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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Senterra Egy | LSE:SEN | London | Ordinary Share | GB00BYX0MB92 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSEN
RNS Number : 6166D
Senterra Energy PLC
28 April 2017
For immediate release 28 April 2017
Senterra Energy plc
("Senterra" or the "Company")
Annual Report and Financial Statements
for the year ended 31 December 2016
Senterra is pleased announce its audited annual report and financial statements for the year ended 31 December 2016 ("2016 Report"), extracts of which are set out below.
The Company's 2016 Report is being posted to shareholders today and will shortly be made available from the Company's website at: http://senterraenergy.com/
In addition, a copy of the 2016 Report will be uploaded to the National Storage Mechanism and will be available for viewing shortly at http://www.morningstar.co.uk/uk/NSM
The financial information set out below does not constitute the Company's statutory accounts for the year ending 31 December 2016. The financial information for 2015 is derived from the statutory accounts for that year. The auditors, Crowe Clark Whitehill LLP, have reported on the 2016 accounts. Their report was unqualified and did not include a reference to any matters to which the auditors draw attention by way of emphasis without qualifying their report.
The preliminary announcement has been prepared on the basis of the accounting policies as stated in the financial statements for the year ended 31 December 2016. The information included in this preliminary announcement is based on the Company's financial statements which are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use by the European Union. The Company expects to publish full financial statements that comply with IFRS today.
For further information, please visit www.senterraenergy.com or contact:
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Senterra Energy plc (Company)
===================================== =================
+44 (0) 20 3137
Jeremy King 1904
===================================== =================
Optiva Securities Limited (Joint
Broker)
===================================== =================
+44 (0) 20 3137
Christian Dennis 1902
===================================== =================
Dowgate Capital Stockbrokers
Limited (Joint Broker)
===================================== =================
+44 (0) 20 3903
Jason Robertson and 7725
===================================== =================
+44 (0) 1293 517
Neil Badger 744
===================================== =================
Beaumont Cornish Limited (Financial
Adviser)
===================================== =================
Roland Cornish and Felicity +44 (0) 20 7628
Geidt 3396
===================================== =================
Chairman's Statement
On behalf of the Board of Directors, it gives me great pleasure to present the financial statements of Senterra Energy plc (the "Company" or "Senterra") for the year ended 31 December 2016.
On 10 November 2015, Senterra's shares were admitted as a standard listing to trading on the London Stock Exchange's Main Market to take control of or invest in businesses within the oil and gas sector favouring companies with existing production and revenues where there would be scope for growth and attractive returns for shareholders.
On 22 February 2016, the Company announced that it continued to follow up on expressions of interest by other parties with opportunities outside that of the energy sector who had expressed interest in working with Senterra to facilitate a public listing.
On 23 May 2016, the Company announced that it had signed a non-binding letter of intent to acquire a SIM-card technology business based in Singapore (Oasis Smart Sim PTE Ltd) and dealings in the Company's shares were, accordingly, suspended pending the publication of a prospectus in relation to this transaction. The announcement referred to the possibility of a short-term loan being provided by the Company to this business but in the event this was not made.
At the General Meeting on 29 July 2016, shareholders gave their approval for the Company to evaluate opportunities outside of the oil and gas sector and to incur costs associated with such pursuit.
Due to the complexities of the SIM-card business being acquired, the work on preparing a prospectus took longer than originally anticipated and on 16 November 2016 the Company announced that the transaction had been terminated by Oasis and that trading in the Company's ordinary shares would therefore recommence.
The Board was naturally disappointed that Oasis had chosen to withdraw from the transaction at that late stage. However, the Directors believe that there continues to be other attractive businesses and technologies available for acquisition.
The Board believes that a replacement transaction will be found which could come from the oil and gas sector now that this sector has recovered. I am pleased to report that we are seeing attractive opportunities for investment in our original sector and the Board remains hopeful of being able to conclude a transaction to bring value to shareholders.
Kurt Portmann
Chairman
Statement of Comprehensive Income
for the year ended 31 December 2016
From 5 June
2015 to
31 December
2016 2015
GBP GBP
Continuing operations
Listing expenses - (128,347)
Administrative expenses (494,082) (23,563)
-------------- -------------
Operating loss (494,082) (151,910)
Interest received 1,027 -
-------------- -------------
Loss before taxation (493,055) (151,910)
Taxation - -
--------------
Loss for the year (493,055) (151,910)
Other comprehensive loss - -
for the year
-------------- -------------
Total comprehensive loss
for the year attributable
to the equity owners (493,055) (151,910)
============== =============
Loss per share
Basic and diluted (GBP
per share) (0.02) (0.02)
Statement of Financial Position
as at 31 December 2016
2016 2015
GBP GBP
Assets
Current assets
Other receivables 3,609 1,109,294
Cash and cash equivalents 680,835 -
---------- ----------
Total current assets 684,444 1,109,294
---------- ----------
Total assets 684,444 1,109,294
========== ==========
Equity and liabilities
Capital and reserves
Share capital 270,000 270,000
Share premium 945,501 945,501
Retained earnings (644,965) (151,910)
Total equity 570,536 1,063,591
========== ==========
Liabilities
Current liabilities
Other payables 83,908 15,703
Deferred shares 30,000 30,000
Total liabilities 113,908 45,703
---------- ----------
Total equity and liabilities 684,444 1,109,294
========== ==========
Statement of Changes in Equity
for the year ended 31 December 2016
Share capital Share premium Retained earnings Total
GBP GBP GBP GBP
Comprehensive income for the period
Loss during the period - - (151,910) (151,910)
Total comprehensive loss for the period - - (151,910) (151,910)
-------------- -------------- ------------------ ----------
Transactions with owners
Shares issued on incorporation 1 - - 1
Issue of new shares 269,999 1,000,000 - 1,269,999
Share issue costs - (54,499) - (54,499)
-------------- -------------- ------------------ ----------
As at 31 December 2015 270,000 945,501 (151,910) 1,063,591
Comprehensive income for the year
Loss during the year - - (493,055) (493,055)
Total comprehensive loss for the year - - (493,055) (493,055)
-------- -------- ---------- ----------
As at 31 December 2016 270,000 945,501 (644,965) 570,536
======== ======== ========== ==========
Statement of Cash Flows
for the year ended 31 December 2016
From 5
June 2015
to 31 December
2016 2015
GBP GBP
Cash flow from operating
activities
Operating loss (494,082) (151,910)
Changes in working capital:
Decrease/(increase) in trade
and other receivables 1,105,685 (1,109,294)
Increase in trade and other
payables 68,205 15,703
Net cash generated from/ (used
in) operating activities 679,808 (1,245,501)
---------- ----------------
Cash flow from investing
activities
Interest received 1,027 -
---------- ----------------
Net cash generated from 1,027 -
investing activities
---------- ----------------
Cash flows from financing
activities
Proceeds from issuance of
shares, net of issue costs - 1,245,501
Net cash generated from
financing activities - 1,245,501
---------- ----------------
Increase in cash and cash 680,835 -
equivalents
Cash and cash equivalents - -
at beginning of the year
Cash and cash equivalents 680,835 -
at end of the year
========== ================
Notes to the financial statements
1. General Information
The Company had not commenced substantive operations during the period under review. The address of the registered office of the Company at Dmh Stallard LLP, 6 New Street Square, New Street Square, London EC4A 3BF. The Company was formed to take control of or invest in businesses within the oil and gas sector.
2. Summary of Significant Accounting Policies
The Board has reviewed the accounting policies set out below and considers them to be the most appropriate to the Company's business activities.
a) Basis of Preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted for use by the European Union, and effective, or issued and early adopted, as at the date of these statements. The financial statements have been prepared under the historical cost convention as modified for financial assets carried at fair value.
The comparative financial figures cover the period from incorporation on 5 June 2015 to 31 December 2015.
b) Going concern
These financial statements have been prepared on a going concern basis, which assumes that the Company will continue to be able to meet its liabilities as they fall due for the foreseeable future. The Company meets its day to day working capital requirements through existing cash reserves. The Directors have prepared projected cash flow information for a period of at least twelve months from the date of their approval of the financial statements. On the basis of this cash flow information, the Directors consider that the company will continue to operate without the need for additional financing. Therefore, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
3. Critical accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of income, expenditure, assets and liabilities. Estimates and judgements are continually evaluated, including expectations of future events to ensure these estimates to be reasonable.
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The Company's nature of operations is to act as a special purpose acquisition company. This significantly reduces the level of estimates and assumptions required.
4. Loss before income tax
The loss before income tax is stated after charging:
2016 2015
GBP GBP
Directors emoluments 37,093 6,000
Fees payable to the company's
auditors
* Audit of the company's annual accounts 10,000 9,500
============== =============
5. Income tax
Corporation tax is calculated at 20% of the estimated taxable profit for the period.
The charge for the period can be reconciled to the loss in the Statement of Comprehensive Income as follows:
2016 2015
GBP GBP
Loss before tax on continuing
operations (493,055) (151,910)
=============== ==========
Tax at the UK corporation tax
rate of 20% (98,611) (30,382)
Tax effect of expenses that
are not deductible in determining
taxable profit 59,880 25,669
Change in unrecognised deferred
tax assets 38,731 4,713
--------------- ----------
Tax charge for the period - -
=============== ==========
The Company has accumulated tax losses of GBP217,000 (2015 - GBP24,000). No deferred tax asset was recognised in respect of these accumulated tax losses as there is insufficient evidence that the amount will be recovered in future years.
6. Loss per share
The calculation of loss per share is based on the following loss and number of shares:
2016 2015
Loss for the period from continuing GBP493,055 GBP151,910
operations
Weighted average shares in
issue 27,000,000 6,961,905
Loss per share GBP0.02 GBP0.02
Basic loss per share is calculated by dividing the loss for the period from continuing operations of the company by the weighted average number of ordinary shares in issue during the period. There are no potential dilutive shares in issue.
7. Share capital and share premium
Number Share Share
of shares capital premium
GBP GBP
Issued and fully paid Ordinary
shares of GBP0.01 each
At 1 January 2016 and 31
December 2016 27,000,000 270,000 945,501
=========== ========= =========
The company has one class of ordinary shares which carry no fixed right to income.
8. Directors emoluments
Details regarding Directors' remuneration can be found below. The Directors are considered to be the key management.
Name of Director Remuneration detail GBP
Kurt Portmann Fee 12,000
Salary (including employer's
Jeremy King NIC) 13,093
Alberto Cattaruzza Fee 12,000
During the year, there were no staff costs (2015 - no staff costs) as no staff were employed by the Company, other than the Directors themselves.
9. Related party transactions
Key management are considered to be the Directors
and key management personnel compensation has
been declared in note 8.
During the year, the Company was charged fees
and commission of GBP54,486 (2015 - GBP85,370)
by Optiva Securities Limited, of which Jeremy
King is also a director and shareholder. Of
this balance, GBPnil (2015 - GBP49,999) has
been charged to the share premium reserve.
10. Subsequent events
There were no subsequent events after the reporting period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR OKODBABKDFQB
(END) Dow Jones Newswires
April 28, 2017 02:00 ET (06:00 GMT)
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