TIDMPAL
RNS Number : 8246Y
Equatorial Palm Oil plc
13 May 2019
13 May 2019
EQUATORIAL PALM OIL PLC
("EPO", the "Company" or, together with its subsidiaries, the
"Group")
Interim Results for the six months ended 31 March 2019
Equatorial Palm Oil plc (AIM: PAL), the AIM quoted palm oil
production company with operations in Liberia, West Africa,
announces its unaudited interim results for the six months ended 31
March 2019 (the "Period").
EPO is supported by its 63 per cent. shareholder and joint
venture partner Kuala Lumpur Kepong Berhad ("KLK"), a Malaysian
corporation, in developing a new sustainable palm oil operation in
Liberia through investment in its estates, training and
infrastructure.
Highlights:
-- Ramp up phase of the 30 metric tonnes per hour ("mt/hr") palm oil mill at Palm Bay estate
-- First sales of oil palm products to international customers
-- EPO loan to LPD extended to November 2023
-- Construction of a new bulking station and export facility
progressing well at the port of Buchanan
-- Post Period event - appointment of Mr Patrick Kee Chuan Peng
as a Non-Executive Director of the Company
Michael Frayne, Non-Executive Chairman of EPO, commented:
"The new palm oil mill at Palm Bay estate is ramping up well,
with the mill operating as expected and with no material issues
experienced to date. The current challenge is to harvest enough
fresh fruits to optimize the running of the mill, which we hope to
achieve as the FFB yields from our palms increase with their
maturity. In addition to the mill, the Group is also building a
kernel crushing plant and a bio-gas plant, both of which will be
the first of their kind in Liberia, which are due to be
commissioned later this year.
"Senior management recently met with the President of the
Republic of Liberia His Excellency George Manneh Weah, who
reiterated his support for EPO and the agricultural industry in
general. The President instructed his key ministers to work with
EPO in order to find sufficient lands suitable for the development
of oil palm at Palm Bay estate and surrounding areas. The Company
is looking at ways to streamline costs at its Butaw estate in light
of the reduced planting area which may include downsizing its
workforce if there are not sufficient lands available for the
development of oil palm. In the event the performance of Butaw
operations deteriorates, the Company would have to assess the value
of its investment in Butaw and provide for a write-down of its
investment.
"I would like to welcome Mr Patrick Kee Chuan Peng as a director
of EPO. His guidance, experience and input will be extremely
valuable for the Company, especially as we ramp up our production
and look to increase the yields at Palm Bay estate. I would like to
acknowledge and thank Mr Teh Sar Moh Nee who retires for his
valuable contribution to the Company since his appointment as a
director in 2014.
"The support of the Government of Liberia is crucial for the
Company, as the sustainable palm oil business is a long-term
commitment. The Company maintains its unwavering support for the
agricultural industry in Liberia and continues to seek to partner
cooperatively with all stakeholders."
For further information, please contact:
Equatorial Palm Oil plc
Geoffrey Brown (Executive Director)
www.epoil.co.uk +44 (0) 20 7268 4874
Strand Hanson Limited (Nominated Adviser)
James Harris / James Bellman +44 (0) 20 7409 3494
Mirabaud Securities LLP (Broker)
Peter Krens +44 (0) 20 7484 3510
CHAIRMAN'S STATEMENT
The Company has been focussed on further progressing its oil
palm assets in Liberia, West Africa, and setting the foundations
for production from its large-scale oil palm development. EPO's oil
palm estates are held through Liberian Palm Developments Limited
("LPD"), a joint venture company owned in equal proportion by EPO
and KLK.
Liberian Palm Developments Limited
Palm Oil Mill and First Sales
Following the announcement of the commissioning of the palm oil
mill ("POM") at the Palm Bay estate in September 2018, the mill has
been in 'ramp up' phase and management are pleased to report that
the mill is running well. At present the mill is running on
alternate days given that there are not sufficient fresh fruit
bunches ("FFB") to run the mill daily. Volumes of FFB will increase
as both the palms mature and our FFB yield continues to improve on
our estate generally and as our harvesters gain more
experience.
As announced on 7 January 2019, LPD, through Libinc Oil Palm Inc
("Libinc"), its Liberian operating subsidiary, has sold its first
shipments of CPO to an oil palm trader. The shipment was delivered
to Nigeria, which is a member of ECOWAS (The Economic Community of
West African States), as is Liberia. Trade between ECOWAS member
states is tariff free, and therefore no import or export duties are
payable.
Shipments of CPO from the POM are being made using flexibags
which sit inside shipping containers, each holding 20 mt of CPO,
and are shipped out of the main port in Monrovia on conventional
cargo ships. Shipments of CPO to other customers continue in the
normal course of business. Sales by Libinc of CPO at the end of the
period was US$1.13m.
As previously announced, the mill will also include a kernel
crushing plant ("KCP") and a biogas plant, expected to be completed
later this year - both of which will be the first of their kind in
Liberia.
The KCP will have a capacity of 10 mt/day once fully
operational, which will be sufficient to crush the kernel produced
from the initial 30mt/hr module of the POM, and the resulting
products will be palm kernel oil ("PKO") and palm kernel cake
("PKC"). PKO can be sold for industrial uses in oleochemical
applications and PKC is generally used as a high protein ingredient
for animal feedstock. Until such time as the Company has sufficient
quantities of PKC for export, it will be used as fuel for the
boiler in the POM.
The biogas plant is designed to capture methane emitted from the
POM effluent to generate electricity for use in the POM and
surrounding office and residential buildings. As a result, the POM
will be a highly efficient mill once the biogas plant is complete,
in that there will be minimal amounts of waste and residue.
Bulking Station and Export Facility
Construction work is continuing at the port of Buchanan, where
LPD is building a bulking station and an export facility which is
in close proximity to the wharf from which vessels will load LPD's
oil palm produce for onward shipment to its customers.
The 3,000 mt storage tank facility is complete and the final
development work for the associated office complex and storage
facility is nearing completion. Completion of the construction
works is likely to take place in Q3 2019, with shipment to
customers on parcel tankers thereafter once sufficient CPO has
built up in the tank.
Operational Update
Work has been ongoing at both Palm Bay and Butaw estates to tend
to the already 7,900 ha planted since 2011. Field upkeep continues
to keep the plantation in a good husbandry state.
Further land development awaits the conclusion of the requisite
assessments and consents in line with the Roundtable on Sustainable
Palm Oil ("RSPO") guidelines and the key criteria of free, prior
and informed consent ("FPIC"). As a result, it is unlikely that any
further land development and/or planting will take place before the
end of the Company's financial year (30 September 2019).
In the Interim Results for the six months ended 31 March 2018,
we set out that as a result of the revised studies and assessments
now required for any new oil palm plantings globally, previously
estimated plantable areas have been reduced. Your Board therefore,
is undertaking a review of the Butaw estate operations following
recent discussions with the Liberian government about other areas
of land that may be more suitable for oil palm development and ways
to reduce costs at Butaw. In the event that EPO is unable to
acquire sufficient land that is suitable for oil palm development
at Butaw estate, EPO will look to reduce it costs including the
downsizing of its workforce. If the performance of Butaw operations
deteriorates, the Company would have to assess the value of its
investment in Butaw and provide for a write-down of its
investment.
Palm Bay estate has a planted area of 6,470 ha but its
operations remain unprofitable. Until the performance of Palm Bay
operations improves, the Company will not expand into other
areas.
The Company is committed to compliance with the assessments and
requirements as set out in our Sustainability Policy and the new
planting procedures of the RSPO, for which the relevant criteria
include: FPIC, High Conservation Value ("HCV") assessment, High
Carbon Stock Approach ("HCSA") assessment and Green House Gases
("GHG") reduction, amongst others.
Rollover of EPO Loan
On 5 November 2018, EPO announced that it had agreed to extend
the maturity of its US$2,000,000 loan to LPD, announced on 7
November 2013, for the funding of LPD's operations (the "Loan").
The maturity date for the Loan, for which US$2,938,656 including
accrued interest is outstanding, was extended from 7 November 2018
to 6 November 2023 (the "Loan Extension"). The Loan Extension has
been effected by a deed of amendment and all other terms of the
Loan remain unchanged.
The key terms of the Loan Extension are now as follows:
-- Term - 5 years expiring on 6 November 2023
-- Interest - USD LIBOR + 4 per cent per annum or 8 per cent per
annum, whichever is the higher
-- Repayment - Loan principal (together with all accrued
Interest due) on expiry of the term or earlier at the election of
LPD
The total liabilities owed by LPD to EPO as at 31 March 2019
amount to US$6,141,131.21 whose loan terms are treated the same as
the Loan Extension.
RSPO
EPO, through its JV partner KLK, is a member of the RSPO and
adheres to all international best practice standards for estate
development.
EPO has consistently adopted best practices and procedures to
ensure that the CPO produced from our new plantings will meet with
international sustainability standards, thereby enabling our CPO to
be labelled "sustainable" palm oil.
Change of Directors
On 8 May 2019, EPO announced the appointment of Mr Patrick Kee
Chuan Peng as a Non-Executive Director of the Company replacing Mr
Teh Sar Moh Nee who has retired. I would like to thank Mr Teh for
his services since joining the board in 2014 and wish him well in
his retirement. Mr Patrick Kee Chuan Peng joined KLK in 1982. He
has vast experience in all aspects of operations at KLK and was
promoted to his current position as Group Plantations Director of
KLK on 1 October 2017.
Financial Review
The loss of the Group for the six months ended 31 March 2019 of
US$4,731,000 (31 March 2018: US$ 1,989,000). Cash held by the Group
as at 31 March 2018 was US$ 660,000 (30 September 2018: US$
138,000). The increase in loss is predominantly due to the palm oil
mill operation costs and low commodity prices.
As at 31 March 2019, LPD has a further $1.3m to draw down from
the $30m loan provided to LPD by KLK as was announced on 12 October
2017. The Directors believe that a further loan will be sought from
KLK in the near term.
Summary and Outlook
In our recent meeting with the President of Liberia we made it
clear that we need suitable land for the development of oil palm.
This is an ongoing process and we trust that the Government will
make resources available to support our requests.
As production at the POM ramps up, we look forward to moving
into the next phase of growth for the Company, which will include
commissioning of the bulking station and export facility at the
port of Buchanan. Once completed, the export facility which is only
25 kilometres from Palm Bay estate will be extremely advantageous
for CPO distribution from that estate.
I would like to take this opportunity to thank our JV partner
and major shareholder KLK, our board and management team and all
stakeholders for their continued support. We look forward to
updating shareholders as we begin the next phase of our Company's
progression in Liberia.
Michael Frayne
Chairman
13 May 2019
INDEPENT REVIEW REPORT TO EQUATORIAL PALM OIL PLC
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 31 March 2019, which comprises Group statement of
comprehensive income, the Group statement of financial position,
the Group cash flow statement, the Group statement of changes in
equity and the related explanatory notes.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information
contained therein, is the responsibility of and has been approved
by the directors. The directors are responsible for preparing the
interim report in accordance with the rules of the London Stock
Exchange for companies trading securities on AIM which require that
the half-yearly report be presented and prepared in a form
consistent with that which will be adopted in the Company's annual
accounts having regard to the accounting standards applicable to
such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity", issued by the Financial Reporting Council for use
in the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
March 2019 is not prepared, in all material respects, in accordance
with the rules of the London Stock Exchange for companies trading
securities on AIM.
Use of our report
Our report has been prepared in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the
rules of the London Stock Exchange for companies trading securities
on AIM and for no other purpose. No person is entitled to rely on
this report unless such a person is a person entitled to rely upon
this report by virtue of and for the purpose of our terms of
engagement or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept responsibility for
this report to any other person or for any other purpose and we
hereby expressly disclaim any and all such liability.
BDO LLP
Chartered Accountants
Office Location
13 May 2019
BDO LLP is a limited liability partnership registered in England
and Wales (with registered number OC305127).
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 31 MARCH 2019
Period ended Period ended Year ended
31 March 31 March 2018 30 September
2019 2018
Note (unaudited) (unaudited) (audited)
$'000 $'000 $'000
Revenue 85 90 176
Administrative expenses (347) (380) (721)
Operating loss (262) (290) (545)
-------------- ---------------- ---------------
Interest income 248 268 535
Other income 8 25 33
Share of operating loss
of associate 3 (4,725) (1,992) (4,357)
Loss for the period before
and after taxation attributable
to owners of the parent (4,731) (1,989) (4,334)
-------------- ---------------- ---------------
Other comprehensive income
Exchange gains/(losses)
arising on translation
of foreign operations - 12 (4)
-------------- ---------------- ---------------
Total comprehensive loss
for the period attributable
to owners of the parent (4,731) (1,977) (4,338)
-------------- ---------------- ---------------
Loss per share expressed
in cents per share
Basic 2 (1.3) cents (0.6) cents (1.2) cents
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2019
31 March 2019 30 September
2018
(unaudited) (audited)
Note
$'000 $'000
ASSETS
Non-current assets
Property, plant and equipment 4 3
Investment in associate 3 10,365 15,090
Receivables from associate 4 6,141 6,789
16,510 21,882
--------------- --------------
Current assets
Trade and other receivables 113 22
Cash & cash equivalents 660 138
--------------- --------------
773 160
LIABILITIES
Current liabilities
Trade and other payables 25 53
25 53
--------------- --------------
Net current assets 748 107
--------------- --------------
NET ASSETS 17,258 21,989
=============== ==============
SHAREHOLDERS' EQUITY
Share capital 5 5,598 5,598
Share premium 46,791 46,791
Foreign exchange reserve 518 518
Retained loss (35,649) (30,918)
Total equity 17,258 21,989
=============== ==============
EQUATORIAL PALM OIL PLC
GROUP CASH FLOW STATEMENT
FOR THE PERIODED 31 MARCH 2019
Period ended Period ended Year ended
31 March 2019 31 March 2018 30 September
2018
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Cash flows from operating
activities
Loss for the year before
and after taxation (4,731) (1,989) (4,334)
Depreciation 1 - 1
Decrease / increase in receivables (84) (17) (4)
Decrease in payables (30) (12) (9)
Interest income (251) (268) (535)
Other income (8) (25) (31)
Share of operating loss
of associate 4,725 1,992 4,357
Net cash outflow from operating
activities (378) (319) (555)
---------------- ---------------- ---------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (1) - (2)
Loan repaid 602 139 34
Interest income received 298 222 448
Other income received 1 24 35
Net cash inflow from investing
activities 900 385 515
---------------- ---------------- ---------------
Cash flows from financing
activities
Net cash inflow from financing - - -
activities
---------------- ---------------- ---------------
Net increase/(decrease)
in cash and cash equivalents 522 66 (40)
Cash and cash equivalents
at beginning of period 138 182 182
Exchange gains/(losses)
on cash and cash equivalents - 13 (4)
Cash and cash equivalents
at end of period 660 261 138
---------------- ---------------- ---------------
EQUATORIAL PALM OIL PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 31 MARCH 2019
Called Foreign
up share Share premium exchange Retained
capital reserve reserve earnings Total equity
$'000 $'000 $'000 $'000 $'000
Unaudited
----------- --------------- ----------- ----------- ----------------
As at 1 October
2017 5,598 46,791 522 (26,584) 26,327
----------- --------------- ----------- ----------- ----------------
Loss for the period - - - (1,989) (1,989)
Other comprehensive
loss for the period - - 12 - 12
----------- --------------- ----------- ----------- ----------------
Total comprehensive
loss for the period - - 12 (1,989) (1,977)
As at 31 March 2018 5,598 46,791 534 (28,573) 24,350
----------- --------------- ----------- ----------- ----------------
Audited
As at 1 October
2017 5,598 46,791 522 (26,584) 26,327
----------- --------------- ----------- ----------- ----------------
Loss for the year - - - (4,334) (4,334)
Other comprehensive
income for the year - - (4) - (4)
Total comprehensive
profit / (loss)
for the period - - (4) (4,334) (4,338)
----------- --------------- ----------- ----------- ----------------
As at 30 September
2018 5,598 46,791 518 (30,918) 21,989
----------- --------------- ----------- ----------- ----------------
Unaudited
----------- --------------- ----------- ----------- ----------------
As at 1 October
2018 5,598 46,791 518 (30,918) 21,989
----------- --------------- ----------- ----------- ----------------
Loss for the period - - - (4,731) (4,731)
Other comprehensive
income for the period - - - - -
----------- --------------- ----------- ----------- ----------------
Total comprehensive
profit / (loss)
for the period - - - (4,731) (4,731)
----------- --------------- ----------- ----------- ----------------
As at 31 March 2019 5,598 46,791 518 (35,649) 17,258
----------- --------------- ----------- ----------- ----------------
EQUATORIAL PALM OIL PLC
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIODED 31 MARCH 2019
1. Basis of preparation
These interim financial statements have been prepared using
policies based on International Financial Reporting Standards (IFRS
and IFRIC interpretations) issued by the International Accounting
Standards Board ("IASB") as adopted for use in the EU. They do not
include all disclosures that would otherwise be required in a
complete set of financial statements but have been prepared in
accordance with policies expected to be applied in the 2019 Annual
Report and Financial Statements, and should be read in conjunction
with the 2018 Annual Report and Financial Statements. The financial
information for the half year ended 31 March 2019 is unaudited.
The annual financial statements of Equatorial Palm Oil plc are
prepared in accordance with IFRSs as adopted by the European Union.
The comparative financial information for the year ended 30
September 2018 included within this report does not constitute the
full statutory accounts for that period. The statutory Annual
Report and Financial Statements for 2018 have been filed with the
Registrar of Companies. The Independent Auditors' Report on that
Annual Report and Financial Statement for 2018 was unqualified and
did not contain a statement under 498(2) or 498(3) of the Companies
Act 2006.
The same accounting policies, presentation and methods of
computation are followed in these interim financial statements as
were applied in the Group's latest annual audited financial
statements. In addition, the IASB has issued a number of IFRS
(including IFRS 9 and 15 which was adopted in the Period) and IFRIC
amendments or interpretations since the last annual report was
published. It is not expected that any of these will have a
material impact on the Group.
The financial statements have been prepared on a going concern
basis. Based upon the Company's current cash balance and
expectation of cash receipts from interest income, the Directors
consider that the Company will have sufficient cash to fund the
Company's ongoing commitments for a period of at least a year after
the approval of these financial statements. Throughout this period
KLK have confirmed via a letter of support to LPD that KLK will
provide further funding as necessary in order for LPD to continue
its normal operations. This letter was received in October 2018 and
the Company considers the letter of support from KLK to LPD to
indicate that the loan payments due in January 2020 will only be
called if the business has the ability to pay. Additionally, the
Board do not consider there to be any reason to believe this
shareholder support would not continue.
2. Loss 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.
As inclusion of the potential Ordinary shares would result in a
decrease in the loss per share they are considered to be
anti-dilutive, as such, a diluted earnings per share is not
included.
Period ended Period ended Year ended
31 March 2019 31 March 2018 30 September 2018
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Loss for the period (4,731) (1,989) (4,338)
Weighted average number of Ordinary
shares of 1p in issue 356.3 million 356.3 million 356.3 million
Loss per share - basic (1.3) cents (0.6) cents (1.2) cents
3. Investment in associate
The Company, through its investment in Equatorial Biofuels
(Guernsey) Limited, owns a 50% interest in Liberian Palm
Developments Limited ("LPD").
In 2014 a new Joint Venture Agreement ("JVA") was signed
pursuant to which cash and funding commitments of up to US$35.5m
were made available to be provided to LPD. The Company and KLK each
subscribed for US$7.5m of new equity in LPD and KLK committed to
providing up to US$20.5m in further funding. Under the JVA, the
Company retained a 50% economic and voting interest in LPD. Also
under the JVA, KLK has the power to appoint the Chairman to the
Board of LPD and in the case of a tied vote the Chairman has the
casting vote. For this reason, the Company accounts for its
investment in LPD as an equity investment in which it has
significant influence.
In January 2015, LPD entered into a US $20.5m loan agreement
("Loan Agreement") with KLK Agro Plantations Pte Ltd ("KLK Agro"),
a wholly owned subsidiary of KLK, for operations and funding. The
term of the Loan Agreement is 5 years and the interest rate is
3-months USD LIBOR plus 5 per cent per annum.
In April 2016, the Group announced the commissioning of a 60
metric tonne per hour ("mt/hr") palm oil mill ("POM") of which the
stage 1 will be to install a 30mt/hr POM, anticipated to be
operational in 2018, which will cost approximately US$20m and is to
be funded by debt finance which our major shareholder and venture
partner KLK is arranging on commercial arm's length terms. The
balance of funding for the stage 2 second 30mt/hr line will be
sought closer to the time of commissioning on a similar debt funded
basis.
On 2 September 2016, the Company announced that LPD had entered
into a US$30m loan agreement with KLK Agro (the "2016 Loan
Agreement") to further the operations and funding for LPD. This
loan is in addition to the 2015 Loan Agreement. The term of the
2016 Loan Agreement expires in January 2020 and the interest rate
is 3-months USD LIBOR + 5 percent per annum and was fully drawn
down during the previous financial year and no interest has been
paid to date.
On 12 October 2017, the Company announced that LPD has entered
in a US $30.0m loan agreement with KLK Agro (the "2017 Loan
Agreement") for the operations and funding for LPD. The term of the
2017 Loan Agreement is 5 years and the interest rate is 3-months
USD LIBOR + 5 percent per annum. As at 31 March 2019 US $28.7m of
the US $30.0m loan has been drawn down.
The Company's interest in LPD is as follows:
$'000
(unaudited)
Interest in associate at 1 October 2017 19,447
Share of losses of associate (1,992)
---------------
Interest in associate at 31 March 2018 17,455
---------------
(audited)
Interest in associate at 1 October 2017 19,447
Share of losses of associate (4,357)
---------------
Interest in associate at 30 September
2018 15,090
---------------
(unaudited)
Interest in associate at 1 October 2018 15,090
Share of losses of associate (4,725)
---------------
Interest in associate at 31 March 2019 10,365
---------------
The balance sheet and results of Liberian Palm Developments
Limited for the period of six months to 31 March 2019 were as
follows:
31 March 31 March 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
Non-current assets 126,862 117,737 122,266
Current assets 6,625 7,515 7,833
Non-current liabilities (110,778) (86,632) (99,230)
Current liabilities (1,978) (3,710) (689)
------------- ------------- --------------
TOTAL NET ASSETS 20,731 34,910 30,180
------------- ------------- --------------
Revenue 1,156 292 606
Expenses (11,836) (5,132) (10,550)
Taxation 1,230 856 1,230
------------- ------------- --------------
Loss after tax (9,450) (3,984) (8,714)
------------- ------------- --------------
4. Receivable from associate
31 March 31 March 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
$'000 $'000 $'000
------------- ------------- --------------
Receivable due from associate 6,141 6,644 6,789
------------- ------------- --------------
On 5 November 2018, the Company announced that the maturity date
on the Loan Agreement between the Company and LPD for US$2m,
announced on 7 November 2013, was extended from 7 November 2018 (at
which point in time US$2,938,656 including accrued interest was
outstanding) to 6 November 2023. The total liabilities owed by LPD
to EPO as at 31 March 2019 amount to US$6,141,131.21 whose loan
terms are treated the same as the Loan Extension.
31 March
2019
30 September
(unaudited) 2018 (audited)
31 March
2018 (unaudited)
$'000 $'000 $'000
Receivable due from associate at
beginning of year 6,789 6,736 6,736
Interest paid by associate (296) (222) (448)
Interest income accrued 248 268 535
Management fee paid by associate (185) (181) (181)
Management fee accrued 85 90 176
Repayment of amount owing by associate (500) (47) (47)
-------------- ------------------- -----------------
Receivable due from associate at
end of year 6,141 6,644 6,789
-------------- ------------------- -----------------
5. Called up share capital
Period ended Period ended Period ended
31 March 31 March 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
Allotted, called up and fully paid $'000 $'000 $'000
-------------------------------------- -------------- -------------- ---------------
356,277,502 (30 September 2018 -
356,277,502) Ordinary shares of
1p each 5,598 5,598 5,598
-------------------------------------- -------------- -------------- ---------------
6. Availability of financial information
Copies of this interim financial information will be available
on the Company's website.
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.
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 LIFVAESIVLIA
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