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5th Sep 2023 7:00 am RNS Half-year Interim Report
"Interim Results for the six months ended 30 June 2023
5 September 2023 - Aura Renewable Acquisitions plc, a UK-incorporated company, whose objective is to invest in the global renewable energy sector supply chain and thereby build shareholder value, announces its interim results for the six months ended 30 June 2023.
Highlights
• Targeting acquisitions operating in the Global Renewable Energy Sector Supply Chain.
• An engaged board with a combination of strong sector and capital markets experience and expertise.
• Low cost base and minimal cash burn.
• Good visibility towards potential targets via an extensive contact base of potential introducers and opportunities.
• Strong connections to potential sources of acquisition funding.
• Best practice ESG policies will be introduced to support and encourage sustainability across our business.
John Croft, the Chairman of Aura, commented:
"Aura was established to acquire and then act as the holding company for targeted businesses operating in the global renewable energy sector supply chain, particularly participants in the wind, solar, biomass, hydropower, carbon capture, waste management, smart grids and green hydrogen supply chain, and their sub-sectors.
"The board has continued to investigate a number of potential acquisition and investment opportunities during the year-to-date, in the UK and overseas, which could offer the scale and scalability required to achieve significant growth in this crucially important market sector. We also continue to engage regularly with the board's extensive financial networks to maintain the Company's profile and promote its expansion strategy with the board's extensive introducer base.
"Economic and political uncertainty caused by persistent inflation, high interest rate rises and continuing hostilities in Eastern Europe have continued to depress capital market activity and new issues during 2023, although M&A is more buoyant across markets. The growing awareness of what is now seen as the clear, present and irrefutable danger of global warming on populations, habitats and landscapes underpins our business strategy and economic rationale. Fortunately, there is a growing if sometimes inconsistent shift by national governments to focus on sustainable renewable energy.
"Against a background of general uncertainty and unquestioned need, we believe our closely targeted and considered approach to our first acquisition is correct, aiming to identify a transformational target that can create a meaningful contribution in the renewable energy space. There can be no doubt that the renewable energy sector will offer exciting opportunities for acquisitive and organic growth for the foreseeable future, and we are committed to ensure that the Company and its stakeholders will share in these opportunities. ..."
https://www.lse.co.uk/rns/ARA/half-year-interim-report-2946m3k824wu
5th Sep 2023 7:00 am RNS Half-year Interim Report
" ... "Within our team we have both the skills and experience to capitalise on the opportunities that are expected to arise in the renewable energy sector supply chain."
... Chairman's statement
It is my pleasure to present the interim results for the Company covering the six months ended 30 June 2023.
... We believe this wide scope provides the best opportunity to secure assets that will deliver maximum value. These potential targets could range from raw materials resourcing to power generation, energy storage and recycling.
The Company raised net proceeds of GBP1,005,000 when it joined the Standard Segment of the Main Market of the London Stock Exchange in April 2022 and, since the IPO the business continues to incur minimal overheads until we find a suitable acquisition target. This is reflected in our net loss before taxation for the six-month period of GBP69,598 (2022: GBP164,065 (loss)), and that at 30 June 2023 we had retained cash and bank resources of GBP723,127. ...
The US Inflation Reduction Act (IRA) continues to stimulate large-scale investment in new clean energy projects; the Canadian Government announced $35bn tax credits for environmentally beneficial investment in April, while the UK Government has repeatedly reiterated its commitment to decarbonising the economy.
Plans announced by the UK Prime Minister on 31 July, for hundreds of North Sea oil and gas licences, appear to be a balanced response aimed at replacing energy from unstable states with domestic supplies while maximising skills, despite opposition by some pressure groups. Mr Sunak also announced two new carbon capture and storage sites in the North Sea by 2030 to tackle climate change, which would take the UK's total to four. ...
As stated previously, we are fully aware of our wider environmental, social and governance responsibilities to shareholders and other stakeholders and we are committed to follow market best practice and developing procedures to address these important issues. ...
The Company's strategy is dependent to a significant extent on its ability to identify sufficient suitable acquisition opportunities and to execute these transactions at a price and on terms consistent with the Company's strategy. In particular, in order to qualify for re-admission to the Official List following an acquisition, the expected aggregate market value of the issued Ordinary Shares on such re-admission would have to be at least GBP30 million. However, it is possible that the board might decide to seek admission to the AIM Market at the time of its first acquisition, where no such size constraints exist, rather than re-join the Official List. ... "
https://www.lse.co.uk/rns/ARA/half-year-interim-report-2946m3k824wuf5x.html