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Share Name Share Symbol Market Type Share ISIN Share Description
Pineapple Power Corporation Plc LSE:PNPL London Ordinary Share GB00BD0SN947 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 8.60 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial - - - - 5

Pineapple Power Corporation PLC Pineapple Power Corporation Interim Results

30/09/2021 4:28pm

UK Regulatory (RNS & others)

Pineapple Power (LSE:PNPL)
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RNS Number : 6159N

Pineapple Power Corporation PLC

30 September 2021

30 September 2021

Pineapple Power Corporation Plc / Index: LSE / Epic : PNPL / Sector: Utilities

Pineapple Power Corporation Plc ("Pineapple" or "the Company") Interim Results

Pineapple Power Corporation Plc, a special purpose acquisition company, is pleased to present its interim unaudited results for the six-month period ended 30 June 2021.


-- Subsequent to the period end, Pineapple entered into a non-binding heads of terms agreement with the shareholders of BVP Investments Limited ("BVP"), an Irish fund management company headquartered in Dublin, to acquire 100% of the outstanding shares in BVP in an all share transaction, subject to legal, financial and other due diligence and entry into a legally binding sale and purchase agreement. At this time, Pineapple and BVP have appointed lawyers, accountants and corporate finance advisors in the Republic of Ireland and the UK to enact due diligence and preparation of the contractual documentation to progress the transaction. BVP Investments Ltd is regulated by the Central Bank of Ireland and holds investments in clean, renewable energy and associated green technology companies of promise. As no binding agreement has yet been reached, the Company cannot guarantee that the proposed transaction will complete. Pineapple was formed as a "cash shell" with a specific focus on acquisitions in the clean and renewable energy energy sectors, as outlined in its prospectus published on 21 December 2020, which can be found on the Company's website -

-- Since listing, Pineapple has carefully maintained a significant cash position in order to retain adequate funds to address the potentially substantial costs of an RTO transaction. Cash balance at the end of the period - GBP930,035.

   Chairman's   Statement 

I am pleased to present the Company's interim unaudited financial statements to shareholders for the six months ended 30 June 2021.

The period under review was extremely busy and productive and focused on the search and identification of a suitable reverse takeover candidate which culminated in the identification of BVP Investments Limited. Since the initial announcement and suspension of trading of the Company's shares on August 17 2021, we have been engaged with the complexities of progressing the reverse takeover transaction. This process is now underway and we hope to substantially advance the transaction during the next few months. We will make further announcements concerning our progress in due course. We are grateful for the support of our numerous shareholders, as we work to conclude matters.

   Financial   Review 

For the six months to 30 June 2021, the Company reports a net loss of GBP238,797 (2019: GBP35,748). During the six months to 30 June 2021, the Company continued its strict financial discipline, incurring a net operating cash inflow of GBP902,240 (2020: outflow GBP15,807). The Company held cash at 30 June 2021 of

GBP930,035 (2019: GBP5,281).


The following directors have held office during the period:

Claudio Morandi Andrew Holland

   Corporate   Governance 

The UK Corporate Governance Code (July 2018) ("the Code"), as appended to the Listing Rules, sets out the Principles of Good Corporate Governance and Code Provisions which are applicable to listed companies incorporated in the United Kingdom. As a standard listed company, the Company is not subject to the Code, but the Board recognises the value of applying the principles of the Code where appropriate and proportionate and has endeavoured to do so where practicable.

Responsibility Statement

The Directors are responsible for preparing the Unaudited Interim Condensed Financial Statements in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority ("DTR") and with International Accounting Standard 34 on Interim Reporting ("IAS 34"). The

directors confirm that, to the best of their knowledge, this condensed interim report has been prepared in accordance with IAS 34 as adopted by the European Union. The interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

-- an indication of important events that have occurred during the six months ended 30 June 2021 and their impact on the condensed financial statements for the period, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

-- related party transactions that have taken place in the six months ended 30 June 2021 and that have materially affected the financial position of the performance of the business during that period.

On behalf of the board

Claudio Morandi


30 September 2021


   Interim Statement of Comprehensive Income  (Unaudited)   For   the  six months ended 30 June 2021 
                                                    Six months                  Six months                  Year ended 
                                                      ended 30               ended 30 June                 31 December 
                              Notes                       June                        2020                        2020 
                                                          2021                   Unaudited                     Audited 
                                                           GBP                         GBP                         GBP 
 Revenue                                                     -                           - 
 Administrative expenses 
 Operating loss 
 Interest receivable 
 Loss on ordinary 
 before taxation 
 Income tax expense 
 Loss for the period 
 Other comprehensive 
 / (loss) Total 
 loss for the period 
 to equity holders 
 Loss per share (basic and 
 diluted) attributable to 
 equity holders (p) 
                                            (238,840)                     (35,748)                            (91,367) 
                                              (238,840)                     (35,748)                          (91,367) 
                                                      43                                 -                           - 
                               3              (238,798)                     (35,748)                          (91,367) 
                                                        -                           -                                - 
                                              (238,797)                     (35,748)                          (91,367) 
                                                     -                             -                                 - 
                                               (238,797)                    (35,748)                          (91,367) 
                                4             (0.0064)p                   (0.0027)p                          (0.0062)p 

The income statement has been prepared on the basis that all operations are continuing operations.


   Interim   Statement of Financial Position (Unaudited) As at 30 June 2021 
                                                    At Un                                                                      At 31 
                                                                  30 June                        At 30June                  December 
                                                                     2021                             2020                      2020 
                                                                  audited                        Unaudited                   Audited 
                                                    Notes             GBP                              GBP                       GBP 
Fixed Assets 
 Equipment                                                          1,523                                -                         - 
 Current assets 
 Prepayments and other 
 receivables Cash at bank 
 and in hand 
 Current liabilities 
 Trade and other payables 
 Share capital Share premium 
 Share based payment reserve 
 Retained loss 
                                                                    3,621                                -                 1,191,828 
                                                              930,035                                5,281                    27,795 
                                                                933,656                              5,281                 1,219,623 
                                                              935,179                                5,281                 1,219.623 
                                                                  31,374                            79,390                   195,471 
                                                                  31,374                            79,390                   195,471 
                                                              903,805                             (74,109)                 1,024,152 
                                  5                             597,362                            135,002                   573,672 
                                5                             781,908                                    -                   687,148 
                                                                28,062                                   -                    28,062 
                                                              (503,527)                          (209,111)                 (264,730) 
                                                              903,805                             (74,109)                 1,024,152 
   Statements   of changes in equity (Unaudited)  For   the   six   months   ended  30 June 2021 
                       Share                  Share                           Share         Retained 
                        Capital                Premium                        Based             Loss             TOTAL 
                                               Account                        Payment 
                                       GBP                       GBP                 GBP         GBP               GBP 
Balance at 31 
 2019 Issue of new 
 Transaction costs 
 Issue of warrants 
 comprehensive loss 
 for the year 
 Balance at 31 
 Issue of new 
 comprehensive loss 
 for the period 
 Balance at 30 June 
 2021                              135,002                         -                   -   (173,363)          (38,361) 
                                   438,670                   877,340                   -           -         1,316,010 
                                         -                 (162,130)                   -           -         (162,130) 
                                         -                  (28,062)              28,062           -                 - 
                                         -                         -                   -    (91,367)          (91,367) 
                     ---------------------  ------------------------  ------------------  ----------  ---------------- 
                                573,672                      687,148              28,062   (264,730)         1,024,152 
                                 23,690                       94,760                   -           -           118,450 
                                 - 597,362                 - 781,908 
                                                                                           (238,797)         (238,797) 
                                                                                           (503,527)           903,805 
                     ---------------------  ------------------------  ------------------  ----------  ---------------- 
   Statement   of cash flow (Unaudited)  For   the   six   months   ended   30  June 2021 

Cash flows from operating activities

Loss for the period

Adjustments for:


Operating cashflow before working capital movements Decrease / (increase) in prepayments and other receivables Increase / (decrease) in other payables and accruals

Net cash flow from operating activities

Investing activities

 Purchases of equipment                         (1,818)            -              - 
                                               ---------    --------    ----------- 
Net cash used in investing activities           (1,818)            -              - 
                                                            --------    ----------- 
Financing activities 
 Net proceeds from issue of ordinary shares      118,450        -      112,318 
                                               ---------              ----------- 
Net cash generated from financing activities     118,450        -     112,318 
                                               ---------              ----------- 
Net Increase in cash and cash equivalents        902,240   (15,807)       6,707 
Cash and cash equivalents at beginning 
 of the period                                    27,795      21,088     21,088 
                                               ---------   ---------   ---------- 
Cash and cash equivalents at end of the 
 period                                          930,035       5,281     27,795 
                                                           ---------   ---------- 
   1        General information 

Pineapple Power Corporation Plc (the "Company") looks to identify potential companies, businesses or asset(s) that have operations in the clean and renewable energy sector.

The Company is domiciled in the United Kingdom and incorporated and registered in England and Wales, with registration number 09081452.

The Company's registered office is Studio 16, Cloisters House, 8 Battersea Park Road, London SW8 4BG.

Accounting policies

2 The principal accounting policies applied in preparation of these consolidated financial statements are set out below. These policies have been consistently applied unless otherwise stated.

Basis of preparation

The interim unaudited financial statements for the period ended 30 June 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting. This interim financial information is not the Company's statutory financial statements and should be read in conjunction with the annual financial statements for the period ended 31 December 2020, which have been prepared in accordance with International Financial Reporting Standards (IFRS) and have been delivered to the Registrars of Companies. The auditors have reported on those accounts; their report was unqualified, did not include references to any matters which the auditors drew attention by way of emphasis of matter without qualifying their report and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.

The interim financial information for the six months ended 30 June 2021 is unaudited. In the opinion of the Directors, the interim financial information presents fairly the financial position, and results from operations and cash flows for the period.

The Directors have made an assessment of the Company's ability to continue as a going concern and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company, therefore, continues to adopt the going concern basis in preparing its consolidated financial statements.

The financial information of the Company is presented in British Pounds Sterling (GBP).

Critical accounting estimates and judgements

The preparation of interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and the reported amounts of income and expenses during the reporting period. Although these estimates are based on management's best knowledge of current events and actions, the resulting accounting estimates will, by definition, seldom equal related actual results.

In preparing the interim financial information, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2021.

   Income   tax   expense 

3 No tax is applicable to the Company for the six months ended 30 June 2021. No deferred income tax asset has been recognised in respect of the losses carried forward, due to the uncertainty as to whether the Company will generate sufficient future profits in the foreseeable future to prudently justify this.

   4        Loss per share 

Basic loss per ordinary share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.

There are currently no dilutive potential ordinary shares.

                                                                                  Weighted average           Per-share 
                                                  Earnings                        number of shares              amount 
                                                       GBP                        unit 
Loss per share attributed 
 to ordinary shareholders                       (238,797)                 37,575,091                         (0.0064)p 
   5        Share capital 
                                  of shares         Share        Share 
                                   in issue         capital    premium        Total 
                                                        GBP        GBP          GBP 
                                 57,367,211         573,672    687,148    1,260,820 
                                  2,369,000        23,690       94,760      118,450 
                               ------------  --------------  ---------  ----------- 
Balance at 31 December 2020 
 Movements during the period 
 Balance at 30 June 2021         59,736,211       597,382      791,908    1,379,270 
                               ============  ==============  =========  =========== 

The Company has one class of ordinary share which carries no right to fixed income.

   6        Share Options 

On 5 February, 2021 a total of 6,000,000 options were awarded to Directors and Advisors involved in the continuing advancement of the Company's goal to complete a reverse take-over transaction in the renewable energy sector. The options vest and are exercisable 6 months from the date of grant and expire in two years from the date of grant. The exercise price is 11p per Ordinary Share.

   7        Related party disclosures 
   Remuneration   of   directors   and key management personnel 

The remuneration of the Directors during the six-month period to 30 June 2021 amounted to GBP24,000 (30 June 2020: GBPNIL).

Shareholdings in the Company

Shares and options held by the Directors of the Company.

Mr Claudio Morandi Mr Andrew Holland

   Balance   at   30   June   2021 

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(END) Dow Jones Newswires

September 30, 2021 11:28 ET (15:28 GMT)

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