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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oracle Power Plc | LSE:ORCP | London | Ordinary Share | GB00B23JN426 | ORD 0.001P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.001 | -3.33% | 0.029 | 0.028 | 0.03 | 0.03 | 0.029 | 0.03 | 9,443,815 | 15:28:11 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Coal Mining Services | 0 | -1.29M | -0.0003 | -1.00 | 1.12M |
From May 2019 to May 2024
TIDMORCP
RNS Number : 1793O
Oracle Power PLC
30 September 2019
30 September 2019
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Unaudited Interim Results for the six months to 30 June 2019
and
New Loan Agreement
Oracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite mineral resource and mine mouth power plant located in the Thar desert in the south-east of Sindh Province, Pakistan (the "Project"), today announces its unaudited interim results for the six months ended 30 June 2019 and a new working capital loan facility for GBP200,000.
Chairman's Statement for the six months to 30 June 2019
I present the Company's results for the six months ended 30 June 2019.
Board and Management Changes
May I first pay tribute to Shahrukh Khan who stepped down as a Director in July 2019. Mr Khan served as a Director and Chief Executive Officer from the time of the Company's incorporation in 2006 until January 2019 and thereafter as an Executive Director. The Board places on record its thanks for his service and substantial contribution to the development of the Company.
We were delighted to welcome Ms Naheed Memon to the Board in January 2019, initially as a Non-Executive Director before taking up the position of Chief Executive Officer later that month. Her tireless efforts on the ground in Pakistan and knowledge and understanding of our flagship Thar Block VI asset are invaluable to the Company.
In addition, post period end, Oracle's Mining Manager, Brian Rostron, left the Company. In the future Oracle will outsource any work required in relation to the lignite mine part of the Project.
Operational Update
Since the Company's announcement of 20 December 2018 of a Memorandum of Understanding ("MOU") between Oracle, Beijing Jingneng Power Company Limited ("Beijing Jingneng") and PowerChina International Group Limited ("PowerChina") (together the "Parties"), the Parties have been in regular discussion on how the Project might be further optimised. Based on work completed to date, the Parties have now decided to develop the mine in a single phase of 8 million tonnes a year, instead of the original and ultimately more capital intensive two-phased approach, being 4 million tonnes a year initially followed by a second phase of a further 4 million tonnes a year. Consequently, the power plant is now also intended to be developed as a single 2x660 MW unit and an application has been submitted to the Private Power Infrastructure Board on this basis. The required feasibility work relating to this refinement is being assessed with a view to determining not only the optimal revised mining plan, but also the most suitable configuration of the mine and power plant to minimise the costs of the development. As part of these enhancements to the Project, Oracle is also in the process of updating the requisite Environmental and Social Impact Assessments, with the Parties also now making a direct financial contribution on the expected pro-rata terms of ownership post eventual financial close.
Pakistan
The Pakistan authorities continue to work with the Chinese Government through the China-Pakistan Economic Corridor ("CPEC"). We keep closely in touch with the Government of Pakistan at all federal and provincial levels to ensure the continued support for our Thar project.
Summary of Results
As to be expected for a mining company at our stage of development, our financial results for the six months to the 30 June 2019 show a loss for the period after taxation for Oracle Power PLC Group of Companies of GBP482,545 (2018: GBP458,871). At the period end, the Group had cash and cash equivalents of GBP37,066 (2018: GBP53,274), net current liabilities of GBP307,616 (2018: GBP146,480) and total assets less current liabilities of GBP5,165,924 (2018: GBP5,269,062). The basic loss per share was 0.04p (2018: loss 0.04p). The Company raised a further GBP500,000 post period end to boost its financial resources.
Loan Facility
The Company announces that is has entered into a loan agreement with Brandon Hill Capital Limited ("Brandon Hill") (the "Loan Agreement"), a substantial shareholder of Oracle, to provide the Company with a working capital loan facility of up to GBP200,000 (the "Loan") should it be required.
Pursuant to the terms of the Loan Agreement, GBP50,000 is available for draw down by Oracle in any calendar month and providing a minimum of 30 days has passed since the previous drawdown, up to a combined total of GBP200,000. A coupon of 12% per annum (accruing daily) will be applied only to those funds drawn by the Company. There are no options, warrants or convertible aspects to the Loan and no fee is owed to Brandon Hill for providing the funds. The Loan is unsecured, with the principal and outstanding interest being repayable 12 months from the date of the Loan Agreement, or earlier, at Oracle's option, without penalty.
Any draw down must be approved in advance by Brandon Hill with regard to the proposed use of proceeds for each such draw down. The proceeds from all draw downs will be applied to operational and general working capital purposes.
Related Party Transaction
The Board of the Company notes that Brandon Hill, in aggregate with its parent company, Optima Worldwide Group plc, and certain of the group's directors, is interested in 23.29 per cent of the total voting rights of the Company and is therefore a substantial shareholder of the Company. Accordingly, entering into the Loan Agreement constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Directors of the Company consider, having consulted with the Company's nominated adviser, Strand Hanson Limited, that the terms of the Loan Agreement are fair and reasonable insofar as its shareholders are concerned.
Going Concern
The Company raised GBP500,000 gross in March 2019 and a further GBP500,000 in August 2019 pursuant to placings of new ordinary shares. The placing in August 2019 replaced a GBP250,000 loan facility with Brandon Hill Capital Limited, which was terminated at that time and pursuant to which GBP100,000 had been drawn down.
The proceeds of the August placing provided the Company with short term working capital, funds required to effect certain cost cutting measures and the repayment of the of the monies drawn down under the Brandon Hill Loan Facility. In order to secure additional short term working capital, to enable the Company to meet its creditors as they fall due, the Company has entered into the Loan, as referred to above.
Conclusion
The Board extends its appreciation to the Thar Coal and Energy Board and the Energy Department, Government of Sindh, as well as the Ministry of Energy (Power Division) Government of Pakistan for their continued support. The Board also continues to be very grateful for the patience and support of the Company's shareholders.
Mark W. Steed
Chairman of the Board - Oracle Power PLC
Date: 30 September 2019
CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS TO 30 JUNE 2019
Hot Features
Premium
(Unaudited) (Unaudited) (Audited)
6 Months 6 Months Year ended
to to
30 June 2019 30 June 2018 31 Dec 2018
CONTINUING OPERATIONS GBP GBP GBP
Revenue - - -
Administrative expenses (475,048) (459,986) (881,041)
OPERATING LOSS (475,048) (459,986) (881,041)
Finance costs (9,185) (470) (602)
Finance income 1,688 1,585 1,647
LOSS BEFORE INCOME TAX (482,545) (458,871) (879,996)
Income tax - - -
LOSS FOR THE PERIOD (482,545) (458,871) (879,996)
------------- ------------- ------------
Loss attributable to:
Owners of the parent (482,545) (458,868) (879,996)
Non-controlling interests - (3) -
(482,545) (458,871) (879,996)
------------- ------------- ------------
Earnings per share expressed in pence
per share:
Basic (0.04) (0.04) (0.08)
Diluted (0.04) (0.04) (0.08)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 JUNE 2019
(Unaudited) (Unaudited) (Audited)
6 Months 6 Months Year ended
to to
30 June 2019 30 June 2018 31 Dec 2018
GBP GBP GBP
LOSS FOR THE YEAR (482,545) (458,871) (879,996)
OTHER COMPREHENSIVE INCOME
Exchange difference on consolidation (94,733) 96,503 (251,214)
Income tax relating to components of - - -
other comprehensive income
OTHER COMPREHENSIVE INCOME FOR THE PERIOD,
NET OF INCOME TAX (577,278) 96,503 (251,214)
------------- ------------- ------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (577,278) (362,368) (1,131,210)
------------- ------------- ------------
Total comprehensive income attributable
to:
Owners of the parent (577,278) (362,365) (1,131,210)
Non-controlling interests - (3) -
(577,278) (362,368) (1,131,210)
------------- ------------- ------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS TO 30 JUNE 2019
(Unaudited) (Unaudited) (Audited)
6 Months 6 Months Year ended
to to
30 June 2019 30 June 2018 31 Dec 2018
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 5,068,947 5,025,595 4,742,818
Property, plant and equipment 10,871 11,346 12,278
Loans and other financial assets 393,723 378,601 391,843
5,473,541 5,415,542 5,146,939
------------- ------------- ------------
CURRENT ASSETS
Trade and other receivables 58,635 120,083 70,689
Cash and cash equivalents 37,066 53,274 48,899
95,701 173,357 119,588
------------- ------------- ------------
TOTAL ASSETS 5,569,241 5,588,899 5,266,527
------------- ------------- ------------
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 1,259,469 1,096,822 1,141,822
Share premium 14,815,207 14,169,681 14,538,219
Translation reserve (94,733) 473 (347,244)
Share scheme reserve 90,753 - 22,839
Retained earnings (10,904,772) (9,997,911) (10,422,227)
5,165,924 5,269,065 4,933,409
Non-controlling interests - - -
TOTAL EQUITY 5,165,924 5,269,065 4,933,409
------------- ------------- ------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 403,317 319,834 333,118
TOTAL LIABILITIES 403,317 319,834 333,118
------------- ------------- ------------
TOTAL EQUITY AND LIABILITIES 5,569,241 5,588,899 5,266,527
------------- ------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2019
Called up Retained Share Translation Share Total Non-controlling Total
share earnings premium Reserve Scheme interests Equity
capital Reserve
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 31
December
2017 961,884 (7,355,072) 11,622,166 (96,030) - 5,132,948 12,841 5,145,789
Loss for the
period - (458,868) - - - (458,868) (3) (458,871)
Other
comprehensive
income - - - 96,503 - 96,503 - 96,503
Issue of Share
Capital 134,938 - 2,547,515 - - 2,682,453 - 2,682,453
Arising on
acquisition
of
non-controlling
interest - (2,183,971) - - - (2,183,971) (12,838) (2,196,809)
---------- ------------- ----------- ------------ -------- ------------ ---------------- ------------
Balance at 30
June
2018 1,096,822 (9,997,911) 14,169,681 473 - 5,269,065 - 5,269,065
---------- ------------- ----------- ------------ -------- ------------ ---------------- ------------
Loss for the
period - (424,316) - - - (424,316) - (424,316)
Other
comprehensive
income - - - (347,717) - (347,717) - (347,717)
Share options
granted - - - - 22,839 22,839 - 22,839
Issue of Share
Capital 45,000 - 368,538 - - 413,538 - 413,538
---------- ------------- ----------- ------------ -------- ------------ ---------------- ------------
Balance at 31
December
2018 1,141,822 (10,422,227) 14,538,219 (347,244) 22,839 4,933,409 - 4,933,409
---------- ------------- ----------- ------------ -------- ------------ ---------------- ------------
Loss for the
period - (482,545) - - - (482,545) - (482,545)
Other
comprehensive
income - - - 252,511 - 252,511 - 252,511
Share options
granted - - - - 67,914 67,914 - 67,914
Issue of Share
Capital 117,647 - 276,988 - - 394,635 - 394,635
---------- ------------- ----------- ------------ -------- ------------ ---------------- ------------
Balance at 30
June
2019 1,259,469 (10,904,772) 14,815,207 (94,733) 90,753 5,165,924 - 5,165,924
---------- ------------- ----------- ------------ -------- ------------ ---------------- ------------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 30 JUNE 2019
(Unaudited) (Unaudited) (Audited)
6 Months 6 Months Year ended
to to
30 June 30 June 31 Dec 2018
2019 2018
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations 1 (393,397) (469,884) (834,162)
Interest paid (9,185) (470) (602)
Net cash from operating activities (402,582) (470,354) (834,764)
----------- ----------- ------------
Cash flows from investing activities
Purchase of intangible fixed assets (19,059) (89,776) (154,115)
Purchase of tangible fixed assets (1,524) - -
Interest received 1,688 1,585 1,647
Net cash from investing activities (18,895) (88,191) (152,468)
----------- ----------- ------------
Cash flows from financing activities
Proceeds of share issue 409,644 482,453 909,953
Net cash from financing activities 409,644 482,453 909,953
----------- ----------- ------------
Increase/(Decrease) in cash and
cash equivalents (11,833) (76,092) (77,279)
Cash and cash equivalents at beginning
of year 2 48,899 126,178 126,178
Effect of exchange rate changes - 3,188 -
Cash and cash equivalents at end
of year 2 37,066 53,274 48,899
----------- ----------- ------------
NOTES TO THE CASH FLOW STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2019
1. RECONCILIATION OF LOSS BEFORE TAX TO CASH GENERATED FROM OPERATIONS
(Unaudited) (Unaudited) (Audited)
6 Months 6 Months Year ended
to to
30 June 30 June 31 Dec 2018
2019 2018
GBP GBP GBP
Loss before tax (482,545) (458,871) (879,996)
Depreciation 498 346 692
Finance costs 9,185 470 602
Finance Income (1,688) (1,585) (1,647)
Non-cash share based payments - - 8,876
----------- ----------- ------------
Decrease/(increase) in trade and other receivables 12,054 (47,537) 4,207
Increase/(Decrease) in trade and other payables 70,199 39,219 58,155
Loss/(Gain) on foreign exchange movements (1,100) (1,926) (25,051)
Cash generated from operations (393,397) (469,884) (834,162)
----------- ----------- ------------
2. CASH AND CASH EQUIVALENTS
The amounts disclosed on the cash flow statement in respect of cash and cash equivalents are in respect of the statement of financial position amounts:
Period ended 30 June 2019
(Unaudited) (Unaudited) (Audited)
6 Months 6 Months Year ended
to to
30 June 30 June 31 Dec 2018
2019 2018
GBP GBP GBP
Cash and cash equivalents 37,066 53,274 48,899
NOTES TO THE FINANCIAL STATEMENTS UNAUDITED RESULTS
FOR THE 6 MONTHS ENDED 30 JUNE 2019
1. Basis of preparation
These interim financial statements for the six month period ended 30 June 2019 have been prepared using the historical cost convention, on a going concern basis and in accordance with applicable International Financial Reporting Standards as adopted by the European Union ("IFRS") and with those parts of the UK Companies Act 2006 applicable to companies reporting under IFRS as adopted by the European Union. They have also been prepared on a basis consistent with the accounting policies expected to be applied for the year ending 31 December 2019, and which are also consistent with the accounting policies applied for the year ended 31 December 2018 except for the adoption of any new standards and interpretations.
These interim results for the six months ended 30 June 2019 are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2018 have been delivered to the Registrar of Companies and filed at Companies House and the auditors' report on those financial statements was unqualified but contained an emphasis of matter in respect of a material uncertainty relating to going concern. The auditors' report did not contain a statement made under Section 498(2) or Section 498(3) of the Companies Act 2006.
2. Loss per share
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares of 1,222,079,434: (30 June 2018: 1,033,100,915) and 31 December 2018: 1,101,312,862 outstanding during the period. There is no difference between the basic and diluted loss per share.
3. Restricted bank deposits
In February 2015, US$500,000 was placed on deposit with Habib Bank as security for a performance bond. The deposit is repayable on compliance with the conditions of the bond.
4. Called up share capital
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2019 30 June 2018 31 Dec 2018
Allotted, called up and
fully paid
Ordinary shares of 1p
each 1,259,468,634 1,096,821,582 1,141,821,582
The number of shares in issue was as follows:
Number of shares
Balance at 31 December 2017 961,883,698
Issued during the period 134,937,884
-----------------
Balance at 30 June 2018 1,096,821,582
Issued during the period 45,000,000
-----------------
Balance at 31 December 2018 1,141,821,582
Issued during the period 117,647,052
-----------------
Balance at 30 June 2019 1,259,468,634
-----------------
5. Trade and Other Payables
(Unaudited) (Unaudited) (Audited)
6 Months to 6 Months to Year ended
30 June 2019 30 June 2018 31 Dec 2018
GBP GBP GBP
Trade Payables 403,317 319,837 333,118
6. Post balance sheet events
On 9 August 2018, the Company placed 45,000,000 Ordinary Shares of 0.1p each at a price of 1.00 pence per share. Following this placing, the Company's shares in issue stood at 1,459,468,634.
On 30 September 2019, the Company entered into a loan agreement with Brandon Hill Capital Limited for a working capital loan facility of up to GBP200,000.
There are no other post balance sheet events to report.
For further information please contact:
Oracle Power PLC +44 (0) 203 580 Naheed Memon 4314 Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 Rory Murphy, James Harris, Jack Botros 3494 Brandon Hill Capital Limited (Joint Broker) +44 (0) 203 463 Oliver Stansfield 5000 Shard Capital (Joint Broker) +44 (0) 20 7186 Damon Heath 9952
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.
END
IR LLFIFAFIIVIA
(END) Dow Jones Newswires
September 30, 2019 08:15 ET (12:15 GMT)
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