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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
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