TIDMFNK
RNS Number : 5724N
Fenikso Limited
26 September 2023
26 September 2023
Fenikso Limited
("Fenikso" or "the Company")
Interim Results
Fenikso Limited ("Fenikso" or the "Company") (AQSE: FNK), the
Cayman Islands enterprise company is pleased to announce its
unaudited interim results (the "Interim Report") for the six months
ended 30 June 2023 (the "Reporting Period").
PRINCIPAL ACTIVITY, FINANCIAL REVIEW, OPERATIONS AND ASSET
SUMMARY REPORT
PRINCIPAL ACTIVITY
The Company is an exempted limited liability company
incorporated and registered in the Cayman Islands on 3 December
2010.
Fenikso is the restructured holding company that used to be
called Lekoil Limited. The Company holds one main asset which is a
US$51.9 million loan made to Lekoil Oil & Gas Investments
("LOGI"), a wholly owned subsidiary of Lekoil Nigeria. The Company
is an AQSE listed enterprise company.
FINANCIAL REVIEW
Financial overview and performance
The Company reported a loss of $224,000 for the six month period
ended 30 June 2023.
Net assets of the Company at the end of the Reporting Period
were $19.3 million. Cash balances as at the end of the Reporting
Period were $1.09 million.
OPERATIONS REPORT AND ASSET SUMMARY
The principal business of the Company is to manage and ensure
the full recovery of the LOGI Loan. The Company has received
payments under the LOGI Loan as at the end of 30 June 2023
amounting to $2,615,472. A further $1,543,240 has since been
received post 30 June 2023. The Board will continue to monitor the
compliance with the terms and conditions of the LOGI Loan. As at
the end of June 2023 LOGI had complied with all conditions of the
Settlement Deed save for the cancellation of certain shares in the
Company owned by Lekoil Nigeria, Lekan Akinyami and Samuel Olutu.
The total shares that should have been cancelled are 107,658,847
ordinary shares. On 2 August 2023 the Company announced the
surrender of 106,443,637 ordinary shares held by Lekoil Nigeria to
the Company for nil consideration had been completed. The Company
has agreed to extend the period during which the remaining
1,215,210 ordinary shares that are required to be surrendered by
Lekoil Nigeria in accordance with the terms of the Settlement Deed
until no later than 15 December 2023.
Outlook
The Company intends to repay all creditors as well as the first
instalment of the Savanah Energy loan repayment before the end of
the year. Once these steps have been taken the Company will look to
build its cash position before deciding how best to deploy the cash
it builds up.
This report was approved by the board on 22 September 2023 and
signed on its behalf.
Thomas Richardson
Chairman
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
For further information, please visit https://feniksoplc.com or
contact:
Fenikso Limited info@feniksoplc.com
Thomas Richardson, Chairman
First Sentinel Corporate Finance Ltd (AQSE
Corporate Adviser)
Brian Stockbridge +44 20 3855 5551
---------------------
Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
$000 $000 $000
OTHER OPERATING INCOME
Cost of sales - - -
------------
Gross (loss) - - -
--------- --------- ------------
Fair value adjustment
of receivables - - (20,710)
Fair value adjustment
borrowings - - 6,839
Administrative expenses
Recurring administrative
costs (224) (944) (1,526)
OPERATING LOSS (224) (944) (15,397)
--------- --------- ------------
Finance income - - -
Finance cost - - -
--------- --------- ------------
LOSS FROM CONTINUING
ACTIVITIES BEFORE TAXATION (224) (944) (15,397)
Tax expense - - -
--------- --------- ------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO THE EQUITY HOLDERS (224) (944) (15,397)
========= ========= ============
TOTAL COMPREHENSIVE LOSS
ATTRIBUTABLE TO THE EQUITY
HOLDERS (224) (944) (15,397)
========= ========= ============
Loss per share - basic (0.0003) (0.001) (0.02)
Loss per share - diluted (0.0003) (0.001) (0.02)
========= ========= ============
Statement of Financial Position
At 30 June 2023
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
$000 $000 $000
CURRENT ASSETS
Trade and other receivables
due within one year 2,474 - 2,114
Cash and cash equivalents 1,093 547 208
---------- ---------- -------------
TOTAL CURRENT ASSETS 3,567 547 2,322
Trade and other receivables
due after one year 26,120 51,919 29,095
TOTAL ASSETS 29,687 52,466 31,417
========== ========== =============
EQUITY
Share capital 30 38 30
Share premium account 264,729 265,500 264,729
Retained earnings (245,465) (230,788) (245,241)
---------- ---------- -------------
TOTAL EQUITY 19,294 34,750 19,518
---------- ---------- -------------
CURRENT LIABILITIES
Trade and other payables
due within one year 2,995 1,459 4,501
---------- ---------- -------------
TOTAL CURRENT LIABILITIES 2,995 1,459 4,501
Trade and other payables
due after one year 7,398 16,257 7,398
TOTAL LIABILITIES 10,393 17,716 11,899
---------- ---------- -------------
TOTAL EQUITY AND LIABILITIES 29,687 52,466 31,417
========== ========== =============
Statement of Changes in Equity
For the six months ended 30 June 2023
Share capital Share premium Retained Total shareholder
losses equity
$000 $000 $000 $000
Balance (restated)
as at 31 December 2021 27 264,004 (229,844) 34,187
-------------------------- -------------- -------------- ---------- ------------------
Loss for the period - - (944) (944)
-------------- -------------- ---------- ------------------
Total comprehensive
income for the period 27 264,004 (230,788) 33,243
-------------- -------------- ---------- ------------------
Issue of ordinary shares 11 1,496 - 1,507
Total transactions with
owners 11 1,496 - 1,507
-------------------------- -------------- -------------- ---------- ------------------
Balance at 30 June
2022 38 265,500 (230,788) 34,750
-------------------------- -------------- -------------- ---------- ------------------
Loss for the period - - (14,453) (14,453)
-------------- -------------- ---------- ------------------
Total comprehensive
income for the period 38 265,500 (245,241) 20,297
-------------- -------------- ---------- ------------------
Issue of ordinary shares 2 367 - 369
Shares cancelled (10) (1,138) - (1,148)
-------------------------- -------------- -------------- ---------- ------------------
Total transactions with
owners (8) (771) - (779)
-------------------------- -------------- -------------- ---------- ------------------
Balance at 31 December
2022 30 264,729 (245,241) 19,518
-------------------------- -------------- -------------- ---------- ------------------
Loss for the period - - (224) (224)
-------------- -------------- ---------- ------------------
Total comprehensive
income for the period 30 264,729 (245,465) 19,294
-------------- -------------- ---------- ------------------
Issue of ordinary shares - - - -
-------------- -------------- ---------- ------------------
Total transactions with - - - -
owners
-------------------------- -------------- -------------- ---------- ------------------
Balance at 30 June
2023 30 264,729 (245,465) 19,294
-------------------------- -------------- -------------- ---------- ------------------
Statement of Cashflows
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
$000 $000 $000
Operating activities
Loss before taxation (224) (944) (15,397)
Decrease in trade and other receivables 2,615 - 20,710
(Decrease) / increase in trade and
other payables (1,506) 1,714 (5,155)
---------- ---------- -------------
Net cash used in operating activities 885 770 158
---------- ---------- -------------
Cash Flows from Financing Activities
Loans received - 1,096 -
Loan repayment via issue of shares - (1,369) -
Net Cash generated from Financing - (273) -
Activities
---------- ---------- -------------
Increase in cash and cash equivalents
in period 885 497 158
Cash and cash equivalents at beginning
of period 208 50 50
Cash and cash equivalents at end of
period 1,093 547 208
---------- ---------- -------------
Notes to the Interim Report
For the six months ended 30 June 2023
1. GENERAL INFORMATION
Fenikso Limited ("the Company") is a company incorporated and
domiciled in the Cayman Islands. The address of the registered
office is 190 Elgin Avenue, George Town, Grand Cayman KY1-9001,
Cayman Islands.
The Company's shares are traded on the Aquis Stock Exchange
under symbol FNK and ISIN number KYG5462G1073.
2 BASIS OF PREPARATION
These condensed interim financial statements do not include all
of the information required for full annual financial statements
and should be read in conjunction with the financial statements of
the Company for the year ended 31 December 2022 which were prepared
in accordance with EU-endorsed International Financial Reporting
Standards ('IFRSs'), IFRIC interpretations as adopted by the
EU.
The financial statements have been prepared under the historical
cost convention except for financial instruments and share based
payments which are measured at fair value. Monetary amounts in
these financial statements are rounded to the nearest $000.
The interim financial statements for the six months ended 30
June 2023 are unaudited and have not been reviewed by the Company's
auditors, Bright Grahame Murray. The comparative interim figures
for the six months ended 30 June 2022 are also unaudited and are
restated to reflect the adjustments made in the audited financial
statements for the year ended 31 December 2022 to the prior year
comparatives for the year ended 31 December 2021.
The accounting policies applied by the Company in the
preparation of these condensed consolidated interim financial
statements are the same as those applied by the Company in its
financial statements for the year ended 31 December 2022.
3. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the
period attributable to ordinary shareholders by the weighted
average number of shares in issue.
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December
2022
$000 $000 $000
Loss for the period (224) (944) (15,397)
Weighted average number
of shares 599,396 673,394 736,567
Basic earnings per share (0.0003) (0.001) (0.02)
4. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December
2022
$000 $000 $000
Current - falling due within one
year
Trade receivables - - -
Other receivables 2,474 - 2,114
-------------- -------------- -------------
2,474 - 2,114
-------------- -------------- -------------
Non current - falling due after
one year
Other receivable 26,120 51,919 29,095
-------------- -------------- -------------
Total 28,594 51,919 31,209
============== ============== =============
Under the settlement deed of 7 December 2022, the Company
granted a new loan of approximately $51,919,467 to Lekoil Oil and
Gas Investments Limited ("LOGI") (the "LOGI Loan") in consideration
for the transfer of certain loans granted to Lekoil Nigeria and its
related entities to LOGI, the release of security related to such
loans and the waiver of any repayment of amounts due under such
loans. Accordingly, the balance of intercompany receivable at 31
December 2022 was $51,919,467 with residual balances written off to
reserves. The Company carried out an assessment of the value of the
amounts due at 31 December 2022 on a discounted basis using a rate
of 16.821% to effect a current market value of the loan of
$31,209,408. The difference of $20,710,059 was recognised in the
statement of comprehensive income. The loan is being repaid by
8.653% of the aggregate proceeds of the sales received from Shell
Western in respect of each lifting of crude oil by LOGI. During the
period to 30 June 2023, the Company has announced it has received a
total of $2,615,472 as partial repayment of
the loan of US$51,919,467. A further $1,543,240 has since been received post 30 June 2023.
5. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December
2022
$000 $000 $000
Current - falling due within one
year
Trade payables 542 737 1,494
Other payables 2,020 137 2,020
Accruals 433 585 987
-------------- -------------- -------------
2,995 1,459 4,501
-------------- -------------- -------------
Non current - falling due after
one year
Other payables 7,398 16,257 7,398
-------------- -------------- -------------
Total 10,393 17,716 11,899
============== ============== =============
Following the Settlement Deed, the Company entered into a loan
agreement with Savannah Energy pursuant to which the Company agreed
to pay Savannah Energy certain upfront payments together with 25%
of all amounts received by the Company from LOGI pursuant to the
LOGI Loan, subject to a maximum total payment of approximately
$16,256,159. The Company assessed the value of the loan amount at
31 December 2022 on a discounted basis using a rate of 16.821% to
effect a current market value of $9,417,555. The difference of
$6,838,604 was recognised in the statement of comprehensive income
.
6. APPROVAL OF INTERIM FINANCIAL STATEMENTS
The Condensed interim financial statements were approved by the
Board of Directors on 25 September 2023. A copy can be obtained on
the Company's website at https://feniksoplc.com
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END
NEXLAMITMTATBFJ
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September 26, 2023 02:00 ET (06:00 GMT)
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