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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END
IR BCBDGGDDDGGC
(END) Dow Jones Newswires
October 30, 2020 03:00 ET (07:00 GMT)
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