Published on 4/3/2019 • Category:
TIDMCIA
Clean Invest Africa plc
("CIA" or the "Company")
Final Audited Results to 30 September 2018
4 March 2019
Clean Invest Africa plc, the NEX Exchange Growth Market ("NEX") quoted
investment company, focused on delivering an attractive return through
acquiring stakes in clean energy companies, remediation/restoration
technologies, waste-to-energy technologies and other clean energy related
projects throughout Africa is pleased to announce that it has today filed at
Companies House its Annual Report and Financial Statements for the period ended
30 September 2018. A copy will be available shortly on the Company website at
www.cleaninvestafrica.com.
The financial results for the period since incorporation on 18 September 2017
to 30 September 2018 show a loss after taxation of GBP204,078.
The directors do not recommend a payment of a dividend for the year to 30
September 2018.
Since admission to NEX in November 2017 the Company has furthered its
investment strategy through its initial US$500,000 investment in February 2018
whereby it acquired a 2.5% equity stake in CoalTech Limited ("CoalTech") and
Coal Agglomeration South Africa (Pty) Ltd ("CASA").
During the year the Board was strengthened with the appointment of Paul Ryan as
a non-Executive Director.
As announced to the market on 17 December 2018, the Company has further
advanced its investment strategy through the execution of a binding Sales and
Purchase Agreement ("SPA") to acquire the remaining 97.5% of CoalTech and the
remaining 97.5% of CASA, that the Company does not already own.
The SPA values the 97.5% interests at approximately GBP24.6m and values the
entire CoalTech and CASA business at approximately GBP25.2m, based on the
Company's closing bid price on 14 December 2018.
In view of the size of the acquisition relative to the Company and voting
control of the Company, NEX determined that the acquisition constitutes a
reverse takeover under the NEX Exchange Rules and is therefore conditional,
amongst other things, on the approval of Shareholders. Relevant and necessary
documentation is being finalised, and subject to regulatory approval,
concluding this process in the near term is a priority for the Company.
Noel Lyons Director of CIA commented "Our first year since listing has proved
to be very fruitful and successful. I am delighted that we have also
strengthened the Board with the addition of Paul Ryan in October 2018. My
fellow directors and I believe that the very substantial investment in CoalTech
and CASA will prove transformational and potentially highly value accretive for
the Company and directly follows through on our investment strategy. We intend
to continue to seek complimentary and accretive investments in accordance with
our Investment Strategy once this extremely significant acquisition has been
completed and the Company's shares are re-admitted to trading. The Board
expresses its thanks to shareholders for their continued support in what is a
very exciting time for the Company."
The directors of the Company accept responsibility for the contents of this
announcement.
Contacts:
Clean Invest Africa plc
info@cleaninvestafrica.com
Noel Lyons, Director
Peterhouse Capital Limited
Tel: 0207 469 0930
Guy Miller/Mark Anwyl
Income Statement
for the period ended 30 September 2018
GBP
Continuing operations
Revenue -
Administrative expenses (204,415)
Operating loss (204,415)
Finance income 337
Loss before income tax (204,078)
Income tax -
Loss for the period (204,078)
Earnings per share expressed
in pence per share:
Basic and diluted (0.15)
The Company was incorporated on 18 September 2017; therefore, no comparative
figures are presented
Statement of Other Comprehensive Income
for the period ended 30 September 2018
GBP
Loss for the period (204,078)
Other comprehensive income -
Total comprehensive income for the period (204,078)
Statement of Financial Position
As at 30 September 2018
30
September
2018
GBP
Non-current assets
Investments 358,362
Current assets
Trade and other receivables 5,080
Cash and cash equivalents 68,602
Total current assets 73,682
Total assets 432,044
Current liabilities
Trade and other payables 22,622
Total current liabilities 22,622
Net current assets 51,060
NET ASSETS 409,422
Equity attributable to the owners of the Company
Share capital 402,750
Share premium 210,750
Retained earnings (204,078)
TOTAL EQUITY 409,422
The Company was incorporated on 18 September 2017; therefore, no comparative
figures are presented.
The financial statements were approved by the Board of Directors on 1 March
2019 and were
signed on its behalf by:
S T Preece
Director
Statement of Changes in Equity
for the period ended 30 September 2018
Share Share Retained Total
Capital Premium Earnings Equity
GBP GBP GBP GBP
Balance at 18 September 2017 - - - -
Issue of share capital 402,750 236,250 - 639,000
Cost of shares issued - (25,500) - (25,500)
Total comprehensive income - - (204,078) (204,078)
Balance at 30 September 2018 402,750 210,750 (204,078) 409,422
Statement of Cash Flows
for the period ended 30 September 2018
2018
GBP
Operating activities
Loss before income tax (204,078)
Increase in trade and other receivables (5,080)
Increase in trade and other payables 22,622
Net cash used in operating activities (186,536)
Investing activities
Purchase of investments (358,362)
Net cash used in investing activities (358,362)
Financing activities
Proceeds from issue of shares 639,000
Issue costs (25,500)
Net cash from financing activities 613,500
Increase in cash and cash equivalents 68,602
Cash and cash equivalents at beginning of -
period
Cash and cash equivalents at end of period 68,602
The Company was incorporated on 18 September 2017; therefore, no comparative
figures are presented.
END
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