHIEF EXECUTIVE OFFICER'S REPORT Period Review The period has been characterised by: - A restructuring of the operation of the Company's Rukwa Project and closing of three agreements with a strategic partner;- The impact of the Covid-19 pandemic on Rukwa and Tanzania as a whole; and- Adverse weather events that impacted production in the early part of the year. In order to appropriately progress the Company's Rukwa Project three contracts were put in place during the year. These agreements were reached with two different companies, although both have the same principal shareholder, a Dubai-based Tanzanian with extensive experience in logistics in east Africa. The three contracts comprise a coal mining agreement and a US$1million loan agreement with Infrastructure and Logistics Tanzania Ltd ("ILTL"), and a sales and marketing agreement with MarTek Ltd. The expected handover of operations under these contracts has been delayed due to the Covid-19 pandemic. It has been difficult to quantify the overall impact of the Covid-19 pandemic on Tanzania as the country has not implemented widespread testing or reported details on cases in the country. The Company understands that the virus peaked at the same time as Europe with some lockdown and social distancing practices in place. Although the Tanzanian President announced a return to "business as usual" in mid-May 2020, logistically the movement of people in and out of Tanzania remained very difficult throughout the year. Rukwa and the complete Western Highlands region experienced an extended weather event during the 2019-20 wet season with extensive rains from December 2019 to April 2020. This again impacted production in the first quarter of 2020, before the temporary closure of the mine due to the Covid-19 pandemic. Some production was taken from the southern pit during the first half of the year, but access to the northern pit became problematic due to road conditions. These were resolved post the Covid-19 lockdown as advised in the Company's announcement of 20 August 2020. With the assistance of two rounds of funding during 2020, together with further funds raised post year end, the Company is in a much improved financial position with its existing legacy debt also settled post period end.. The equity funding rounds during 2020 were as follows: - £700,000 was raised in January 2020 and was subscribed for by existing major shareholders and one new major investor. - £500,000 was raised in June 2020 all the funds coming from the same existing major shareholders. Lind Partners LLC In November 2018, Edenville entered into a loan facility with Lind Partners LLC ("Lind") for a principal of US$750,000. Repayment of the loan commenced in September 2019 with cash payments of approximately US$51,000 per month, though Edenville had the option of payment through shares. Payments were made on a regular basis to Lind between September 2019 to March 2020 inclusive, before a payment holiday was agreed with Lind as a result of the disruption related to the Covid-19 pandemic. The Company announced on 6 October 2020 that Lind had initially requested that Edenville repay the total outstanding balance of the Funding Agreement by 30 November 2020. The Company subsequently entered into discussions with Lind regarding the repayment terms of the Funding Agreement and this matter was resolved in January 2021. Post period end on 22 June 2021 the Company announced that it had now repaid in cash the full outstanding amount owing to Lind under the Funding Agreement and the Company has no further outstanding obligations to Lind. Corporate Social Responsibility The Company has continued to take its corporate and social responsibility very seriously. We understand that Edenville must meet the social requirements of an operator in Tanzania. The construction of a mining operation at Rukwa has already provided several opportunities to improve infrastructure for the local community, the most visible being the construction of the road from Kipandi, past Mkomolo village and beyond, to the mine. This has opened-up a major artery in the area which services farmers and the local population, as well as the mine itself. At Rukwa, wherever possible, we have sought to employ local people from the surrounding villages. Many of the operators and management are local and are proving to be highly competent and skilled employees. The positive social benefits also overflow into the general community where enterprising individuals are providing services such as food supply for workers. Summary 2020, as with 2019, was a difficult year, primarily given adverse weather events, liquidity constraints and the impact of the Covid-19 pandemic. However, following the closing of the three agreements with the strategic partner over the 2020 summer, we believe the Company ended the year much better placed with regard to its Rukwa project. However, their implementation has been hampered by the impact of the Covid-19 pandemic. The Company has, to date, not attempted to draw down on the loan arrangement with ILTL. As business conditions improve we believe the Company is well placed to take a major step forward through the adoption of this new operational structure that is designed to ensure Edenville draws revenue from every tonne of washed coal sold from Rukwa. Post Period Post period has seen a major positive change in prospects for the Company. On 15 January 2021, the Company announced that it had raised £900,000 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 with new and existing shareholders (the "January Placing"). Further, it announced that it had reached agreement with Lind regarding its outstanding funding agreement in that the Company were to pay Lind US$116,000 in cash by 31 January 2021 with the remainder of US$464,000, to be repaid in monthly instalments of US$50,000 starting from the end of April 2021. On 5 May 2021, the Company conditionally raised £2,475,000 (before expenses) by way of a placing of 9,900,000 new Ordinary Shares at a placing price of 25p per Ordinary Share (the "May Placing"). Investors also received one warrant for every Placing Share. If these warrants are exercised in full the Company will receive a further £2,475,000 for the development of the Company's business. As part of the May Placing a new strategic investor, Anthony (Tony) Buckingham, took an 18.5% stake in the Company through an investment of £1million, with the majority of the balance coming from the Company's substantial shareholders. Mr Buckingham is well known in the natural resources market, particularly in Africa, having been CEO and major shareholder of Heritage Oil Limited from 2006 until its acquisition by a wholly-owned subsidiary of Qatari investment fund, Al Mirqab Capital SPC, in 2014 for a consideration of US$1.6 billion. His wealth of experience and broad network of relationships is expected to prove highly beneficial as Edenville looks to add additional assets into the Company. With an improved cash position, the Company will continue to target additional asset acquisitions, leveraging the natural resources and capital markets expertise of its Board, and significant shareholders On 22 June 2021, the Company announced that it had repaid in cash the full outstanding amount of US$373,625 owed to Lind under the Funding Agreement dated 6 November 2018. Although the Company has faced a difficult environment over the last two years, the business' outlook is looking more positive for the remainder of 2021 and beyond, supported by the following recent developments: - As announced on 24 June 2021, the Company has commenced the sale of coal fines and has 2 trial shipments in place which, subject to the trial, could lead to significant contracts. - As announced 24 June 2021, the Company has recommenced discussions with the Tanzanian Government and recently been invited to submit an unsolicited proposal for the supply of coal to an on-site power station owned and operated by the Tanzanian Government. The Tanzanian Government power planning program shows the need for a base load plant by 2026.- The overall business environment in Tanzania is increasingly positive following the appointment of a new President and subsequent demonstrated intent to support investment in the country. As a further sign of improving conditions, in recent weeks the Company has had several enquiries regarding coal supply to neighbouring East African countries. Alistair MuirChief Executive Officer

[nasarsaddique] 29/6/2021 11:49

CHAIRMAN'S STATEMENT The Covid-19 pandemic dominated 2020 across the globe and unsurprisingly impacted the Company's expected operations at Rukwa. Despite this strong headwind the Company was still able to make progress, albeit not as fast as we would have liked. During the year the Company took major steps in restructuring the business by signing three related agreements with a strategic partner, designed to address mining, sales and the Company's capital position. We also renegotiated our debts and appointed Nick von Schirnding as an Independent Non-Executive Director. Nick has 25 years of experience in coal mining and natural resources including strategic development, M&A and driving operational change. Currently the business environment in Tanzania is improving and we are seeing inquiries from former and new customers for our coal again. We believe that as business conditions improve further the Company is well placed to take a major step forward through the adoption of this new operational structure that will ensure Edenville draws revenue from every tonne of washed coal sold. Post Period During the first half of 2021, the Company reached an agreement with Lind regarding its outstanding debt and in January and May 2021 we raised an aggregate £3.4 million which enabled us to pay off the full amount outstanding to Lind and move the Company forward in a stronger financial position. Our existing major shareholders supported us throughout these fund raises, and in addition we have gained new major shareholders including RAB Capital and Mr. Anthony (Tony) Buckingham. With a clear plan in place to deliver on operational success at Rukwa and with an improved cash position, the Company has commenced a review of additional asset acquisition opportunities, leveraging the natural resources and capital markets expertise of its Board, and significant shareholders. I would like to thank all our stakeholders, including you the shareholders, our partners, the local authorities and local communities, my fellow directors, our employees and contractors who have collectively supported the Company throughout this difficult period. We look forward to reporting on the Company's progress in the coming months. Yours sincerely Dr Jeffrey MalaiholloChairman

[nasarsaddique] 29/6/2021 11:48

Edenville Energy Plc ("Edenville" or the "Company") Annual Results for the year ended 31 December 2020 Edenville Energy Plc (AIM: EDL), the AIM quoted company operating the Rukwa Coal Project in southwest Tanzania ("Rukwa"), announces its audited results for the year ended 31 December 2020. The Company's Annual Report for the year ended 31 December 2020 (the "Annual Report") will be available on the Company's website at: https://edenville-energy.com/annual-reports/ later today, pursuant to the Company's Articles of Association which allow Edenville to use electronic communications for the posting of the Annual Report. Notice of the Company's Annual General Meeting will be announced shortly, along with information regarding how shareholders can request a hard copy of the Annual Report.

[blue59] 29/6/2021 07:47

Everything crossed!

[therealtonythetiger] 28/6/2021 17:28

B59
Big month for EDL coming up, they either put up or shut up.

[blue59] 28/6/2021 16:34

And an indication of price they’re selling at! Without it all other figures are irrelevant.

[therealtonythetiger] 24/6/2021 20:22

They keep repeating the same RNAs, its like a cut n paste exercise. trial shipments etc etc. They need to be selling 10,000 tonnes per month to get the market excited..
We Want Full Potential

[sweetp2] 24/6/2021 12:33

Market likes certainty. Deals done not jam tomorrow. Facts and figures help to deliver value. Hopefully next month more detail will help the share price

[scoots] 24/6/2021 09:18

So why aren't we flying ?????