TIDMNUOG
RNS Number : 5120U
Nu-Oil and Gas PLC
29 March 2019
29 March 2019
Nu-Oil and Gas plc
("Nu-Oil" or "the Company")
Interim Results for the six months ended 31 December 2018
Nu-Oil, the independent Oil and Gas company, today announces its
unaudited interim results for the six months ended 31 December
2018.
Key points:
-- Continuing focus on the development of the portfolio through
Marginal Field Development Company (MFDevCo) Ltd ("MFDevCo"), in
which the Company has a 50% interest;
-- Commencement of a specific initiative aimed at the
development of marginal fields via gas-to-wire technology;
-- Collaboration agreements agreed with Marnavi Offshore and
Siemens Dresser-Rand to support the gas-to-wire initiative; and
-- The Company reports a loss of GBP972,000 for the period,
which is broadly comparable with the loss made over the 2018
financial year on an annualised basis. The main area of expense has
been the continued implementation of the marginal field
strategy.
Post period end:
-- Letter of Intent to establish a funding vehicle to support
gas-to-wire projects agreed between MFDevCo and Marnavi
Offshore;
-- Appointment of a new Executive Chairman, Graham Scotton, with
wide-ranging experience covering technical, operational, planning,
commercial and management roles; and
-- Following the end of the period, the Company raised
GBP250,000 before expenses through the issuance of 83,333,333 new
ordinary shares in a placing.
Enquiries
Nu-Oil and Gas plc
Simon Bygrave Tel: +44 (0)161 817 7460
Investor Relations & Communications
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Rory Murphy/Ritchie Balmer/Jack
Botros
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Jon Belliss
Notes
Nu-Oil is a development and production company, which utilises
appropriate development approaches to create value from undeveloped
and mature upstream oil and gas assets. Nu-Oil is building a
portfolio of development and production assets with an emphasis on
stranded and marginal discoveries which can be unlocked using
cost-effective development solutions.
Nu-Oil targets thoroughly appraised oil and gas fields located
in areas with stable political and regulatory regimes. By doing so
Nu-Oil minimises exposure to the risks associated with prospecting
and exploration.
Marginal Field Development Company Ltd. ("MFDevCo"), in which
both Nu-Oil and RMRI Ltd., hold a 50% interest, has developed
offshore production solutions that improve the economics of oil and
gas projects by significantly lowering development costs compared
to conventional approaches. MFDevCo leads the Marginal Field
Delivery Consortium ("the Consortium"), a group of leading global
engineering specialists who provide the skills and capability
required to deliver projects. Nu-Oil intends to utilise MFDevCo
solutions and the capability within the Consortium to develop and
deliver its projects.
www.nu-oilandgas.com
Disclaimer
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Chairman's Statement
At the Company's AGM on 25 January 2019, I had the opportunity
to restate Nu-Oil's strategy and vision to shareholders. I have
been clear that our priority as a Company is to deliver tangible
results in the form of an investable project. Having had the
opportunity to work with the Board and Senior Team to review the
Company's assets, core activities and wider opportunities in
further detail, I would like to update investors on the progress
towards meeting that objective and what the Company intends to
achieve in the year ahead.
The Board's objective is to grow Nu-Oil into a successful
upstream development and production company with a portfolio of
producing oil and gas assets, including through the Company's joint
venture and subsidiary entities. This transformation will not
happen overnight but will be built asset by asset, through diligent
effort, dedication and investment to acquire each opportunity and
develop them into producing, revenue generating assets.
The Company is pursuing opportunities to build its portfolio in
three areas:
-- Firstly, the pursuit and development of oil and gas projects,
including gas to wire, by Marginal Field Development Company
(MFDevCo) Ltd. ("MFDevCo"), the joint venture in which the Company
holds a 50% interest;
-- Secondly, by generating value from existing assets located in
western Newfoundland, which the Company holds, through its 100%
owned subsidiary, Enegi Oil Inc. ("Enegi"), and assets MFDevCo
holds in the Celtic Sea; and
-- Thirdly, the acquisition of value-accretive oil and gas
assets if attractive, suitable opportunities arise.
I am excited by the potential of MFDevCo's business model and
the pace at which negotiations are progressing with operators.
Applying technology and innovation to generate value from fields
which can potentially be accessed at a low cost, is appropriate for
MFDevCo, the Company and its shareholders, compared to the
alternative of buying into a development project or production.
MFDevCo is aggressively pursuing its exciting gas to wire
("GTW") venture, which is an ideal solution to a pressing need in
the market. If successful, the Board believes that GTW will
position MFDevCo as a first mover in a market with global
opportunities and we anticipate significant support from
governments based on the market dynamics at play. My confidence is
increased by the interest MFDevCo has received from operators and
speed at which negotiations have progressed with two priority
targets.
I am further encouraged by MFDevCo's agreement with Marnavi
Offshore to work together to establish a vehicle to finance GTW
projects (the "SPV"). The ability to raise finance is fundamental
to MFDevCo's ability to close negotiations with Operators and
therefore its ability to acquire and sanction projects. The
proposed structure enables projects to be financed without diluting
the Company's equity interest in MFDevCo. MFDevCo would earn three
sources of revenue for each project the SPV purchases: the initial
sales price; payment for services to manage projects; and project
revenues as a result of its proposed 30% equity holding in the
entity.
Utilising existing infrastructure, such as the platform and
power infrastructure installed to transmit power generated by
offshore windfarms, further reduces capital investment and
lead-time to redevelop fields.
GTW directly addresses the twin goals of maximising economic
recovery from hydrocarbon resources and supporting energy security
through the provision of reliable power supply. Gas is expected to
play an increasingly important role as a primary source in meeting
the rising energy demand and complements renewable sources to meet
increasing energy demand.
With its world-class collaboration partners, Siemens'
Dresser-Rand business and Marnavi Offshore being the most recent
additions, MFDevCo has the capability to deliver its projects,
regardless of whether they involve the recovery of hydrocarbons or
power to shore.
It is the opinion of the Board that the opportunities being
pursued by MFDevCo have the greatest potential to deliver value for
shareholders and for that reason resources are being allocated
accordingly.
Operational Review
MFDevCo
MFDevCo has been advancing multiple projects for some time, the
negotiations for which are at different stages of development and
maturity. Projects include both oil and gas fields, which could be
developed using conventional recovery methods or utilise the gas to
wire technology that has recently been announced to the market.
It would be inappropriate for the Company to identify individual
targets until agreements with interest holders have been reached.
However, the Company can confirm that target projects are located
in the North Sea, East Irish and Celtic Seas, Latin America
including Brazil and Asia. There are three project types: large,
standalone fields; smaller, repeatable projects; and hub
developments which can be expanded over time.
In particular, MFDevCo is concentrating efforts to agree Heads
of Terms for two identified priority GTW opportunities, with
respect to which discussions with operators are moving quickly.
While I am not in a position to predict when those negotiations
will conclude successfully or not MFDevCo is aggressively pursuing
both oil and GTW opportunities and the Company will update the
market accordingly.
As announced on 28 March 2019, MFDevCo has agreed a letter of
intent to establish a funding vehicle to finance gas-to-wire
projects, in which it is proposed that MFDevCo will hold a 30%
interest. Efforts to establish this special purpose vehicle ("SPV")
are designed to ensure financing is available to conclude Heads of
Terms on the two gas to wire targets which are most advanced. Under
the proposed terms, MFDevCo will receive up-front payment for
projects and will be further paid for managing projects from the
point at which any transaction with the SPV is agreed.
Nu-Oil and MFDevCo contribute resources to business development
activities worldwide. MFDevCo has a representative leading business
development activities in Brazil in country, and via Royal Eagle,
in Ecuador, Colombia and Mexico. In addition, the network of
consortium members enables MFDevCo to identify and access projects
in locations worldwide which is unusual for a company of its
size.
Celtic Sea Assets - Helvick and Dunmore
MFDevCo holds 10% interests in lease undertakings for the
Helvick and Dunmore assets, located in the Celtic Sea. Under the
terms of the lease undertakings MFDevCo will perform an agreed work
programme to determine whether the discoveries can be developed
commercially. Based on the work completed thus far the Operator has
applied to the Petroleum Affairs Division ('PAD') for an extension
to the lease undertakings. The partners await the response from the
PAD, at which point the Company will update the market.
Enegi
The Company holds, through its 100% owned subsidiary, Enegi, two
assets located on and around the Port au Port peninsula in western
Newfoundland. Production Lease 2002-01(A) ("PL2002-01(A)") (also
known as Garden Hill) and Exploration Licence 1070 ("EL1070"),
located at Shoal Point.
PL2002-01(A)
The Company has been pursuing its primary objective to restore
production with PVF Energy Services Inc. ("PVF") through the
Production Sharing Agreement announced on 31 January 2017.
Operations are currently on hold while the Company determines the
most appropriate work programme, operational structure and funding
model to progress this asset. Following a recent meeting with the
Newfoundland and Labrador Department of Natural Resources, Enegi
has agreed with the regulator that, whilst it continues work
towards the objectives stated, it is most appropriate to submit new
applications once the details of the forward work programme are
defined, rather than continuing to work under the authorisations
received in 2017. Discussions with PVF, other third parties,
suppliers and the regulator remain ongoing and the Company will
update the market accordingly.
EL1070
At nearby Shoal Point, Enegi holds a 100% interest in the deep
rights on EL1070 which includes the conventional Shoal Point
prospect, located below the Green Point Shale formation situation
in the shallow rights, which are held by Shoal Point Energy
('SPE'). EL1070 remains in force whilst the parties to the licence
pursue the award of a significant discovery licence ('SDL'). These
unique circumstances require that any effort to develop the deep
rights is coordinated with SPE's activities with respect to the
shallow rights, which are currently restricted by the moratorium on
hydraulic fracturing in the region.
Although our strategy is to avoid exploration plays, it is our
opinion that the potential justifies appropriate efforts to move
this asset forward. The Company has discussed with SPE and the
Canada-Newfoundland Offshore Petroleum Board ('C-NLOPB') to
determine how to advance the licence. The Company will update the
market accordingly.
Outlook
I hope that I have made clear to investors our determination to
convert the hard work that has been performed hitherto into
tangible results. All efforts are being made to create and acquire
investable profitable projects. It is my belief that the Company is
positioning itself to deliver on that promise in the year
ahead.
The Board is confident that the Company's investment in MFDevCo
will be rewarded. MFDevCo has been pursuing multiple opportunities,
a number of which are at an advanced stage and are progressing
quickly. It has the capability, technology and partners required to
commercially develop the projects it acquires and is establishing a
special purpose vehicle dedicated to financing them.
I would like to thank shareholders for the continued support and
look forward to communicating progress towards our goal of becoming
a successful upstream development and production company.
Graham Scotton, Executive Chairman
29 March 2019
Financials
The accounts for the period have been prepared in accordance
with the International Financial Reporting Standards as adopted by
the European Union using accounting policies that are consistent
with those stated in the Company's 2018 Annual Report and
Accounts.
Revenue
No revenue was generated during the period. Management awaits
the results of activity on its lease, PL2002-01(A), to assess the
impact of that asset on future revenue streams. The agreements that
the Company has entered into with respect to PL2002-01(A) provide
for the Company to receive 50% of future net revenue from that
asset following cost recovery by its operating partner, PVF Energy
Services Inc. ('PVF')
Loss before tax
The Company reports a loss of GBP972,000 for the period. The
Company's loss for this period is broadly comparable on an
annualised basis with the full year to June 2018. The loss for the
period includes depreciation and impairment charges of GBP322,000
in the period creating an effective operating loss of
GBP650,000.
The main area of expense has been the continued implementation
of the marginal field strategy of which greater detail is provided
in the Chairman's Statement and Operational Review. It should be
noted that, as the Company has previously stated, direct costs of
its Canadian operations have been reduced to a bare minimum.
Statement of Financial Position
Group net liabilities as at 31 December 2018 were GBP2,024,000
(2017: net liabilities of GBP1,484,000).
At 31 December 2018, the Group had cash balances of GBP211,000
compared to GBP570,000 at 31 December 2017. The Group had trade and
other payables of GBP3,449,000 (2017: GBP3,429,000).
Future funding, capital requirements and going concern
The Directors believe that Nu-Oil has developed an attractive
business model in choosing to participate in the development of
marginal fields via its investment in MFDevCo. We expect to see an
upturn in activity by utilising this offering to increase our
project portfolio. Future funding activity will be required to
maintain the Company's current level of activity and develop
projects added to its portfolio but the Company believes that such
funding can be obtained without significantly effecting the flow of
value from those projects to shareholders. More information is
provided in Note 1 to these Interim Financial Statements.
Damian Minty, Chief Financial Officer
29 March 2019
CONSOLIDATED INCOME STATEMENT
For the 6 months ended 31 December 2018
Unaudited Unaudited Audited
6 months 6 months 12 months
ended 31 ended 31 ended 30
December December June
2018 2017 2018
Note GBP'000 GBP'000 GBP'000
------------------------------ ------- ---------- ---------- -----------
Revenue - - -
Cost of sales - - -
------------------------------ ------- ---------- ---------- -----------
Gross Profit - - -
------------------------------ ------- ---------- ---------- -----------
Administrative expenses (884) (818) (1,672)
------------------------------ ------- ---------- ---------- -----------
Loss from operations (884) (818) (1,672)
------------------------------ ------- ---------- ---------- -----------
Finance costs (88) (98) (206)
-----------
Loss before tax (972) (916) (1,878)
------------------------------ ------- ---------- ---------- -----------
Taxation - - -
------------------------------ ------- ---------- ---------- -----------
Loss for the period (972) (916) (1,878)
------------------------------ ------- ---------- ---------- -----------
Loss per share (expressed in
pence per share)
Basic 3 (0.1p) (0.1p) (0.1p)
Diluted 3 (0.1p) (0.1p) (0.1p)
------------------------------ ------- ---------- ---------- -----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 6 months ended 31 December 2018
Unaudited Unaudited Audited
6 months 6 months 12 months
ended 31 ended 31 ended 30
December December June
2018 2017 2018
GBP'000 GBP'000 GBP'000
---------------------------------- ---------- ---------- -----------
Loss for the year (972) (916) (1,878)
Other comprehensive expense:
Currency translation differences 1 3 (1)
Other comprehensive income for
the year, net of tax 1 3 (1)
----------------------------------- ---------- ---------- -----------
Total comprehensive expense for
the year (971) (913) (1,879)
----------------------------------- ---------- ---------- -----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2018
Unaudited Unaudited Audited
As at 31 As at 31 As at
December December 30 June
2018 2017 2018
Note GBP'000 GBP'000 GBP'000
----------------------------- ------- ---------- ---------- ---------
Non-current assets
Tangible fixed assets 173 219 195
Intangible assets 666 974 813
Other long term assets 479 490 477
----------------------------- ------- ---------- ---------- ---------
1,318 1,683 1,485
----------------------------- ------- ---------- ---------- ---------
Current assets
Trade and other receivables 4 887 984 993
Cash and cash equivalents 211 570 861
1,098 1,554 1,854
----------------------------- ------- ---------- ---------- ---------
Total assets 2,416 3,237 3,339
Current liabilities
Trade and other payables 5 (3,449) (3,429) (3,381)
Due to related parties 6 (520) (807) (541)
----------------------------- ------- ---------- ---------- ---------
(3,969) (4,236) (3,922)
----------------------------- ------- ---------- ---------- ---------
Non-current liabilities
Provisions (471) (485) (470)
----------------------------- ------- ---------- ---------- ---------
Total liabilities (4,440) (4,721) (4,392)
----------------------------- ------- ---------- ---------- ---------
Net liabilities (2,024) (1,484) (1,053)
Shareholders' equity
Ordinary share capital 3,072 2,927 3,072
Share premium account 31,062 29,783 31,062
Reverse acquisition reserve 9,364 9,364 9,364
Other reserves (2,487) (2,487) (2,487)
Warrant reserve 409 436 409
Accumulated losses (43,444) (41,507) (42,473)
----------------------------- ------- ---------- ---------- ---------
Total equity (2,024) (1,484) (1,053)
----------------------------- ------- ---------- ---------- ---------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 31 December 2018
Ordinary Share Reverse
share premium acquisition Other Warrant Accumulated Total
capital account reserve reserves reserve Losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------- --------- ------------- ----------- ---------- -------------- ----------
Balance at 1 July
2018 3,072 31,062 9,364 (2,487) 409 (42,473) (1,053)
--------- --------- ------------- ----------- ---------- -------------- ----------
Comprehensive expense
Loss for the year - - - - - (972) (972)
Other comprehensive
income
Currency translation
differences - - - - - 1 1
Total other comprehensive
income - - - - - 1 1
Total comprehensive
expense - - - - - (971) (971)
Transactions with
owners
Effects of fundraisings - - - - - - -
Effects of warrants - - - - - - -
Total of transactions - - - - - - -
with owners
Balance at the 31
December 2018 3,072 31,062 9,364 (2,487) 409 (43,444) (2,024)
--------------------------- --------- --------- ------------- ----------- ---------- -------------- ----------
For the 6 months ended 31 December 2017
Ordinary Share Reverse
share premium acquisition Other Warrant Accumulated Total
capital account reserve reserves reserve Losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------- --------- ------------- ----------- ---------- -------------- ----------
Balance at 1 July
2017 2,757 28,671 9,364 (2,487) 409 (40,594) (1,880)
Comprehensive expense
Loss for the year - - - - - (916) (916)
Other comprehensive
income
Currency translation
differences - - - - - 3 3
Total other comprehensive
income - - - - - 3 3
Total comprehensive
expense - - - - - (913) (913)
Transactions with
owners
Effects of fundraisings 170 1,139 - - - - 1,309
Effects of warrants (27) 27
Total of transactions
with owners 170 1,112 - - 27 - 1,309
Balance at the 31
December 2017 2,927 29,783 9,364 (2,487) 436 (41,507) (1,484)
--------------------------- --------- --------- ------------- ----------- ---------- -------------- ----------
For the year ended 30 June 2018
Ordinary Share Reverse
share premium acquisition Other Warrant Accumulated Total
capital account reserve reserves reserve Losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- --------- --------- ------------- ----------- ---------- -------------- ----------
Balance at 1 July
2017 2,757 28,671 9,364 (2,487) 409 (40,594) (1,880)
Comprehensive expense
Loss for the year - - - - - (1,878) (1,878)
Other comprehensive
income
Currency translation
differences - - - - - (1) (1)
Total other comprehensive
income - - - - - (1) (1)
Total comprehensive
expense - - - - - (1,879) (1,879)
Transactions with
owners
Effects of fundraisings 315 2,391 - - - - 2,706
Effects of warrants - - - - - - -
Total of transactions
with owners 315 2,391 - - - - 2,706
Balance at the 30
June 2018 3,072 31,062 9,364 (2,487) 409 (42,473) (1,053)
--------------------------- --------- --------- ------------- ----------- ---------- -------------- ----------
CONSOLIDATED STATEMENT OF CASH FLOW
For the 6 months ended 31 December 2018
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 December 31 December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
------------------------------------------------ -------- ------------- ------------- -----------
Cash flows from operating activities
Cash used in operations (610) (1,120) (2,156)
Net cash used in operating activities (610) (1,120) (2,156)
------------------------------------------------ -------- ------------- ------------- -----------
Cash flows from financing activities
Repayment of borrowings (38) (280) (343)
Share capital issued for cash - 1,309 2,706
Net cash generated from financing
activities (38) 1,029 2,363
------------------------------------------------ -------- ------------- ------------- -----------
Net increase / (decrease) in
cash and cash equivalents (648) (91) 207
Cash and cash equivalents at
the start of the period 861 654 654
Exchange (losses) / gains (2) 7 -
Cash and cash equivalents at
the end of the period 211 570 861
------------------------------------------------ -------- ------------- ------------- -----------
NOTES TO THE INTERIM RESULTS
1. Basis of Preparation
Nu-Oil and Gas plc is a company incorporated in the United
Kingdom. The unaudited consolidated interim financial statements
for the six months ended 31 December 2018 include the Company and
its subsidiaries.
These interim financial statements are prepared under
International Financial Reporting Standards as adopted by the
European Union. This condensed set of financial statements have
been prepared in the same way using accounting policies consistent
with those in the last Annual Report. During this period there have
been no new accounting standards adopted that would have a
significant impact on the Group.
The Directors continue to adopt the going concern basis in
preparing these Consolidated Interim Financial Statements as they
have a reasonable expectation that the Group and Company has
sufficient resources, including those from the recent placing as
announced on 29 March 2019, for the short term and will be able to
obtain adequate funding to continue operating for the foreseeable
future. In forming this judgement, the Directors reviewed the
Group's funding, budget and strategy. The Directors have relied
upon the critical assumption that the Group will be able to achieve
identified key milestones associated with its strategy to acquire
and develop stranded and marginal fields which they believe will
result in the availability of adequate additional funding. To the
extent that any of the assumptions are shown to not be valid the
Directors believe that there are a number of actions that they may
take to ensure that the Company remains a going concern.
To the extent that the above assumptions are not valid, there
exists a material uncertainty that may cast significant doubt upon
the Group's and the Company's ability to continue as a going
concern. The financial statements do not include the adjustments
that would result if the Group or Parent Company were not
considered to be a going concern.
2. Segmental Information
Unaudited Unaudited Audited
As at As at As at
31 December 31 December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
----------------------------------- ------------- ------------- ---------
Segment net (loss) for the period
UK - Non-current assets (113) (113) (225)
UK - Corporate expenses (681) (636) (1,309)
Canada - Non-current assets (59) (58) (118)
Canada - Corporate expenses (31) (11) (20)
Loss from operations (884) (818) (1,672)
Segment assets
UK - Non-current assets 565 791 677
UK - Current assets 1,070 1,538 1,820
Canada - Non-current assets 752 892 807
Canada - Current assets 29 16 35
Total assets 2,416 3,237 3,339
Segment liabilities
UK (3,590) (3,838) (3,542)
Canada (850) (883) (850)
Total liabilities (4,440) (4,721) (4,392)
----------------------------------- ------------- ------------- ---------
3. Loss per Share
Unaudited Unaudited Audited
As at 31 As at 31 As at
December December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
----------------------------------- -------------- -------------- --------------
Loss attributable to shareholders
of the Company (972) (916) (1,878)
Weighted average number of
shares in issue 1,364,027,131 1,209,142,348 1,257,654,599
Fully diluted weighted average
number of shares in issue 1,364,027,131 1,209,142,348 1,257,654,599
------------------------------------ -------------- -------------- --------------
Basic loss per share (expressed
in pence per share) (0.1p) (0.1p) (0.1p)
Diluted loss per share (expressed
in pence per share) (0.1p) (0.1p) (0.1p)
------------------------------------ -------------- -------------- --------------
4. Trade and Other Receivables
Unaudited Unaudited Audited
As at 31 As at 31 As at
December December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
----------------------------------- ---------- ---------- ---------
Sales taxes receivable 145 174 178
Prepayments and other receivables 742 810 815
887 984 993
----------------------------------- ---------- ---------- ---------
5. Trade and Other Payables
Unaudited Unaudited Audited
As at 31 As at 31 As at
December December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
------------------------------ ---------- ---------- ---------
Trade payables 474 312 481
Accruals 1,181 1,427 1,157
Taxation and social security 98 1 98
Loan repayable to Shard
Capital 1,689 1,598 1,643
Other payables 7 91 2
3,449 3,429 3,381
------------------------------ ---------- ---------- ---------
Included within accruals is a balance of GBP552,000 (2017:
GBP548,000) which relates to the RMRI Group and is a further
balance due to related parties. Alan Minty and Damian Minty are
shareholders in the RMRI Group. This accrual owing is in addition
to the related party balance of GBP520,000 shown in the
Consolidated Statement of Financial Position.
It is included in Group's accruals as the debt has been
presented as an Application for Payment. Applications for Payment
are utilised where there is uncertainty with respect to timing of
payment so as to not generate a VAT liability for the service
provider until payment is made.
During the period, the Group made payments of GBP38,000 to Shard
Capital Management against its outstanding loan.
6. Related Party Transactions
The following table shows transactions and balances with related
parties.
Unaudited Unaudited Audited
As at 31 As at 31 As at
December December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
------------------------------ ---------- ---------- ---------
Services received from
RMRI Group
Employment Service Contracts 75 141 150
Other Services 41 32 58
Total 116 173 208
Balance owing
RMRI Group 520 807 541
Alan Minty and Damian Minty are shareholders in the RMRI Group.
Included with in accruals is a balance of GBP552,000 (2017:
GBP548,000) which relates to the RMRI Group and is a further
balance due to related parties.
7. Subsequent Events
Following the end of the period, the Company raised GBP250,000
before expenses through the issuance of 83,333,333 new ordinary
shares in a placing. In conjunction with the placing 8,333,333
warrants were issued to Novum Securities Limited.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR LLFIFVTIAFIA
(END) Dow Jones Newswires
March 29, 2019 08:15 ET (12:15 GMT)
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