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IN BRIEF: Mustang Energy widens loss in 2021 with revenue uncertain

Tue, 21st Jun 2022 14:35

Mustang Energy PLC - London-based special purpose acquisition company - Reports higher annual loss in 2021. Pretax loss widens to GBP902,624 from GBP231,901 in 2020. "The single most significant cash cost to the business is directors' remuneration," Mustang Energy explains. Firm pays GBP152,988 in 2021 to Managing Director Dean Gallegos, up from GBP55,000 in 2020. Mustang Energy increased monthly payment to Gallegos to GBP10,000 from GBP5,000 per month after 22% acquisition of VRFB Holdings Ltd in April 2021. Company started paying additional GBP6,500 in directors' fees every month after acquisition. Finance costs stand at GBP601,891 versus none in 2020. Most of finance cost is interest on loan notes of GBP491,631.

Records no revenue in 2021. Says 2022 revenue depends on the performance of Enerox GmbH, an Austrian-based vanadium redox flow battery manufacturer. Mustang Energy owns a 22% interest in VRFB Holdings Ltd, which owns a 50% interest in Enerox Holdings Ltd. Firm proposes no dividend, unchanged from 2020.

Mustang Energy shares are currently suspended.

By Tom Budszus; tombudszus@alliancenews.com

More News

12 Apr 2024 12:26

Mustang Energy and Cykel extend GBP19.2 million acquisition deadline

(Alliance News) - Mustang Energy PLC on Friday said its acquisition of Cykel AI PLC has been delayed.

15 Mar 2024 17:36

EARNINGS AND TRADING: Cykel and Mustang push back takeover deadline

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

16 Feb 2024 14:31

IN BRIEF: Mustang and Cykel agree to extend acquisition deadline

Mustang Energy PLC - London-based special purpose acquisition company - Announces with Cykel AI PLC that the pair have extended the deadline for Mustang to make a firm decision or offer for Cykel to March 15 from February 16. In January, Mustang entered into a non-binding heads of terms deal to acquire the entire share capital of Cykel, a London-based software firm specialising in advanced artificial intelligence products, through the issue of 1.844 new Mustang shares for each Cykel share. The deadline may be further extended at the request of Cykel, Mustang says.

19 Jan 2024 14:19

UPDATE: Mustang Energy inks deal to buy Cykel AI; interim loss widens

(Alliance News) - Mustang Energy PLC on Friday said it had struck a deal to acquire Cykel AI for GBP19.2 million.

19 Jan 2024 09:40

Mustang Energy inks deal to acquire Cykel AI for GBP19.2 million

(Alliance News) - Mustang Energy PLC and Cykel AI PLC made joint announcements of the proposed acquisition on Friday.

4 Dec 2023 16:09

IN BRIEF: Mustang Energy opts against buying Acacia interest in VFRB-H

Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Opts against acquiring Acacia Resources Ltd's minority interest in VFRB Holdings Ltd. Says this follows announcements in August and September, when it said it was in negotiations with the shareholders of VRFB-H, being Bushveld Minerals Ltd and Acacia, over renegotiating the terms in which Mustang would acquire their interests in VRFB. As announced two weeks ago, Bushveld was to begin a formal sale process for its interest in VRFB-H, which Mustang decided against participating in. As a result, Acacia and Mustang have now concluded that it is not in either parties' best interest to pursue the acquisition of Acacia's minority interest in VRFB-H. Says it continues to "actively consider" acquisition opportunities and that further announcements will be made in "due course".

12 Sep 2023 17:39

IN BRIEF: Mustang Energy agrees backstop fee payment to Bushveld

Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Agrees with Bushveld Minerals Ltd on the sum of backstop fees owed as a result of redemption of the company's convertible loan notes, previously announced. The sum of GBP121,278.75 will be satisfied by the issue of 606,394 shares at GBP0.20 each. Also agrees to pay the USD420,000 working capital facility provided by Bushveld in January 2022 and January 2023. The facility matures on December 31 2023 or if the company completes an equity or debt raising of no less than GBP1 million. Further, continues to negotiate the terms of the acquisition of 100% of the shares in VRFB Holdings Ltd.

9 Aug 2023 14:36

Bushveld Minerals to receive 22% stake in VRFB after note redemption

(Alliance News) - Bushveld Minerals Ltd on Wednesday said holders of convertible loan notes in Mustang Energy PLC have elected to redeem their notes.

28 Jul 2023 13:04

Bushveld Minerals notes Garnet to take 60% stake in Enerox from VRFB-H

(Alliance News) - Bushveld Minerals Ltd on Friday noted that VRFB Holdings Ltd has received notice from Garnet Commerce Ltd regarding its option in Enerox Holdings Ltd, which wholly owns Enerox GmbH, the owner of the CellCube brand and energy storage system.

9 May 2023 17:59

IN BRIEF: Mustang receives Austrian approval for Enerox stake purchase

Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Receives approval of the Federal Ministry of Labour & Economic Affairs of the Austrian government regarding the proposed change of control of Enerox Holdings Ltd, the owner of the CellCube brand, an energy storage system. In mid-April, it entered into a conditional agreement with Garnet Commerce Ltd and VRFB Holdings Ltd under which VRFB Holdings has agreed to acquire Garnet's 50% interest in Enerox. The total consideration to Garnet for its shareholding in Enerox is USD33.2 million.

12 Apr 2023 18:02

IN BRIEF: Mustang Energy set to acquire interest in Enerox

Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Enters into conditional agreement with Garnet Commerce Ltd and VRFB Holdings Ltd under which VRFB Holdings has agreed to acquire Garnet's 50% interest in Enerox Holdings Ltd, the owner of the CellCube brand, an energy storage system.

28 Nov 2022 14:54

Mustang Energy to acquire Bushveld Energy's 51% stake in VRFB Holdings

(Alliance News) - Mustang Energy PLC on Monday said it entered into a deal with Bushveld Energy Ltd to acquire its 51% stake in VRFB Holdings.

10 Oct 2022 14:45

IN BRIEF: Mustang Energy to increase stake in VRFB-H to nearly 50%

Mustang Energy PLC - London-based special purpose acquisition company - Says finalisation and review of prospectus by Financial Conduct Authority has commenced. Prospectus concerns Mustang's share exchange agreement with Acacia Resources Ltd. Mustang intends to increase its stake in VRFB Holdings Ltd to 49.5% through the purchase of Acacia Resource's 27% stake, as announced in August. VRFB-H is a 50% shareholder in Enerox Holding Ltd, a special purpose vehicle which holds the entire issued share capital of Enerox GmbH, an Austrian-based vanadium redox flow battery manufacturer.

7 Sep 2022 11:21

EARNINGS UPDATES: Maiden Union Jack Oil profit; Kistos revenue jumps

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

2 Sep 2022 10:55

IN BRIEF: Mustang Energy gets extension for VRFB-H purchase

Mustang Energy PLC - London-based special purpose acquisition company - Receives extension to buy 27% stake in VRFB Holdings Ltd.

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IN BRIEF: Mustang Energy widens loss in 2021 with revenue uncertain

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