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28 Sep 2021 07:00
28 September 2021
EDENVILLE ENERGY PLC
("Edenville" or the "Company")
Interim Results for the six months to 30 June 2021
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 2021 (the "Period").
Highlights
- | The Period has seen a significant positive change in prospects for the Company. |
- | On 15 January 2021, the Company announced that it had raised £900,000 (before expenses) by way of a placing of 3,600,000 new ordinary shares at a placing price of 25p per ordinary share with new and existing shareholders.
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- | On 15 January 2021, the Company announced that it had reached agreement with Lind Partners LLC ("Lind") regarding its outstanding funding agreement and, on 22 June 2021, the Company announced that it had repaid in cash the full outstanding amount owed to Lind.
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- | On 5 May 2021, the Company raised £2,475,000 (before expenses) by way of a placing of 9,900,000 new ordinary shares at a placing price of 25p per ordinary share. Investors also received one warrant for every placing share. If these warrants are exercised in full the Company will receive a further £2,475,000 for the development of the Company's business.
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- | As part of the fund raising in May 2021, a new strategic investor, Anthony (Tony) Buckingham, took an 18.5% stake in the Company through an investment of £1 million, with the majority of the balance of the funds raised coming from the Company's substantial shareholders. Mr Buckingham is well known in the natural resources market, particularly in Africa, having been CEO and major shareholder of Heritage Oil Limited from 2006 until its acquisition by a wholly-owned subsidiary of Qatari investment fund, Al Mirqab Capital SPC, in 2014 for a consideration of US$1.6 billion. His wealth of experience and broad network of relationships is expected to prove highly beneficial as Edenville looks to add additional assets into the Company.
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- | The period saw a significant increase in coal prices globally, with this trend continuing post period also. This has led to renewed interest in the supply of coal from the Company's flagship Rukwa project.
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- | With an improved cash position, the Company is targeting additional asset acquisitions, leveraging the natural resources and capital markets expertise of its Board and significant shareholders.
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- | Post period end Franco Caselli was appointed as a Non-executive Director of the Company to assist with its future development.
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For further information please contact:
Edenville Energy Plc Jeff Malaihollo - Chairman Alistair Muir - CEO | +44 (0) 20 3934 6630 |
Strand Hanson Limited (Financial and Nominated Adviser) James Harris Rory Murphy
|
+44 (0) 02 7409 3494 |
Brandon Hill Capital Ltd (Broker) Oliver Stansfield Jonathan Evans
| +44 (0) 20 7936 5200 |
IFC Advisory Limited (Financial PR and IR) Tim Metcalfe Florence Chandler | +44 (0) 20 3934 6630 |
CEO's report
The reporting period has been characterised by a significant positive change in prospects for the Company, both with regard to its existing Rukwa coal project in Tanzania and more widely as with an improved cash position, the Company targets additional asset acquisitions, leveraging the natural resources and capital markets expertise of its Board and significant shareholders.
As the Company has previously reported, following the induction of the new President in Tanzania there has been considerable positive sentiment in the country, which appears to be translating into business confidence and action. In addition, the increase in the steaming coal price, which has more than doubled over the past 12 months, to its current level of in excess of US$155 per tonne (September 2021) price for South African Richards Bay FOB), is bringing Rukwa production into focus, particularly from potential customers in other East African states.
Rukwa Operations
- The early part of the reporting period was characterised by ongoing problems related to the Covid-19 pandemic.
- Post period end in August 2021 the Company received an order of up to a possible 3,500 tonnes per month of washed coal and it is expected that this will result in an average monthly delivery of at least 2,000 tonnes per month. It has an additional, ongoing order of 600 tonnes per month of washed coal to one of its anchor tenants.
- Whilst efforts have been focused on short term contract opportunities, there is strong interest in coal purchases coming from other parts of East Africa and the Congo and the Company is working to secure a number of significant long term contracts that have an immediate demand for coal supply. In addition, discussions are being held with the Tanzanian Government on power station supply options.
Funding
- On 15 January 2021, the Company announced that it had raised £900,000 (before expenses) by way of a placing of 3,600,000 new ordinary shares at a placing price of 25p per ordinary share with new and existing shareholders
- On 5 May 2021, the Company raised £2,475,000 (before expenses) by way of a placing of 9,900,000 new ordinary shares at a placing price of 25p per ordinary share. Investors also received one warrant for every placing share. If these warrants are exercised in full the Company will receive a further £2,475,000 for the development of the Company's business.
- As part of the fund raising in May 2021, a new strategic investor, Anthony (Tony) Buckingham, took an 18.5% stake in the Company through an investment of £1 million, with the majority of the balance of the funds raised coming from the Company's substantial shareholders. Mr Buckingham is well known in the natural resources market, particularly in Africa, having been CEO and major shareholder of Heritage Oil Limited from 2006 until its acquisition by a wholly-owned subsidiary of Qatari investment fund, Al Mirqab Capital SPC, in 2014 for a consideration of US$1.6 billion. His wealth of experience and broad network of relationships is expected to prove highly beneficial as Edenville looks to add additional assets into the Company.
Lind Partners
- On 15 January 2021, the Company announced that it had reached agreement with Lind Partners LLC ("Lind") regarding its outstanding funding agreement and on 22 June 2021, the Company announced that it had repaid in cash the full outstanding amount owed to Lind.
To the Future
- With an improved cash position, the Company is targeting additional asset acquisitions, leveraging the natural resources and capital markets expertise of its Board, and significant shareholders.
Board Changes
- Post period end Franco Caselli was appointed as a Non-executive Director of the Company to assist with its future development.
- In June 2021 Alistair Muir returned to the position of CEO and Jeff Malaihollo soley to the position of Non-executive Chairman.
Financial Results
For the six month period ended 30 June 2021 the Company had revenue of £27,752 (H1 2020: £16,003).
The Group made a loss after taxation of £587,354 (H1 2020 loss of £638,198). The net assets at 30 June 2021 amounted to £7,842,563 (30 June 2020 £6,549,050).
The total comprehensive loss for the period was £513,497 (H1 2020 loss of £172,744) which included a gain of £73,857 arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.
Alistair Muir
Chief Executive Officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
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| Six months ended 30 June 21 | Six months ended 30 June 20 | Year ended 31 Dec 20 |
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| Unaudited | Unaudited As restated | Audited |
| Note | £ | £ | £ |
Revenue |
| 27,752 | 16,003 | 33,852 |
Cost of sales |
| (280,320) | (250,856) | (583,876) |
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Gross loss |
| (252,568) | (234,853) | (550,024) |
Administrative expenses |
| (332,209) | (284,330) | (529,632) |
Share based payments |
| - | (50,398) | (50,398) |
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Group operating loss |
| (584,777) | (569,581) | (1,130,054) |
Finance income |
| 12 | 52 | 112 |
Finance costs |
| (2,589) | (68,669) | (111,503) |
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Loss on operations before taxation |
| (587,354) | (638,198) | (1,241,445) |
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Taxation |
| - | - | - |
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Loss for the period after taxation |
| (587,354) | (638,198) | (1,241,445) |
Other comprehensive income/(loss): |
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Gain/(loss) on translation of overseas subsidiary |
| 73,857 | 465,454 | (203,935) |
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Total comprehensive loss for the period |
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(513,497) |
(172,744) |
(1,445,380) |
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Attributable to: |
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Equity holders of the Company |
| (512,683) | (171,948) | (1,443,488) |
Non-controlling interest |
| (814) | (797) | (1,892) |
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| (513,497) | (172,744) | (1,445,380) |
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Loss per share |
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- basic and diluted (pence) | 2 | (4.43) | (9.43) | (16.66) |
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The income for the period arises from the Group's continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2021
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| As at 30 June 21 | As at 30 June 20 | As at 31 Dec 20 |
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| Unaudited | Unaudited As restated | Audited |
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| Note | £ | £ | £ |
Non-current assets |
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Property, plant and equipment | 4 | 5,466,165 | 6,429,954 | 5,644,577 |
Intangible assets | 5 | 307,080 | 343,496 | 311,032 |
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| 5,773,245 | 6,773,450 | 5,955,609 |
Current assets |
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Inventories |
| 248,864 | 264,583 | 251,736 |
Trade and other receivables |
| 429,672 | 428,893 | 301,251 |
Cash and cash equivalents |
| 1,873,072 | 301,535 | 25,690 |
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| 2,551,608 | 995,011 | 578,677 |
Current liabilities |
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Trade and other payables |
| (419,825) | (699,826) | (685,809) |
Borrowings |
| (16,094) | (461,051) | (440,831) |
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| (435,919) | (1,160,877) | (1,126,640) |
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Current assets less current liabilities |
| 2,115,689 | (165,866) | (547,963) |
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Total assets less current liabilities |
| 7,888,934 | 6,607,584 | 5,407,646 |
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Non - current liabilities |
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Borrowings |
| (23,517) | (35,534) | (39,873) |
Environmental rehabilitation liability |
| (22,854) | (23,000) | (21,912) |
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| 7,842,563 | 6,549,050 | 5,345,861 |
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Capital and reserves |
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Called-up share capital | 6 | 4,176,601 | 4,024,935 | 4,041,601 |
Share premium account |
| 22,373,442 | 19,357,514 | 19,390,849 |
Share based payment reserve |
| 341,522 | 355,277 | 301,174 |
Foreign currency translation reserve |
| 420,273 | 1,163,549 | 494,130 |
Retained earnings |
| (19,453,531) | (18,336,955) | (18,866,991) |
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Issued capital and reserves attributable to owners of the parent company |
| 7,858,307 | 6,564,320 | 5,360,763 |
Non-controlling interest |
| (15,744) | (15,270) | (14,902) |
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Total equity |
| 7,842,563 | 6,549,050 | 5,345,861 |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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| ----------------------------------Equity Interests-------------------------------- |
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Share capital |
Share premium |
Retained Earnings |
Share option reserve |
Foreign currency translation reserve |
Total |
Non- Controlling interest |
Total |
| £ | £ | £ | £ | £ | £ | £ | £ |
Balance at 1 January 2021 | 4,041,601 | 19,390,849 | (18,866,991) | 301,174 | 494,130 | 5,360,763 | (14,902) | 5,345,861 |
Issue of share capital | 135,000 | 3,240,000 | - | - | - | 3,375,000 | - | 3,375,000 |
Share issue costs | - | (217,059) | - | - | - | (217,059) | - | (217,059) |
Foreign currency translation | - | - | - | - | (73,857) | (73,857) | (28) | (73,885) |
Share based payment charge | - | (40,348) | - | 40,348 | - | - | - | - |
Loss for the period | - | - | (586,540) | - | - | (586,540) | (814) | (587,354) |
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Balance at 30 June 2021 | 4,176,601 | 22,373,442 | (19,453,531) | 341,522 | 420,273 | 7,858,307 | (15,744) | 7,842,563 |
| z |
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Share capital £
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Share premium £ |
Retained Earnings £ |
Share option reserve £ |
Foreign currency translation reserve £
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Total £
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Non- Controlling interest £ |
Total £
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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) |
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Balance at 30 June 2020 (as previously stated) | 4,024,935 | 19,357,514 | (18,325,155) | 355,277 | 1,144,599 | 6,557,170 | (15,270) | 6,541,900 |
Restatement | - | - | (11,800) | - | 18,950 | 7,150 | - | 7,150 |
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Balance at 30 June 2020 (as restated) | 4,024,935
| 19,357,514
| (18,336,955)
| 355,277
| 1,163,549
| 6,564,320
| (15,270)
| 6,549,050 |
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Share capital |
Share premium |
Retained Earnings |
Share option reserve |
Foreign currency translation reserve |
Total |
Non- Controlling interest |
Total |
| £ | £ | £ | £ | £ | £ | £ | £ |
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Balance at 1 January 2020 | 3,414,935 | 18,811,157 | (17,718,347) | 281,502 | 698,065 | 5,487,312 | (13,517) | 5,473,795 |
Issue of share capital | 626,666 | 648,334 | - | - | - | 1,275,000 | - | 1,275,000 |
Share issue costs | - | (68,642) | - | - | - | (68,642) | - | (68,642) |
Share options/warrants charge | - | - | - | 110,581 | - | 110,581 | - | 110,581 |
Cancellation of share options | - | - | 90,909 | (90,909) | - | - | - | - |
Foreign currency translation | - | - | - | - | (203,935) | (203,935) | - | (203,935) |
Loss for the year | - | - | (1,239,553) | - | - | (1,239,553) | (1,892) | (1,241,445) |
Non-controlling interest share of goodwill | - | - | - | - | - | - | 507 | 507 |
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Balance at 31 December 2020 | 4,041,601 | 19,390,849 | (18,866,991) | 301,174 | 494,130 | 5,360,763 | (14,902) | 5,345,861 |
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consolidated CASH FLOW STATEMENT
| Six months ended 30 June 21 | Six months ended 30 June 20 | Year ended 31 Dec 20 |
| Unaudited | Unaudited As restated | Audited |
| £ | £ | £ |
Cash flows from operating activities |
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Operating loss | (584,777) | (569,581) | (1,130,054) |
Depreciation | 113,420 | 92,129 | 277,921 |
Interest paid | - | (57) | (351) |
Share based payments | - | 50,398 | 50,398 |
Increase in inventories | - | (17,045) | (4,198) |
(Decrease)/increase in trade and other receivables | (169,082) | (41,534) | 54,984 |
Increase in trade and other payables | (222,450) | (149,557) | (116,836) |
Foreign exchange (loss)/gain | (4,597) | 51,080 | (34,521) |
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Net cash used in operating activities | (867,486) | (584,167) | (902,657) |
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Cash flows from investing activities |
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Finance income | 12 | 52 | 112 |
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Net cash used in investing activities | 12 | 52 | 112 |
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Cash flows from financing activities |
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Borrowings | - | 180,000 | 180,000 |
Repayment of convertible loan notes | (432,226) | (122,809) | (160,421) |
Repayment of lease liabilities | (8,267) | (11,650) | (17,404) |
Lease interest | (2,589) | (41,207) | (5,059) |
Proceeds on issue of ordinary shares | 3,375,000 | 900,000 | 950,000 |
Share issue costs | (217,059) | (60,000) | (60,000) |
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Net cash generated from financing activities | 2,714,859 | 844,334 | 887,116 |
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Net decrease in cash and cash equivalents | 1,847,385 | 260,219 | (15,429) |
Cash and cash equivalents at beginning of year | 25,690 | 41,110 | 41,110 |
Exchange losses on cash and cash equivalents | (3) | 206 | 9 |
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Cash and cash equivalents at end of year | 1,873,072 | 301,535 | 25,690 |
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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 2021 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2020 together with audited comparatives for the year ended 31 December 2020.
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 2020 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors contained an Emphasis of mater paragraph on the recoverability of VAT in Tanzania and on the recoverability of inventory. Aside from the Emphasis of matter paragraphs above, 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 2021 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2021. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2020. 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.
2. Loss per share
The calculation of the basic and diluted loss per share is based on the following data:
| 30 June 21 | 30 June 20 | 31 December 20 |
|
| £ | £ As restated | £ As restated |
|
Loss after taxation | (587,354) | (638,198) | (1,241,445) | |
|
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| |
Weighted average number of shares in the period |
13,270,575 |
6,768,595 |
7,452,470 | |
|
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| |
Basic and diluted loss per share (pence) | (4.43) | (9.43) | (16.66) | |
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.
The earnings per share as at 30 June 2020 and 31 December 2020 have been restated to reflect the consolidation of shares that took place in January 2021.
3. Dividends
No dividends are proposed for the six months ended 30 June 2021 (six months ended 30 June 2020: £nil, year ended 31 December 2020: £nil).
4. Property, plant and equipment
| Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles |
Total |
| £ | £ | £ | £ | £ |
Cost or valuation As at 1 January 2021 |
5,164,384 |
1,186,781 |
7,153 |
191,390 |
6,549,708 |
Foreign exchange adjustment | (58,917) | (16,770) | 318 | (1,993) | (77,362) |
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At 30 June 2021 | 5,105,467 | 1,170,011 | 7,471 | 189,397 | 6,472,346 |
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Accumulated depreciation |
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As at 1 January 2021 | 106,209 | 678,472 | 6,958 | 113,494 | 905,133 |
Depletion/Charge for the year | - | 103,800 | 44 | 9,576 | 113,420 |
Foreign exchange adjustment | (1,212) | (10,260) | 162 | (1,062) | (12,372) |
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At 30 June 2021 | 104,997 | 772,012 | 7,164 | 122,008 | 1,006,181 |
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Net book value |
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As at 30 June 2021 | 5,000,470 | 397,999 | 307 | 67,389 | 5,466,165 |
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| Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles |
Total |
| £ | £ | £ | £ | £ |
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 |
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At 30 June 2020 | 5,703,431 | 1,309,874 | 7,466 | 209,624 | 7,230,395 |
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Accumulated depreciation |
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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 |
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At 30 June 2020 | 89,080 | 594,714 | 7,246 | 109,399 | 800,439 |
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Net book value |
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As at 30 June 2020 | 5,614,351 | 715,160 | 220 | 100,225 | 6,429,956 |
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4. Property, plant and equipment (continued)
| Coal Production assets | Plant & machinery | Fixtures & fittings | Motor vehicles |
Total |
| £ | £ | £ | £ | £ |
Cost or valuation As at 1 January 2020 |
5,317,637 |
1,225,972 |
7,253 |
197,196 |
6,748,058 |
Additions | 17,788 | - | - | - | 17,788 |
Foreign exchange adjustment | (171,033) | (39,191) | (100) | (5,806) | (216,130) |
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At 31 December 2020 | 5,164,392 | 1,186,781 | 7,153 | 191,390 | 6,549,716 |
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Accumulated depreciation |
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As at 1 January 2020 | 83,342 | 482,401 | 6,990 | 89,925 | 662,658 |
Depletion/Charge for the year | 25,547 | 224,719 | 65 | 27,590 | 277,921 |
Foreign exchange adjustment | (2,674) | (28,648) | (97) | (4,021) | (35,440) |
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At 31 December 2020 | 106,215 | 678,472 | 6,958 | 113,494 | 905,139 |
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Net book value |
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|
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As at 31 December 2020 | 5,058,177 | 508,309 | 195 | 77,896 | 5,644,577 |
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5. Intangible assets
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|
|
Mining Licences |
Total |
|
|
| £ | £ |
Cost or valuation As at 1 January 2021 |
|
|
1,470,833 |
1,470,833 |
Foreign exchange adjustment |
|
| (17,185) | (17,185) |
At 30 June 2021 |
|
| 1,453,648 | 1,453,648 |
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Accumulated amortisation and impairment |
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|
|
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As at 1 January 2021 |
|
| 1,159,801 | 1,159,801 |
Foreign exchange adjustment |
|
| ( 13,233) | (13,233) |
At 30 June 2021 |
|
| 1,146,568 | 1,146,568 |
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Net book value |
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|
|
|
As at 30 June 2021 |
|
| 307,080 | 307,080 |
|
|
|
|
|
|
|
|
|
|
5. Intangible assets (continued)
|
|
Mining Licences |
Total |
|
| £ | £ |
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 |
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 |
|
|
|
|
|
|
|
|
|
|
Mining Licences |
Total |
|
| £ | £ |
Cost or valuation As at 1 January 2020 |
|
1,519,712 |
1,519,712 |
Foreign exchange adjustment |
| (48,879) | (48,879) |
|
|
|
|
At 31 December 2020 |
| 1,470,833 | 1,470,833 |
|
|
|
|
|
|
|
|
Accumulated amortisation and impairment |
|
|
|
As at 1 January 2020 |
| 1,198,344 | 1,198,344 |
Foreign exchange adjustment |
| (38,543) | (38,543) |
|
|
|
|
At 31 December 2020 |
| 1,159,801 | 1,159,801 |
|
|
|
|
Net book value |
|
|
|
As at 31 December 2020 |
| 311,032 | 311,032 |
|
|
|
|
6. Share capital
| No | No | £ | No | £ | £ |
| Ordinary shares of 1p each | Ordinary shares of 0.02p each | Ordinary shares of 0.02p/1p each | Deferred shares of 0.001p each | Deferred shares of 0.001p each | Total share capital |
Issued and fully paid |
|
|
|
|
|
|
At 1 January 2021 | - | 8,145,575,094 | 1,629,116 | 241,248,512,346 | 2,412,485 | 4,041,601 |
|
|
|
|
|
|
|
On 5 January the company consolidated and then subdivided the brought forward shares* | 8,145,575 | (8,145,575,094)
| (1,547,659) | 154,765,925,000 | 1,547,659 | - |
On 21 January the company issued 3,600,000 1p shares at 0.25p |
3,600,000 |
- |
36,000 |
- |
- |
36,000 |
On 26 May the company issued 9,900,000 1p shares at 0.25p |
9,900,000 |
- |
99,000 |
- |
- |
99,000 |
|
|
|
|
|
|
|
As at 30 June 2021 | 21,645,575 | - | 216,457 | 396,014,437,346 | 3,960,144 | 4,176,601 |
*On 5 January 2021 the Company reduced the number of issued ordinary shares of £0.0002 each in the Company by a multiple of 1,000 (the "Consolidation"), Following the Consolidation the Company sub-divided each consolidated ordinary share of £0.20 each in the capital of the Company, into 1 ordinary share of £0.01 each in the capital of the Company and 19,000 new deferred shares of £0.00001 each in the capital of the Company.
| No | £ | No | £ | £ |
| Ordinary shares of 0.02p each | Ordinary shares of 0.02p each | Deferred shares of 0.001p each | Deferred shares of 0.001p each | Total share capital |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
6. Share capital (continued)
| No | £ | No | £ | £ |
| Ordinary shares of 0.02p each | Ordinary shares of 0.02p each | Deferred shares of 0.001p each | Deferred shares of 0.001p each | Total share capital |
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 |
|
|
|
|
|
|
On 14 August 2020 the company issued 83,333,333 shares at 0.06p |
83,333,333 |
16,666 |
- |
- |
16,666 |
|
|
|
|
|
|
As at 31 December 2020 | 8,145,575,094 | 1,629,116 | 241,248,512,346 | 2,412,485 | 4,041,601 |
|
|
|
|
|
|
|
|
|
|
|
|
7. Prior year adjustment
Edenville Energy Plc have identified an error relating to mining licences capitalised under IFRS 16 in the prior year, which fall outside the scope of the standard. As a result of the error, the financial statements for the period ended 30 June 2020 had to be restated. Items previously incorrectly capitalised as Right of use assets and lease liabilities have all been reversed.
8. 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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