15 Sep 2017 07:00
15 September 2017
EDENVILLE ENERGY PLC
("Edenville" or the "Company")
Interim Results for the Six Months Ended 30 June 2017
Edenville Energy plc (AIM:EDL), the company developing a coal to power project in south western Tanzania, announces its unaudited Interim Results for the six months ended 30 June 2017.
Period Highlights
· | £2 million (gross) raised to start coal production; |
· | Mining commenced at Rukwa project site; |
· | Wash plant and crusher purchase complete; |
· | Critical mining equipment purchased; |
· | Improvements made to Rukwa site infrastructure; |
· | Tanzanian mining contractor appointed, together with additional Edenville staff; |
· | Enlarged Mining Licence granted, now covering 9.88km2 with additional Prospecting Licence of 29.62Km2; |
· | Strategic partnership with Sinohydro Corporation of China ("Sinohydro") in relation to the Company's Rukwa Coal to Power Project established; and |
· | Formal request from the Ministry of Energy and Minerals of Tanzania to proceed with the development of the Rukwa Coal to Power Project.
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Post period Highlights
· | Wash plant and crusher delivered to site and are being commissioned; |
· | Supply of unwashed coal and coal stockpiling ready for wash plant operation; |
· | 16km mine haul road constructed; |
· | Marketing Agreement entered into with an agent to source coal customers; and |
· | Interest from potential customers to purchase Company's coal. |
Rufus Short, CEO of Edenville Energy commented: "The first half of 2017 was an extremely busy and transformational period for the Company. Having raised funds in February to start production, we have been able to rapidly put in place the required infrastructure and are seeing strong demand for our coal.
"We look forward to the wash plant being operational shortly and commencing sales of washed coal, whilst continuing to advance our Coal to Power Project in conjunction with our partner Sinohydro.
"The remainder of 2017 is expected to be equally busy and we look forward to providing updates as matters progress."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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Edenville Energy Plc Jeff Malaihollo - Chairman Rufus Short - CEO | +44 (0) 20 7652 9788 |
Northland Capital Partners Limited (Nominated Adviser) Gerry Beaney David Hignell Jamie Spotswood
|
+44 (0) 20 3861 6625 |
Optiva Securities Limited (Broker) Jeremy King Graeme Dickson
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+44 (0) 20 3137 1902 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Heather Armstrong
| +44 (0) 20 3053 8671 |
Chairman's Statement
Operational Report
The first half of 2017 has been transformational for the Company. We started this year with a decision to start mining at our Rukwa Project site to supply coal to the domestic market in Tanzania and more widely in East Africa. This followed the introduction of a coal import ban by the Government of Tanzania, which created an opportunity for Edenville to fill the supply void created by this policy and also monetise the Rukwa Project in the near term
In February 2017 we raised £2 million (before expenses) to purchase a wash plant, acquire critical mining equipment and improve the infrastructure at our Rukwa project site. It is a testimony of our team's ingenuity and achievement to be able to put into production a modern mine at a relatively small capital cost.
During the period and post the period end significant progress has been made. I am pleased to report that the wash plant is now onsite and should be fully operational by the end of September. We have improved most of the infrastructure and purchased the required critical mining equipment. Mining has started and unwashed coal has been supplied and stock piled for washing. We have had strong interest and enquiries from various sources for our washed product and we look forward to formalising sales contracts once we are in a position to supply it.
In the meantime, we are still working with the Tanzanian Government, Tanzania Electric Supply Company ("Tanesco") and Sinohydro to advance the Rukwa Coal to Power Project where we plan to build a power plant to service the power defecit that exists in the region.
As announced on 25 July 2017 the recent changes in the Tanzanian Mining Law have undoubtedly create some uncertainties within the Tanzanian mining sector. We are closely monitoring developments and we are yet to experience any direct impact on our operations in Tanzania. We retain a close working relationship with the Tanzanian Government agencies and the local community.
Financial Results
The Company made a loss after taxation for the six-month period ended 30 June 2017 of £551,337 (H1 2016: £446,801). The net assets at 30 June 2017 amounted to £6,805,216 (30 June 2016: £6,501,141).
The total comprehensive loss for the period was £841,877, which included a loss of £290,540 arising from the translation of the Tanzanian subsidiary company accounts from US Dollars to Sterling.
As at 30 June 2017 we had cash of £1,128,790 (30 June 2016: £190,856), which placed us in a stronger position than for some time, although much of this cash balance has been committed to construction of the mine and wash plant. As we move to the supply of washed coal we are exploring a variety of options to fund the working capital requirements.
In closing I would like to thank our shareholders, our partners, my fellow directors, our employees and contractors that have assisted in the Company's transition from an explorer to a producer. We look forward to updating shareholders as we continue to progress all aspects of the Company's operations.
Jeff Malaihollo
Non-Executive Chairman
EDENVILLE ENERGY PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2017
|
| Six months ended 30 June 17 | Six months ended 30 June 16 | Year ended 31 Dec 16 |
|
| Unaudited | Unaudited | Audited |
| Note | £ | £ | £ |
|
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Gross profit |
| - | - | - |
Administrative expenses |
| (552,085) | (446,814) | (892,854) |
Impairment of tangible asset |
| - | - | (2,271,560) |
|
|
|
|
|
Group operating loss |
| (552,085) | (446,814) | (3,164,414) |
|
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Finance income |
| 748 | 13 | 18 |
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|
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Loss on operations before taxation |
| (551,337) | (446,801) | (3,164,396) |
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Taxation |
| - | - | 173,450 |
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Loss for the period after taxation |
| (551,337) | (446,801) | (2,990,946) |
Other comprehensive income/(loss): |
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(Loss)/gain on translation of overseas subsidiary |
| (290,540) | 547,533 | 1,088,078 |
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Total comprehensive (loss)/income for the period |
|
(841,877) |
100,732 |
(1,902,868) |
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Attributable to: |
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Equity holders of the Company |
| (841,583) | 100,985 | (1,900,371) |
Non-controlling interest |
| (294) | (253) | (2,497) |
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| (841,877) | 100,732 | (1,902,868) |
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Loss per share |
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- basic and diluted (pence) | 2 | (0.06) | (0.09) | (0.50) |
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The income for the period arises from the Group's continuing operations.
EDENVILLE ENERGY PLC
CONSOLIDATED statement of financial position
as at 30 june 2017
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| As at 30 June 17 | As at 30 June 16 | As at 31 Dec 16 |
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| Unaudited | Unaudited | Audited |
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| Note | £ | £ | £ |
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Non-current assets |
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Property, plant and equipment | 4 | 999,215 | 19,619 | 19,222 |
Intangible assets | 5 | 4,731,189 | 6,142,364 | 4,705,760 |
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| 5,730,404 | 6,161,983 | 4,724,982 |
Current assets |
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Trade and other receivables |
| 181,695 | 492,160 | 170,341 |
Cash and cash equivalents |
| 1,128,790 | 190,856 | 246,120 |
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|
|
| 1,310,485 | 683,016 | 416,461 |
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Current liabilities |
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Trade and other payables |
| (235,673) | (184,566) | (133,486) |
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Current assets less current liabilities |
| 1,074,812 | 498,450 | 282,975 |
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Total assets less current liabilities |
| 6,805,216 | 6,660,433 | 5,007,957 |
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Non - current liabilities |
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Provisions for other liabilities and charges |
| - | (159,292) | - |
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| 6,805,216 | 6,501,141 | 5,007,957 |
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Capital and reserves |
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Called-up share capital | 6 | 2,633,698 | 2,536,756 | 2,563,325 |
Share premium account |
| 16,706,266 | 13,765,317 | 14,250,401 |
Share based payment reserve |
| 221,699 | 129,610 | 108,802 |
Foreign currency translation reserve |
| 817,636 | 567,631 | 1,108,176 |
Retained earnings |
| (13,577,968) | (10,505,834) | (13,026,926) |
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Issued capital and reserves attributable to owners of the parent company |
| 6,801,331 | 6,493,480 | 5,003,778 |
Non-controlling interest |
| 3,885 | 7,661 | 4,179 |
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Total equity |
| 6,805,216 | 6,501,141 | 5,007,957 |
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EDENVILLE energy PLC
CONSOLIDATED statement of changes in equity
FOR THE SIX MONTHS ENDED 30 JUNE 2017
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| ----------------------------------Equity Interests-------------------------------- |
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| ||||
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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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|
|
|
|
|
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Balance at 1 January 2017 | 2,563,325 | 14,250,401 | (13,026,926) | 108,802 | 1,108,176 | 5,003,778 | 4,179 | 5,007,957 |
Issue of share capital | 70,373 | 2,546,751 | - | - | - | 2,617,124 | - | 2,617,124 |
Share issue costs | - | (90,886) | - | - | - | (90,886) | - | (90,886) |
Share based payment charge |
- |
- |
- |
112,897 |
- |
112,897 |
- |
112,897 |
Foreign currency translation |
- |
- |
- |
- |
(290,540) |
(290,540) |
- |
(290,540) |
Loss for the period | - | - | (551,042) | - | - | (551,042) | (294) | (551,336) |
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Balance at 30 June 2017 |
2,633,698 |
16,706,266 |
(13,577,968) |
221,699 |
817,636 |
6,801,331 |
3,885 |
6,805,216 |
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Balance at 1 January 2016 |
1,872,978 |
13,623,545 |
(10,059,286) |
129,610 |
20,098 |
5,586,945 |
5,618 |
5,592,563 |
Issue of share capital | 663,778 | 187,722 | - | - | - | 851,500 | - | 851,500 |
Share issue costs | - | (45,950) | - | - | - | (45,950) | - | (45,950) |
Cancellation of share options |
- |
- |
- |
- |
- |
- |
- |
- |
Foreign currency translation |
- |
- |
- |
- |
547,533 |
547,533 |
2,296 |
549,829 |
Loss for the period | - | - | (446,548) | - | - | (446,548) | (253) | (446,801) |
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Balance at 30 June 2016 |
2,536,756 |
13,765,317 |
(10,505,834) |
129,610 |
567,631 |
6,493,480 |
7,661 |
6,501,141 |
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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 2016 | 1,872,978 | 13,623,545 | (10,059,286) | 129,610 | 20,098 | 5,586,945 | 5,618 | 5,592,563 |
Issue of share capital | 690,347 | 697,806 | - | - | - | 1,388,153 | - | 1,388,153 |
Cost of issue | - | (70,950) | - | - | - | (70,950) | - | (70,950) |
Exercise of warrants | - | - | - | - | - | - | - | - |
Cancellation of share options | - | - | 20,808 | (20,808) | - | - | - | - |
Foreign currency translation | - | - | - | - | 1,088,078 | 1,088,078 | 1,059 | 1,089,137 |
Loss for the year | - | - | (2,988,448) | - | - | (2,988,448) | (2,498) | (2,990,946) |
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Balance at 31 December 2016 | 2,563,325 | 14,250,401 | (13,026,926) | 108,802 | 1,108,176 | 5,003,778 | 4,179 | 5,007,957 |
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EDENVILLE ENERGY PLC
consolidated CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2017
| Six months ended 30 June 17 | Six months ended 30 June 16 | Year ended 31 Dec 16 |
| Unaudited | Unaudited | Audited |
| £ | £ | £ |
Cash flows from operating activities |
|
|
|
Operating loss | (552,085) | (446,814) | (3,164,414) |
Impairment of tangible & intangible non-current assets |
- |
- |
2,271,560 |
Share based payments | 112,897 | - | - |
Depreciation | 2,345 | 4,378 | 5,819 |
Foreign exchange (loss)/gain | (47,607) | 6,296 | - |
(Decrease)/increase in trade and other receivables | (19,934) | (337,671) | (7,219) |
Increase/(decrease) in trade and other payables | 108,214 | 72,407 | 46,776 |
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|
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|
Net cash used in operating activities | (396,170) | (701,404) | (847,478) |
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Cash flows from investing activities |
|
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|
Purchase of exploration and evaluation assets | (263,760) | (231,359) | (541,455) |
Purchase of property, plant and equipment | (983,060) | - | - |
Finance income | 748 | 13 | 18 |
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|
Net cash used in investing activities | (1,246,072) | (231,346) | (541,437) |
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Cash flows from financing activities |
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Proceeds on issue of shares | 2,617,124 | 851,500 | 1,388,153 |
Share issue costs | (90,886) | (45,950) | (70,950) |
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Net cash generated from financing activities | 2,526,238 | 805,550 | 1,317,203 |
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Net decrease in cash and cash equivalents | 883,996 | (127,200) | (71,712) |
Cash and cash equivalents at beginning of year | 246,120 | 316,652 | 316,652 |
Exchange losses on cash and cash equivalents | (1,326) | 1,404 | 1,180 |
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Cash and cash equivalents at end of year | 1,128,790 | 190,856 | 246,120 |
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EDENVILLE ENERGY PLC
NOTES TO THE INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2017
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 2017 which have been prepared in accordance with IFRSs as adopted by the European Union. They include unaudited comparatives for the six months ended 30 June 2016 together with audited comparatives for the year ended 31 December 2016.
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 2016 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) contained an emphasis of matter paragraph with regards Going Concern and (iii) 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 2017 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2017. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2016. 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 and adopted by the EU.
2. Loss per share
The calculation of the basic and diluted loss per share is based on the following data:
| 30 June 17 | 30 June 16 | 31 December 16 |
|
| £ | £ | £ |
|
Loss after taxation | (551,337) | (446,801) | (2,990,946) | |
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| |
Weighted average number of shares in the period |
997,831,002 |
505,831,942 |
595,688,399 | |
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| |
Basic and diluted loss per share (pence) | (0.06) | (0.09) | (0.50) | |
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 weighted average number of shares in the period ended 30 June 2016 has been adjusted for the share consolidation that took place in August 2016 in order to make the figures comparable.
3. Dividends
No dividends are proposed for the six months ended 30 June 2017 (six months ended 30 June 2016: £nil, year ended 31 December 2016: £nil).
4. Tangible assets
| Plant & machinery | Fixtures & fittings | Motor vehicles | Assets under construction |
Total |
| £ | £ | £ | £ | £ |
Cost or valuation As at 1 January 2017 |
7,471 |
7,473 |
96,683 |
- |
111,627 |
Additions | - | - | - | 983,060 | 983,060 |
Foreign exchange adjustment | - | (168) | (4,051) | - | (4,219) |
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At 30 June 2017 | 7,471 | 7,305 | 92,632 | 983,060 | 1,090,468 |
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Accumulated depreciation |
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As at 1 January 2017 | 6,363 | 6,857 | 79,185 | - | 92,405 |
Charge for period | 138 | 78 | 2,129 | - | 2,345 |
Foreign exchange adjustment | - | (169) | (3,328) | - | (3,497) |
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As at 30 June 2017 | 6,501 | 6,766 | 77,986 | - | 91,253 |
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Net book value |
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As at 30 June 2017 | 970 | 539 | 14,646 | 983,060 | 999,215 |
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Cost or valuation As at 1 January 2016 |
7,471 |
6,919 |
83,327 |
- |
97.717 |
Foreign exchange adjustment | - | 284 | 6,826 |
| 7,110 |
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At 30 June 2016 | 7,471 | 7,203 | 90,153 | - | 104,827 |
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Accumulated depreciation |
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As at 1 January 2016 | 5,994 | 6,097 | 63,337 | - | 75,428 |
Charge for period | 184 | 103 | 3,859 | - | 4,146 |
Foreign exchange adjustment | - | 284 | 5,350 | - | 5,634 |
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As at 30 June 2016 | 6,178 | 6,484 | 72,546 | - | 85,208 |
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Net book value |
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|
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As at 30 June 2016 | 1,293 | 719 | 17,607 | - | 19,619 |
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| Plant & machinery | Fixtures & fittings | Motor vehicles | Assets in the course of construction |
Total |
| £ | £ | £ | £ | £ |
Cost or valuation As at 1 January 2016 |
7,471 |
6,919 |
83,327 |
- |
97.717 |
Foreign exchange adjustment | - | 554 | 13,356 | - | 13,910 |
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At 31 December 2016 | 7,471 | 7,473 | 96,683 | - | 111,627 |
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Accumulated depreciation |
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As at 1 January 2016 | 5,994 | 6,097 | 63,337 | - | 75,428 |
Charge for the year | 369 | 205 | 5,245 | - | 5,819 |
Foreign exchange adjustment | - | 555 | 10,603 | - | 11,158 |
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At 31 December 2016 | 6,363 | 6,857 | 79,185 | - | 92,405 |
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Net book value |
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|
|
As at 31 December 2016 | 1,108 | 616 | 17,498 | - | 19,222 |
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5. Intangible assets
| Exploration and evaluation assets |
|
|
|
Tanzanian Licences |
Goodwill |
Total |
| £ | £ | £ |
Cost or valuation |
|
|
|
As at 1 January 2017 | 4,358,669 | 347,092 | 4,705,761 |
Additions | 263,760 | - | 263,760 |
Foreign exchange adjustment | (220,753) | (17,578) | (238,331) |
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At 30 June 2017 | 4,401,676 | 329,514 | 4,731,190 |
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Accumulated amortisation and impairment |
|
|
|
As at 1 January 2017 | - | - | - |
|
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|
|
As at 30 June 2016 | - | - | - |
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Net book value |
|
|
|
As at 30 June 2017 | 4,401,676 | 329,514 | 4,731,190 |
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| Exploration and evaluation assets |
|
|
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| Tanzanian Licences |
Goodwill |
Total |
|
| £ | £ | £ |
Cost or valuation As at 1 January 2016 |
|
3,993,976 |
1,367,301 |
5,361,277 |
Additions |
| 231,360 | - | 231,360 |
Foreign exchange adjustment |
| 409,658 | 140,069 | 549,727 |
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|
|
At 30 June 2016 |
| 4,634,994 | 1,507,370 | 6,142,364 |
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Accumulated amortisation and impairment |
|
|
| |
As at 1 January 2016 |
| - | - | - |
|
|
|
|
|
As at 30 June 2016 |
| - | - | - |
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|
|
|
|
|
|
|
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Net book value |
|
|
|
|
As at 30 June 2016 |
| 4,634,994 | 1,507,370 | 6,142,364 |
|
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|
|
|
|
|
|
|
|
Cost or valuation As at 1 January 2016 |
|
3,993,976 |
1,367,301 |
5,361,277 |
Additions |
| 541,455 | - | 541,455 |
Foreign exchange adjustment |
| 800,538 | 274,050 | 1,074,588 |
Written Off |
| (977,300) | (1,294,259) | (2,271,559) |
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|
|
At 31 December 2016 |
|
4,358,669 |
347,092 |
4,705,761 |
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|
|
|
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Accumulated amortisation and impairment |
|
| ||
As at 1 January 2016 |
| - | - | - |
Charge for the year |
| - | - | - |
|
|
|
|
|
At 31 December 2016 |
| - | - | - |
|
|
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Net book value |
|
|
|
|
As at 31 December 2016 |
| 4,358,669 | 347,092 | 4,705,761 |
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The outcome of ongoing exploration and evaluation, and therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain. The directors have assessed the value of exploration and evaluation expenditure carried as intangible assets. In their opinion there has been no impairment loss to intangible exploration and evaluation assets in the period.
6. Share capital
| No | £ | No | £ | £ |
| Ordinary shares of 0.02p each | Ordinary shares of 0.02p each | Deferred shares of 0.0001p each | Deferred shares of 0.0001p each | Total share capital |
Issued and fully paid |
|
|
|
|
|
At 1 January 2017 | 754,202,898 | 150,840 | 241,248,512,346 | 2,412,485 | 2,563,325 |
On 26 January 2017 the Company issued 963,855 new ordinary shares of 0.02p each for a consideration of 0.83p per share in lieu of consultancy fees. | 963,855 | 193 | - | - | 193 |
On 26 January 2017 the Company issued 1,948,051 new ordinary shares of 0.02p each for a consideration of 0.77p per share in lieu of consultancy fees. | 1,948,051 | 390 | - | - | 390 |
On 26 January 2017 the Company issued 1,375,000 new ordinary shares of 0.02p each for a consideration of 0.80p per share, on exercise of warrants. | 1,375,000 | 275 | - | - | 275 |
On 26 January 2017 the Company issued 34,699,778 new ordinary shares of 0.02p each for a consideration of 0.54p per share, on exercise of warrants. | 34,699,778 | 6,940 | - | - | 6,940 |
On 26 January 2017 the Company issued 5,555,555 new ordinary shares of 0.02p each for a consideration of 0.60p per share, on exercise of warrants. | 5,555,555 | 1,111 | - | - | 1,111 |
On 31 January 2017 the Company issued 3,304,167 new ordinary shares of 0.02p each for a consideration of 0.80p per share, on exercise of warrants. | 3,304,167 | 661 | - | - | 661 |
On 6 February 2017 the Company issued 612,500 new ordinary shares of 0.02p each for a consideration of 0.80p per share, on exercise of warrants. | 612,500 | 123 | - | - | 123 |
On 13 February 2017 the Company issued 6,625,002 new ordinary shares of 0.02p each for a consideration of 0.8 0p per share, on exercise of warrants. | 6,625,002 | 1,325 | - | - | 1,325 |
On 13 February 2017 the Company issued 14,999,780 new ordinary shares of 0.02p each for a consideration of 0.60p per share, on exercise of warrants. | 14,999,780 | 3,000 | - | - | 3,000 |
On 23 February 2017 the Company issued 250,000,000 new ordinary shares of 0.02p each for a consideration of 0.80p per share, together with 125,000,000 warrants at an exercise price of 1.08p per warrant, on exercise of warrants. | 250,000,000 | 50,000 |
|
| 50,000 |
On 17 March 2017 the Company issued 10,000,000 new ordinary shares of 0.02p each for a consideration of 0.60p per share. | 10,000,000 | 2,000 |
|
| 2,000 |
On 29 March 2017 the Company issued 2,777,778 new ordinary shares of 0.02p each for a consideration of 0.60p per share. | 2,777,778 | 556 |
|
| 556 |
On 16 June 2017 the Company issued 14,722,442 new ordinary shares of 0.02p each for a consideration of 0.60p per share. | 14,722,442 | 2,944 |
|
| 2,944 |
On 23 June 2017 the Company issued 4,273,505 new ordinary shares of 0.02p each for a consideration of 0.60p per share. | 4,273,505 | 855 |
|
| 855 |
As at 30 June 2017 | 1,106,060,311 | 221,213 | 241,248,512,341 | 2,412,485 | 2,633,698 |
| No | £ | No | £ | No | £ | No | £ | No | £ | £ |
| Ordinary shares of 0.02p each | Ordinary shares of 0.02p each | Ordinary shares of 0.01p each | Ordinary shares of 0.01p each | Deferred shares of 0.08p each | Deferred shares of 0.08p each | Deferred shares of 0.0001p each | Deferred shares of 0.0001p each | Deferred shares of 0.019p each | Deferred shares of 0.019p each | Total share capital |
Issued and fully paid |
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At 1 January 2016 | 9,108,171,206 | 1,821,634 | - | - | 64,179,632 | 51,344 | - | - | - | - | 1,872,978 |
7 March 2016 (a) | 1,333,333,333 | 266,667 | - | - | - | - | - | - | - | - | 266,667 |
1 June 2016 (b) | 63,333,333 | 12,666 | - | - | - | - | - | - | - | - | 12,666 |
17 June 2016 (c) | 1,922,222,222 | 384,444 | - | - | - | - | - | - | - | - | 384,444 |
At 30 June 2016 | 12,427,060,094 | 2,485,411 | - | - | 64,179,632 | 51,344 | - | - | - | - | 2,536,755 |
a) On 7 March 2016 the Company issued 1,333,333,333 new ordinary shares of 0.02p each for a consideration of 0.03p per share. The Company also issued 666,666,666 warrants with an exercise price of 0.04p each.
b) On 1 June 2016 the Company issued 63,333,333 new ordinary shares of 0.02p each for consideration of 0.03p in satisfaction of creditors totalling £19,000.
c) On 17 June 2016 the Company issued 1,922,222,222 new ordinary shares of 0.02p each for a consideration of 0.0225p per share. The Company also issued 961,111,111 warrants with an exercise price of 0.03p each
| No | £ | No | £ | No | £ | No | £ | No | £ | £ |
| Ordinary shares of 0.02p each | Ordinary shares of 0.02p each | Ordinary shares of 0.01p each | Ordinary shares of 0.01p each | Deferred shares of 0.08p each | Deferred shares of 0.08p each | Deferred shares of 0.0001p each | Deferred shares of 0.0001p each | Deferred shares of 0.019p each | Deferred shares of 0.019p each | Total share capital |
Issued and fully paid |
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At 1 January 2016 | 9,108,171,206 | 1,821,634 | - | - | 64,179,632 | 51,344 | - | - | - | - | 1,872,978 |
7 March 2016 (a) | 1,333,333,333 | 266,667 | - | - | - | - | - | - | - | - | 266,667 |
1 June 2016 (b) | 63,333,333 | 12,666 | - | - | - | - | - | - | - | - | 12,666 |
17 June 2016 (c) | 1,922,222,222 | 384,444 | - | - | - | - | - | - | - | - | 384,444 |
| 12,427,060,094 | 2,485,411 | - | - | 64,179,632 | 51,344 | - | - | - | - | 2,536,755 |
30 August 2016 (d) |
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Subdivision of deferred shares (d) (i) and (ii) | - | - | - | - | (64,179,632) | (51,344) | 5,134,370,560 | 51,344 | - | - | - |
Subdivision of ordinary shares | (12,427,060,094) | (2,485,411) | 12,427,060,094 | 124,270 | - | - | - | - | 12,427,060,094 | 2,361,141 | - |
| - | - | 12,427,060,094 | 124,270 | - | - | 5,134,370,560 | 51,344 | 12,427,060,094 | 2,361,141 | - |
Subdivision of ordinary shares | 621,353,005 | 124,270 | (12,427,060,094) | (124,270) |
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| - |
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|
| 236,114,141,786 | 2,361,141 | (12,427,060,094) | (2,361,141) | - |
| 621,353,005 | 124,270 | - | - | - | - | 241,248,512,346 | 2,412,485 | - | - | 2,536,755 |
9 November 2016 (e) | 1,602,563 | 320 | - | - | - | - | - | - | - | - | 320 |
4 October 2016 (f) | 125,000,000 | 25,000 | - | - | - | - | - | - | - | - | 25,000 |
25 October 2016 (g) | 6,247,330 | 1,250 | - | - | - | - | - | - | - | - | 1,250 |
As at 31 December 2016 | 754,202,898 | 150,840 | - | - | - | - | 241,248,512,346 | 2,412,485 | - | - | 2,563,325 |
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a) On 7 March 2016 the Company issued 1,333,333,333 new ordinary shares of 0.02p each for a consideration of 0.03p per share. The Company also issued 666,666,666 warrants with an exercise price of 0.04p each.
b) On 1 June 2016 the Company issued 63,333,333 new ordinary shares of 0.02p each for consideration of 0.03p in satisfaction of creditors totalling £19,000.
c) On 17 June 2016 the Company issued 1,922,222,222 new ordinary shares of 0.02p each for a consideration of 0.0225p per share. The Company also issued 961,111,111 warrants with an exercise price of 0.03p each.
d) On 30 August 2016 undertook a capital reorganisation comprising three subdivisions:
· The company subdivided of the 64,179,632 existing deferred shares of £0.0008 each in the capital of the Company into 5,134,370,560 deferred shares of £0.00001 each in the capital of the Company.
· Then, the 12,427,060,094 Existing Ordinary Shares were subdivided into two share classes:
(i) 12,427,060,094 ordinary shares of £0.00001 each in the capital of the Company (the "Subdivided Ordinary Shares"); and
(ii) 12,427,060,094 deferred shares of £0.00019 each in the capital of the Company (the "New Deferred Shares") (the "Second Subdivision").
· The 12,427,060,094 new deferred shares will then be subdivided into 236,114,141,786 deferred shares of 0.001p each.
· The subdivided Ordinary Shares were consolidated into 621,353,005 ordinary shares of £0.0002 each in the capital of the Company (the "Consolidated Shares") (the "Consolidation"), the Consolidated Shares have the same rights and are subject to the same restrictions as the Existing Ordinary Shares.
e) On 9 November 2016 the Company issued 1,602,563 Ordinary shares of 0.02p each for consideration of 0.54p each on exercise of warrants.
f) On 4 October 2016 the Company issued 125,000,000 Ordinary shares of 0.02p each for consideration of 0.40p each. The company also issued 62,500,000 warrants with an exercise price of 0.54p each
g) On 25 October 2016 the Company issued 6,247,330 Ordinary shares of 0.02p in settlement of invoices totalling £28,000.
7. 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.