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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Edenville Energy Plc | LSE:EDL | London | Ordinary Share | GB00BN47NP32 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.25 | 14.00 | 14.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEDL
RNS Number : 6876D
Edenville Energy PLC
30 October 2020
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
30 October 2020
EDENVILLE ENERGY PLC
("Edenville" or the "Company")
Interim Results for the six months to 30 June 2020
Edenville Energy plc (AIM: EDL), the company developing a coal project in southwest Tanzania, announces the Company's unaudited interim results for the six months ended 30 June 2020.
Key Developments
The reporting period has been characterised by:
- A complete restructuring of the operation of the Rukwa Project ("Rukwa") and finalisation of two agreements with the Company's new strategic partner, Infrastructure and Logistics Tanzania Ltd ("ILTL"). A third agreement was signed in August 2020;
- The impact of the Covid-19 pandemic on Rukwa and Tanzania as a whole;
- Two fundraisings in January and June to raise in aggregate GBP1.2 million (before expenses) via the issue of new equity, predominantly to existing shareholders;
- Adverse weather events that impacted production until April 2020; and
- The appointment of Nick von Schirnding to the Board to coincide with the departure of Rufus Short.
Post Period End Developments
- Recommencement of mining operations at Rukwa in early August 2020;
- Ongoing discussions with Lind Partners LLC regarding the status of the Funding Agreement; and
- Proposed hand over of day to day operations to ILTL under the conditions of the Coal Mining Agreement expected during November 2020.
Jeff Malaihollo, Chairman of Edenville, commented : "2020 has been dominated by the Covid-19 pandemic throughout the world. During the second quarter, a Tanzania-wide lockdown forced the Company to suspend operations at Rukwa.
However, the third quarter saw a recommencement of mining, processing and sales of coal from Rukwa and also the completion of three related agreements with our strategic partner ILTL, designed to address mining, sales and the Company's capital position. These three agreements form a new business model which we expect to improve the fortunes of the Company by freeing up the capital need for operations.
In June 2020, the Board also welcome the appointment of Nick von Schirnding as an Independent Non-Executive Director who replaced Rufus Short. Nick has 25 years of experience in coal mining and natural resources including strategic development, M&A, driving operational change.
Looking ahead, we believe the three agreements with ILT, the new business model, the renegotiation of the Company's debts and the Board changes have put the Company in a stronger position to achieve its goals."
For further information please contact:
+44 (0) 20 3934 Edenville Energy Plc 6630 Jeff Malaihollo - Chairman Alistair Muir - CEO SP Angel Corporate Finance +44 (0) 20 3470 LLP 0470 (Nominated Adviser) David Hignell Charlie Bouverat Abigail Wayne +44 (0) 20 7936 Brandon Hill Capital Limited 5200 (Broker) Oliver Stansfield Jonathan Evans +44 (0) 20 3934 IFC Advisory Limited 6630 (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler
CEO's Report
Operational Report
The reporting period has been characterised by:
- A complete restructuring of the operation of Rukwa and finalisation of two agreements with the Company's new strategic partner, ILTL. A third agreement was signed in August 2020;
- 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.
On the restructuring side the Company now has in place 3 operational contracts with ILTL. These are:
- The Coal Mining Agreement ("CMA"); - A US$1million Loan Agreement; and
- A Sales and Marketing agreement with MarTek Ltd (a sister company of ILTL) which was signed in August 2020.
In terms of restructuring, the Company now has in place three new agreements which have been reached with 2 different companies, although both have the same principle shareholder, a Dubai-based Tanzanian with extensive experience in logistics in east Africa. The three contracts include the Coal Mining Agreement and a US$1million Loan Agreement with ILTL and a Sales and Marketing agreement with MarTek Ltd which was signed in August 2020.
It has been difficult to assess the impact of the Covid-19 as Tanzania has not tested 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 President announced a return to "business as usual" in mid-May 2020, logistically the movement of people in and out of Tanzania remained challenging until the late summer. A number of coal users stopped production over this time.
Rukwa and the complete Western Highlands region experienced an extended weather event during the 2019-20 wet season with extensive rains from December to April. This again impacted production in January to March, before the temporary closure of the mine due to the 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 enforced lockdown.
The Company raised additional funds from two new equity issues and also settled certain legacy UK debts. The Company intends to settle the significantly smaller outstanding Tanzanian debt with some of the proceeds from the loan facility of US$1M from ILTL.
The Company raised additional funds twice during the period via the issue of new shares. These equity funding rounds were as follows:
- GBP700,000 (gross) was raised in January 2020 at a price of 0.04p per share and was subscribed for by existing major shareholders and one new major investor; and
- GBP500,000 (gross) was raised in June 2020 also at a price of 0.04p with all the funds coming from the same existing shareholders.
In August shareholders exercised warrants at 0.06p with a value of circa GBP50,000.
Financial Results
For the six month period ended 30 June 2020 the Company generated revenue of GBP16,003 (H1 2019: GBP151,140).
The Group made a loss after taxation of GBP626,398 (H1 2019 loss of GBP888,045). The net assets at 30 June 2020
amounted to GBP6,541,900 (30 June 2019 GBP6,367,559).
The total comprehensive loss for the period was GBP179,894 (H1 2019 loss of GBP887,339), which included a gain of GBP446,504 (H1 2019 gain of GBP706) arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.
Post-Period Report
The Rukwa mine has been operating since operations recommenced on 3 August 2020 and continues to fulfil its pre-purchase orders. The Company successfully restructured its staffing requirements during the summer and can confirm that employee numbers on site have been reduced by circa 50%.
As previously announced, the commencement date for ILTL to take over Rukwa operations pursuant to the Coal Mining Agreement was 1 September 2020.
The CMA contains a provision for a mobilisation period of up to 60 days from commencement to ensure both ILTL's equipment and personnel are at site. Both Edenville and ILTL were working towards an earlier hand over date and had initially expected the transition to have taken place during September 2020. However, as administrative issues relating to work permits between the Tanzanian Government and ILTL remain ongoing, principally as a result of a backlog caused by Covid-19, the transition is now expected to take place during November 2020.
ILTL has also been undertaking marketing and sales activities for Rukwa coal, as foreshadowed in the Sales and Marketing Agreement, with several positive developments with respect to new contracts. These are expected to be formalised and announced in due course.
Funding Agreement with Lind Partners LLC
Edenville has a funding agreement (the "Funding Agreement") with Lind Partners LLC ("Lind"). Monthly repayments were made on a regular basis to Lind between September 2019 and March 2020 inclusive. At the start of April 2020, a payment holiday until July 2020 was agreed with Lind as a result of the disruption related to the Covid-19 pandemic.
Following the conclusion of the deferral period and given the brief period of COVID-related mine suspension and subsequent ongoing production ramp up, Edenville notified Lind that it wished to make the July, August and September 2020 repayments in shares, as is its right under the Funding Agreement. However, to date, Lind has not taken delivery of the shares, so no additional monthly payments have been made.
These three-monthly payments represent approximately US$150,000 of the total outstanding balance of the Funding Agreement, which is currently US$580,000. Lind has subsequently requested that Edenville repay the total outstanding balance of the Funding Agreement by 30 November 2020. The Company does not accept the proposed date of repayment as under the terms of the Funding Agreement the loan expires in June 2021.
The Company is holding further discussions with Lind in order to agree a way forward. Negotiations are continuing and a further announcement regarding the status of the Funding Agreement will be made as soon as practicable.
Alistair Muir
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months Year ended ended ended 30 June 30 June 31 Dec 20 19 19 Unaudited Unaudited Audited Note GBP GBP GBP Revenue 16,003 151,140 233,414 Cost of sales (227,350) (476,352) (982,261) Gross profit (211,347) (325,212) (748,847) Administrative expenses (292,862) (483,112) (904,410) Share based payments (50,398) (16,077) (16,077) Written off intangible asset - - - Group operating loss (554,607) (824,401) (1,669,334) Finance income 52 56 113 Finance costs (71,843) (63,700) (177,843) Loss on operations before taxation (626,398) (888,045) (1,847,064) Taxation - - - Loss for the period after taxation (626,398) (888,045) (1,847,064) Other comprehensive income/(loss): Gain/(loss) on translation of overseas subsidiary 446,504 706 (235,401) Total comprehensive (loss)/income for the period (179,894) (887,339) (2,082,465) Attributable to: Equity holders of the Company (179,127) (886,401) (2,079,997) Non-controlling interest (767) (938) (2,468) (179,894) (887,339) (2,082,465) Loss per share - basic and diluted (pence) 2 (0.01) (0.04) (0.05)
The income for the period arises from the Group's continuing operations.
CONSOLIDATED statement of financial position
as at 30 june 2020
As at As at As at 30 June 30 June 31 Dec 20 19 19 Unaudited Unaudited Audited As restated Note GBP GBP GBP Non-current assets Property, plant and equipment 4 6,429,956 6,473,498 6,085,403 Right of use assets 5 95,753 - 97,727 Intangible assets 6 343,496 333,537 321,368 6,869,205 6,807,035 6,504,498 Current assets Inventories 264,583 329,559 247,538 Trade and other receivables 428,893 506,042 365,541 Cash and cash equivalents 301,535 75,843 41,110 995,011 911,444 654,189 Current liabilities Trade and other payables (699,829) (749,860) (897,122) Borrowings (478,555) (252,428) (520,820) (1,178,384) (1,002,288) (1,417,942) Current assets less current liabilities (183,373) (90,844) (763,753) Total assets less current liabilities 6,685,832 6,716,191 5,740,745 Non - current liabilities Borrowings (120,932) (348,632) (284,903) Environmental rehabilitation (23,000) - - liability 6,541,900 6,367,559 5,455,842 Capital and reserves Called-up share capital 7 4,024,935 3,294,935 3,414,935 Share premium account 19,357,514 18,631,157 18,811,157 Share based payment reserve 355,277 291,540 281,502 Foreign currency translation reserve 1,144,599 934,202 698,095 Retained earnings (18,325,155) (16,771,838) (17,736,330) Issued capital and reserves attributable to owners of the parent company 6,557,170 6,379,996 5,469,359 Non-controlling interest (15,270) (12,437) (13,517) Total equity 6,541,900 6,367,559 5,455,842
CONSOLIDATED statement of changes in equity
----------------------------------Equity Interests-------------------------------- Foreign Share currency Non- Share Share Retained option translation Controlling capital premium Earnings reserve reserve Total interest Total GBP GBP GBP GBP GBP GBP GBP GBP Balance at 1 January 2020 3,414,935 18,811,157 (17,736,330) 281,502 698,095 5,469,359 (13,517) 5,455,842 Issue of share capital 610,000 615,000 - - - 1,225,000 - 1,225,000 Share issue costs - (68,643) - 8,643 (60,000) - (60,000) Share based payment charge - - - 101,938 - 101,938 - 101,938 Lapse/cancelation of share options - - 36,806 (36,806) - - - - Foreign currency translation - - - - 446,504 446,504 (986) 445,518 Loss for the period - - (625,631) - - (625,631) (767) (626,398) Balance at 30 June 2020 4,024,935 19,357,514 (18,325,155) 355,277 1,144,599 6,557,170 (15,270) 6,541,900 Balance at 1 January 2019 2,722,036 18,566,642 (15,884,731) 275,463 933,496 6,612,906 (11,508) 6,601,398 Issue of share capital 572,899 64,515 - - - 637,414 - 637,414 Share based payment charge - - - 16,077 - 16,077 - 16,077 Foreign currency translation - - - - 706 706 9 715 Loss for the period - - (887,107) - - (887,107) (938) (888,045) Balance at 30 June 2019 3,294,935 18,631,157 (16,771,838) 291,540 934,202 6,379,996 (12,437) 6,367,559 Foreign Share currency Non- Share Share Retained option translation Controlling capital premium Earnings reserve reserve Total interest Total GBP GBP GBP GBP GBP GBP GBP GBP Balance at 1 January 2019 2,722,036 18,566,642 (15,884,731) 275,463 933,496 6,612,906 (11,508) 6,601,398 Issue of share capital 692,899 244,515 937,414 - 937,414 Share options/warrants charge 16,077 16,077 - 16,077 Cancellation of share options 10,038 (10,038) - - - - Changes on initial application of IFRS 16 (17,042) - - (17,042) - (17,042) Foreign currency translation - - - - (235,401) (235,401) - (235,401) Loss for the year - - (1,844,595) - - (1,844,595) (2,468) (1,847,063)
Non-controlling - - - - - - 459 - interest share of goodwill Balance at 31 December 2019 3,414,935 18,811,157 (17,736,330) 281,502 698,095 5,469,359 (13,517) 5,455,842
consolidated CASH FLOW STATEMENT
Six months Six months Year ended ended ended 30 June 30 June 31 Dec 20 19 19 Unaudited Unaudited Audited GBP GBP GBP Cash flows from operating activities Operating loss (554,607) (824,401) (1,669,334) Depreciation 92,129 110,929 234,290 Amortisation 8,531 14,461 44,204 Interest paid (57) - (23,000) Expected credit losses - - 26,804 Share based payments 50,398 16,077 16,077 (Increase) in inventories (17,045) (73,477) 8,544 (Decrease) in trade and other receivables (41,534) (108,496) 26,741 Increase in trade and other payables (149,557) 191,590 476,883 Foreign exchange gain/(loss) 51,081 (11,006) (32,196) Net cash used in operating activities (560,661) (684,323) (890,987) Cash flows from investing activities Purchase of property, plant and equipment (706) (33,559) Finance income 52 56 113 Finance cost - (16,884) - Net cash used in investing activities 52 (17,534) (33,426) Cash flows from financing activities Borrowings 180,000 - 100,000 Repayment of convertible loan notes (160,420) (11,787) (198,644) Repayment of lease liabilities (31,982) - (23,241) Lease interest (6,770) - (10,016) Proceeds on issue of ordinary shares 900,000 630,214 937,414 Share issue costs (60,000) - - Net cash generated from financing activities 820,828 618,427 805,513 Net decrease in cash and cash equivalents 260,219 (83,430) (118,920) Cash and cash equivalents at beginning of year 41,110 160,042 160,042 Exchange losses on cash and cash equivalents 206 (769) (12) Cash and cash equivalents at end of period 301,535 75,843 41,110
NOTES TO THE INTERIM REPORT
1. Financial information and basis of preparation
The interim financial statements of Edenville Energy Plc are unaudited consolidated financial statements for the six months ended 30 June 2020 which have been prepared in accordance with IFRSs as adopted by the European Union. They include unaudited comparatives for the six months ended 30 June 2019 together with audited comparatives for the year ended 31 December 2019.
The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2019 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors was qualified in respect of inventory quantities at the year end. The report of the auditor also contained an Emphasis of mater paragraph on the recoverability of VAT in Tanzania and a "Material uncertainty relating to going concern. Aside from the limitation of scope relating to inventory quantities, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.
The interim consolidated financial statements for the six months ended 30 June 2020 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2020. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2019. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and adopted by the EU.
2. Loss per share
The calculation of the basic and diluted loss per share is based on the following data:
30 June 20 30 June 19 31 December 19 GBP GBP GBP Loss after taxation (626,398) (888,045) (1,847,064) Weighted average number of shares in the period 6,768,595,353 2,311,584,263 3,554,665,440 Basic and diluted loss per share (pence) (0.01) (0.04) (0.05)
The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.
3. Dividends
No dividends are proposed for the six months ended 30 June 2020 (six months ended 30 June 2019: GBPnil, year ended 31 December 2019: GBPnil).
4. Property, plant and equipment Coal Production Plant & Fixtures Motor vehicles assets machinery & fittings Total GBP GBP GBP GBP GBP Cost or valuation As at 1 January 2020 5,317,637 1,225,972 7,253 197,196 6,748,058 Additions 19,640 - - - 19,640 Foreign exchange adjustment 366,154 83,902 213 12,428 462,697 At 30 June 2020 5,703,431 1,309,874 7,466 209,624 7,230,395 Accumulated depreciation As at 1 January 2020 83,342 482,401 6,990 89,922 662,655 Depletion/Charge for the year - 78,000 43 14,086 92,129 Foreign exchange adjustment 5,738 34,313 213 5,391 45,655 At 30 June 2020 89,080 594,714 7,246 109,399 800,439 Net book value As at 30 June 2020 5,614,351 715,160 220 100,225 6,429,956 Coal Production Plant & Fixtures Motor vehicles assets machinery & fittings Total As restated GBP GBP GBP GBP GBP Cost or valuation As at 1 January 2019 1,435,541 7,360 93,946 1,536,847 Transfer from intangibles assets 5,501,291 - - - 5,501,291 Additions - 706 - - 706 Foreign exchange adjustment 17,721 4,600 10 249 22,580 At 30 June 2019 5,519,012 1,440,847 7,370 94,195 7,061,424 Accumulated depreciation As at 1 January 2019 - 306,410 7,010 84,396 397,816 Transfer from intangible assets 57,928 - - - 57,928 Depletion/Charge for period 14,461 109,736 43 1,150 125,390 Foreign exchange adjustment 187 6,325 10 270 6,792 As at 30 June 2019 72,576 422,471 7,063 85,816 587,926 Net book value As at 30 June 2019 5,446,436 1,018,376 307 8,379 6,473,498 Coal Production Plant & Fixtures Motor vehicles assets machinery & fittings Total GBP GBP GBP GBP GBP Cost or valuation As at 1 January 2019 5,501,291 1,435,541 7,360 93,946 7,038,138
Additions - 680 - 105,829 106,509 Disposal - (168,189) - - (168,189) Foreign exchange adjustment (183,654) (42,060) (107) (2,579) (228,400) At 31 December 2019 5,317,637 1,225,972 7,253 197,196 6,748,058 Accumulated depreciation As at 1 January 2019 57,928 306,410 7,010 84,396 455,744 Depletion/Charge for the year 27,348 226,110 87 8,093 261,638 Disposal - (33,638) - - (33,638) Foreign exchange adjustment (1,934) (16,481) (107) (2,567) (21,089) At 31 December 2019 83,342 482,401 6,990 89,922 662,655 Net book value As at 31 December 2019 5,234,295 743,571 263 107,274 6,085,403 5. Right of use assets Mining asset leases GBP Cost As at 1 January 2020 114,016 Foreign exchange adjustment 7,851 As at 31 December 2020 121,867 Amortisation As at 1 January 2020 16,289 Charge for the year 8,531 Foreign exchange adjustment 1,294 As at 31 December 2020 26,114 Net book value As at 31 December 2020 95,753 Mining asset leases GBP Cost As at 1 January 2019 - Recognised on adoption of IFRS 16 114,016 Foreign exchange adjustment - As at 31 December 2019 114,016 Amortisation As at 1 January 2019 - Charge for the year 16,856 Foreign exchange adjustment (567) As at 31 December 2019 16,289 Net book value As at 31 December 2019 97,727 6. Intangible assets Mining Licences Total GBP GBP Cost or valuation As at 1 January 2020 1,519,712 1,519,712 Foreign exchange adjustment 104,642 104,642 At 30 June 2020 1,624,354 1,624,354 Accumulated amortisation and impairment As at 1 January 2020 1,198,344 1,198,344 Depletion of development - and production assets - Foreign exchange adjustment 82,514 82,514 At 30 June 2020 1,280,858 1,280,858 Net book value As at 30 June 2020 343,496 343,496 Development Goodwill Total and production expenditure As restated GBP GBP GBP Cost or valuation As at 1 January 2019 5,501,291 1,572,197 7,073,488 Transfer to property, plant and equipment (5,501,291) - (5,501,291) Foreign exchange adjustment - 5,064 5,064 At 30 June 2019 - 1,577,261 1,577,261 Accumulated amortisation and impairment As at 1 January 2019 57,928 1,239,731 1,297,659 Transfer to property, plant and equipment (57,928) - (57,928) Charge for the period - - - Foreign exchange adjustment - 3,993 3,993 As at 30 June 2019 - 1,243,724 1,243,724 Net book value As at 30 June 2019 - 333,537 333,537 Mining Licences Total GBP GBP Cost or valuation As at 1 January 2019 1,572,197 1,572,197 Foreign exchange adjustment (52,485) (52,485) At 31 December 2019 1,519,712 1,519,712 Accumulated amortisation and impairment As at 1 January 2019 1,239,731 1,239,731 Depletion of development - and production assets - Foreign exchange adjustment (41,387) (41,387) At 31 December 2019 1,198,344 1,198,344 Net book value As at 31 December 2019 321,368 321,368 7. Share capital No GBP No GBP GBP Ordinary shares Ordinary Deferred Deferred Total of 0.02p each shares shares of shares share of 0.02p 0.001p each of 0.001p capital each each Issued and fully paid At 1 January 2020 5,012,241,761 1,002,450 241,248,512,346 2,412,485 3,414,935 On 9 January the company issued 50,000,000 shares at 0.05p 50,000,000 10,000 - - 10,000 On 21 January 2020 the company issued 1,750,000,000 shares at 0.04p 1,750,000,000 350,000 - - 350,000 On 8 June 2020 the company issued 1,250,000,000 shares at 0.4p 1,250,000,000 250,000 - - 250,000 As at 30 June 2020 8,062,241,761 1,612,450 241,248,512,346 2,412,485 4,024,935 ================ ========== ================ =========== ========== No GBP No GBP GBP Ordinary Ordinary Deferred Deferred Total shares of shares shares of shares share 0.02p each of 0.02p 0.001p each of 0.001p capital each each Issued and fully paid At 1 January 2019 1,547,746,369 309,551 241,248,512,346 2,412,485 2,722,036 On 20 February 2019 the company issued 36,000,000 shares at 0.02p 36,000,000 7,200 - - 7,200 On 20 February 2019 the Company issued 64,515,192 shares at 0.12p each 64,515,192 12,904 - - 12,904 On 2 May 2019 the Company issued 500,000,000 shares at 0.02p each 500,000,000 100,000 - - 100,000 On 20 May 2019 the Company issued 2,263,980,200 shares at 0.02p each 2,263,980,200 452,795 - - 452,795 As at 30 June 2019 4,412,241,761 882,450 241,248,512,346 2,412,485 3,294,935 ================ ========== ================ =========== ========== No GBP No GBP GBP Ordinary shares Ordinary Deferred Deferred Total of 0.02p each shares shares of shares share of 0.02p 0.001p each of 0.001p capital each each Issued and fully paid At 1 January 2019 1,547,746,369 309,551 241,248,512,346 2,412,485 2,722,036 On 20 February 2019 Ordinary shares were issued at 0.02p 36,000,000 7,200 - - 7,200 On 20 February 2019 Ordinary shares were issued at 0.12p 64,515,192 12,903 - - 12,903 On 2 May 2019 500,000 Ordinary shares at 0.02p 500,000,000 100,000 - - 100,00 On 20 May 2019 2,263,980,200 Ordinary shares at 0.02p 2,263,980,200 452,796 - - 452,796 On 11 September 2019 600,000,000 Ordinary shares at 0.05p 600,000,000 120,000 - - 120,000 As at 31 December 2019 5,012,241,761 1,002,450 241,248,512,346 2,412,485 3,414,935 ================ ========== ================ =========== ========== 8. Prior year adjustment
As disclosed in note 33 the group financial statements for the year ended 31 December 2019., during April 2018 the groups mining activities moved into the production phase. At this stage costs of GBP5,225,232 had been incurred. Previously these costs continued to be classified within intangible assets together with a fair value gain less depletion in the period. The 2018 figures have been restated to show the transfer of GBP5,225,232 to property, plant and equipment on completion of the development of the asset. The foreign exchange gain and depletion of the asset are now shown with property, plant and equipment. As a result of the above the comparative figures for the previously announced results for the six months to 30 June 2019 have also been restated to show a net transfer to property plant and equipment from intangible assets of GBP5,443,363 This adjustment has no impact on the Group Statement of Comprehensive Income or on the Group Statement of Changes in Equity
9. Distribution of interim report to shareholders
The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.edenville-energy.com/ . Further copies are available on request.
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