TIDMAEG
RNS Number : 6685J
Active Energy Group PLC
30 June 2017
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
30 June 2017
Active Energy Group Plc ('AEG', the 'Company' or 'the
Group')
Final Results for the Year Ended 31 December 2016
Active Energy Group Plc, the AIM quoted forestry management and
biomass based renewable energy business, announces its final
results for the year ended 31 December 2016.
The Company's Annual Report and financial statements for the
year ended 31 December 2016 and the Company's 2017 Notice of Annual
General Meeting ("AGM") and the associated form of proxy are now
available on the Company's website,
http://www.active-energy.com/company-reports. The Annual Report and
the Notice of AGM will also be posted to shareholders today.
The Company's 2017 Annual General Meeting will be held at the
offices of DWF LLP, 20 Fenchurch Street, London, EC3M 3AG at 10.00
a.m. on 24 July 2017.
Overview:
-- Progress being made in actively restructuring the Group,
expanding its international reach and adjusting risk the profile to
build shareholder value
-- Raised in excess of US$20m in debt and equity over the last
18 months including US$14.15million via the issue of convertible
loan notes to new and existing investors, with proceeds used to
fund the construction of the first CoalSwitch plant
-- Two affiliate companies established to focus on the two business divisions:
o Timberlands International Limited - for the development of
forestry management opportunities in various international
territories
o Advanced Biomass Solutions Plc - for the development and
global commercial roll out of direct drop-in replacement biomass
fuel, CoalSwitch TM
-- Agreement in principle signed with the Province of
Newfoundland and Labrador for a Crown Timber Licence and Forest
Management Agreement for 20 years relating to two Forest Management
Districts covering 1.2 million hectares
-- Evaluating additional forestry asset opportunities to expand activities further
-- Construction of the first CoalSwitch plant in Utah, North
America underway - estimated to be completed in Q4 2017
-- Initiated global roll out of CoalSwitch TM product, focussing
on jurisdictions where AEG has identified long-term, high volume
feedstock arrangements
-- Numerous utilities, corporates and major coal fired power
stations across the world have requested delivery of quantities of
CoalSwitch TM to test in their facilities
-- Decision taken to reduce the Group's operating exposure in
Ukraine by divesting wood fibre operations - significantly reduces
the Group's perceived geographic risk profile and will allow focus
on the development of Timberlands and ABS
-- For 12 months ended 31 December 2016, AEG generated revenue
of US$19.2million (2015: US$24.4million) and the Group's loss
before tax was reduced to US$2.3million (2015: 5.5million)
-- Gross margins significantly improved on the back of a strong
first half performance to US$14.63 a tonne (2015: US$8.87 a tonne)
and overheads reduced by 43%
-- US$2.4million of debt converted to equity by major
shareholder Gravendonck confirming their continuing support of the
Group's strategy
Richard Spinks, CEO of AEG said: "I believe we are at an
exciting point in the development of the Group as we look to
capitalise on what we believe is an excellent opportunity in
Newfoundland and Labrador, where our immediate priority is to
finalise the proposed Forestry Management Agreements and Crown
Timber Licences, as well as commercialise our biomass fuel,
CoalSwitch TM. We are now at a point where the Group's structure
and the market opportunities available to us, should allow our team
to create real value for our partners and stakeholders. Our
experience and expertise in forestry management and logistics,
blended with the unique benefits of the CoalSwitch TM product,
create the opportunity for us to transform both the way forestry
assets are monetised and power is generated from biomass.
Furthermore, having taken the decision to divest the Group's wood
chip operations in Ukraine, we have opened other opportunities for
the Group and believe that we are now better placed to take
advantage of these."
"I look forward to updating shareholders regularly on
developments, including the expansion of activities in Timberlands,
the roll-out of CoalSwitch TM internationally and the construction
of our first commercial CoalSwitch TM plant, which will enable us
to demonstrate to the coal fired power industry globally, that
CoalSwitch TM is a commercially and environmentally viable
alternative to the widespread closure of thousands of power
stations around the world."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**S**
Enquiries & Further Information
Website LinkedIn Twitter
---------------------- ---------------------------------------- -----------------------------
www.active-energy.com www.linkedin.com/company/activeenergy www.twitter.com/aegplc
(@aegplc)
---------------------- ---------------------------------------- -----------------------------
Enquiries
-----------------------------------------------------------------------------------------------
Active Energy Richard Spinks richard.spinks@aegplc.com
Group Plc Chief Executive
Officer
---------------------- -------------------------------------- -------------------------------
Brian Evans-Jones brian.evans-jones@aegplc.com
Chief Financial
Officer
---------------------- -------------------------------------- -------------------------------
Michael Rowan michael.rowan@aegplc.com
Non-Executive Chairman
---------------------- -------------------------------------- -------------------------------
Northland Capital Patrick Claridge/David Office: +44 (0)20
Partners Limited Hignell/Gerry Beaney 3861 6625
Nominated Adviser (Corporate Finance)
& Broker
John Howes/Rob Rees
(Sales and Broking)
---------------------- -------------------------------------- -------------------------------
St Brides Partners Susie Geliher/Megan info@stbridespartners.co.uk
Financial PR Dennison Office: +44 (0)
Adviser 20 7236 1177
---------------------- -------------------------------------- -------------------------------
About Active Energy Group
Active Energy Group Plc (AIM: AEG.L) is a London Stock
Exchange-listed international renewable energy business based upon
forestry assets. Its model is focussed on capturing the entire
forestry value chain through sourcing, utilising and
commercialising assets, and setting a new standard in the
sustainable management and optimisation of timber resources. The
Company is led by a highly technical and commercial team with the
experience to execute its defined growth strategy and build its
visibility, primarily as a London-listed timber opportunity with a
revolutionary biomass fuel technology. It has two affiliate
companies formed being:
-- Advanced Biomass Solutions Plc, which is commercialising a
revolutionary biomass coal replacement fuel, CoalSwitch and;
-- Timberland International Plc, a sustainable international forestry management business.
CHAIRMAN'S STATEMENT
FOR THE YEARED 31 DECEMBER 2016
Introduction
During the financial year ended 31 December 2016, AEG started to
undertake some significant changes to consolidate its position as
one of the few listed companies that provides exposure to both
forestry assets and biomass fuels. We have been active in
restructuring the business, expanding our international reach and
adjusting our risk profile, whilst also raising both equity and
debt finance to execute a growth strategy, which we believe has the
potential to create long-term shareholder value.
As announced on 8 May 2017, we are enacting significant changes
to the structure of AEG. As such, we have reorganised the Group to
focus on two principal areas: the development of forestry
management opportunities in various international territories, and
the further development and global commercial roll out of our
direct drop-in replacement biomass fuel, CoalSwitch TM.
Timberlands and ABS
To support this strategy, we have formed two affiliate
companies. Timberlands International Limited ('Timberlands')
manages the Group's timberland assets and relationships with
forestry asset owners, as well as developing, financing and
operating new timberlands projects, initially in Atlantic Canada.
Advanced Biomass Solutions Plc ('ABS'), houses the current
CoalSwitch TM /biomass operations controlled by the Group in North
America, and is advanced in developing future commercial projects
relating to CoalSwitch TM.
In this regard Richard Spinks, the Group's CEO, and Brian
Evans-Jones, the Group's CFO have been appointed to manage the
boards of Timberlands and ABS respectively. Each of ABS and
Timberlands is also in the process of identifying additional
directors with relevant industry experience for the boards of each
company and announcements will be made as new appointments are
made. To date, the proposed restructuring has received a positive
response both from commercial partners and a number of parties
within the investment community.
We continue to believe that both affiliate companies have highly
compelling business opportunities for AEG, which will establish
important new franchises in each of their industry sectors. The
market opportunities being presented to both companies show strong
commercial potential, which the Board is excited to pursue. Indeed,
on 22 May 2017, AEG announced that it had entered into an agreement
in principle with the Canadian Province of Newfoundland and
Labrador (the "Province") that, if finalised, will provide
Timberlands with a Crown Timber Licence and forest management
agreement for 20 years relating to two Forest Management Districts
covering 1.2 million hectares. The Company is currently engaged in
active negotiations with the Province and the relevant Ministries,
as it works towards the execution of binding Forestry Management
Agreements.
Finalising this agreement and commencing operations in
Newfoundland on the Great Northern Peninsula is a priority for AEG
and Timberlands, as the Board believes this will have a major
impact on AEG's market perception in terms of the Group's forestry
asset management activities.
The Crown Timber Licence and 20-year forestry management
agreement would allow Timberlands to harvest and utilise up to
140,000 solid cubic metres of wood annually from the Forestry
Management Districts 17 and 18 in Newfoundland. The total land area
is 1,211,000 hectares. The forestry is within a short distance of
the proposed production facilities and is proximate to ocean port
facilities, located at St. Anthony, Newfoundland, resulting in AEG
having direct access to the shortest shipping routes to Europe from
North America. Furthermore, we are already currently assessing
additional forestry opportunities to expand Timberlands in Atlantic
Canada and Europe.
The AEG Board believes that forestry owners see benefits with
our complementary business model which aims to improve the
economics of all forestry assets, and the added benefit of being
able to produce our next generation biomass product CoalSwitch TM.
This is the world's first 'drop in' biomass fuel that can
completely replace coal in existing coal fired power stations,
negating the need for expensive retrofitting and allowing
coal-fired power utilities to avoid plant closure. Importantly,
tests conducted over the last two years demonstrate that CoalSwitch
TM outperforms regular white pellet products, which are currently
being utilised by biomass power plants.
The Board is excited about the development of CoalSwitch TM as
numerous utilities, corporates and major coal fired power stations
across the world have requested delivery of large scale samples to
test in their facilities. Construction of the first plant in Utah,
North America is underway with orders for machine parts having been
placed with manufacturers during Q2 2017. The plant should be
operational before the end of 2017 and will provide us with the
ability to deliver commercial quantities of CoalSwitch (TM).
ABS is planning to roll out globally the CoalSwitch product,
focussing in jurisdictions where we have identified long-term, high
volume feedstock arrangements and where it has significant
advantages over all other processes available today. ABS is seeking
to secure binding contracts with companies to secure feedstock
arrangements, which may include empty fruit bunch and palm trunks
in Asia, low-value hardwoods and mill waste streams, and fir tree
and sawmill residues elsewhere in Canada, including Newfoundland.
It is also in discussions with several partners in North America
and Asia who are interested in utilising our pellet within their
local power markets. Although we are confident of a positive
outcome, at present no guarantees can be given that these
discussions will lead to a favourable outcome for ABS and AEG and
further announcements regarding this will be made as
appropriate.
Ukraine
With regards to Ukraine, the political and economic environment
in 2016 continued to present challenges for the Group. Our woodchip
operation performed strongly during the first half of 2016 and
following the equity fundraise, in August 2016 we purchased a
softwood line to develop more capacity. All the equipment was
delivered to Ukraine and is currently on site in and around the
port facilities in Ukraine. However, the second half was more
challenging with political events in Turkey in the second half,
specifically the attempted coup d'état in July 2016, having a
negative impact on the business. Furthermore, during 2016, three
new competitors entered the Ukrainian woodchip production and
export market, supplying what AEG believed to be an inferior
quality product, at a time when the Turkish lira had been devalued.
This adversely affected the Company's output and the export volumes
to Turkish clients. Additionally, the existence of these new
competitors placed downward pressure on price of woodchip that was
being exported to Turkey and had a subsequent impact on our gross
margins.
AEG WoodFibre also suffered the consequences of changing supply
dynamics in Ukraine, where sanitary logging has now been banned.
This has more than halved the raw wood supply in country, which has
contributed to higher raw wood prices, which are now over 20% more
than in 2016, in the official market.
With this backdrop, and as previously reported, to focus on the
Company's primary growth areas of Timberlands and ABS, the Board
has taken the decision to divest its wood chip business in Ukraine
("Nikwood"). As part of this process, the Group's former Chief
Operating Officer, Matteo Girlanda, decided to pursue the
opportunity to acquire Nikwood and accordingly resigned from the
AEG Board to avoid any conflicts of interest during the period of
negotiation. These negotiations remain ongoing but are not
exclusive and the Board is also considering additional alternatives
re the disposal of Nikwood. The divestment process remains a key
strategic focus and further announcements will be made as
appropriate.
The Board believes that exiting Ukraine will significantly
reduce the Group's perceived geographic risk profile and will allow
the management team to focus on the development of ABS and
Timberlands. With the resignation of Mr Girlanda, the Board is
actively looking for additional Board members to assist in the
execution of the Group's new strategy and further announcements
regarding Board appointments will be made as appropriate.
The Metis Settlements
Throughout the past year, a dialogue was maintained with the
Metis Settlements of Peavine, Paddle Prairie and East Prairie (the
"Metis Settlements") in Alberta and to a lesser extent with the
Ministry of Aboriginal Relations of the Alberta Government. Despite
these efforts, there has been a lack of progress towards a feasible
commercial development opportunity for their forestry assets for
the benefit of all parties. Although AEG was pleased to announce on
8 December 2016 that the Alberta Government had written to the
Métis Settlements and that these Settlement partners have received
communication, confirming that the approach taken by the previous
Progressive Conservative Association of Alberta Government has
changed significantly, the issue remains whether Alberta represents
an economically feasible jurisdiction for AEG to invest in.
Furthermore, in May 2017, three years after the Government of
Alberta blocked the Metis Settlement efforts to co-operate with
AEG, the Metis Settlements succeeded in their latest action against
the Albertan Government in regard to the issuance of previous
ministerial orders . This is a positive development but nonetheless
significant damage has been done and AEG, alongside the Metis
Settlements are now considering their options.
The Company will make a further announcement once this decision
has been made by the Board, in consultation with the Metis
Settlements General Council and the Chairs and Councils of the
affected Settlements.
Financial Review:
During the period, the Company conducted various initiatives to
improve its balance sheet. It raised GBP2.05 million (before
expenses) in an equity placing, agreed the conversion of US$2.42
million of debt into equity from a significant long-term
shareholder and CoalSwitch TM joint venture partners and received a
commitment for a five-year unsecured loan facility of US$6M
carrying interest at 8% per annum, US$2 million of which was drawn
down.
The recent convertible fund raising of US$14.15million, is being
used to fund the construction of our first CoalSwitch TM plant and
enacting Timberlands' growth strategy. We have received support
from new institutional investors as well as existing shareholders,
and I would like to thank them for their support in the
strengthened business model, as we look to build a global
business.
Once again it is regrettable that the Group's historic core
business was unable to deliver consistent performance throughout
the year as a result of factors beyond our control. Gross margins
were significantly improved on the back of a strong first half
performance to US$14.63 a tonne (2015: US$8.87 a tonne) and
overheads were reduced by 43% to US$3,089,105 (2015: US$5,398,156).
However, as a result of the political uncertainty in Turkey in the
second half of 2016 and the contraction of economic activity in
that market for several months following the attempted coup d'etat,
shipping volumes for the full year slipped to 194,865 tonnes, a
decrease of 11% on the previous year (2015: 220,748 tonnes) and
revenue declined 21% to US$19,196,559 (2015: US$24,377,516).
For the year, we are reporting an operating loss of US$237,253
(2015: US$3,412,643). The Group also had to absorb finance costs of
US$1,844,225 (2015: US$1,437,162) and a share of losses
attributable to our joint venture arrangements in Canada amounting
to US$305,151 (2015: US$619,262), which we expect to be recovered
by the Group when that business begins operations and becomes
profitable.
Outlook:
To conclude, our strategy to collaborate with forestry owners
around the world to increase the commercial viability of their
timberland assets and accelerate the production of our CoalSwitch
TM product, is progressing well. New opportunities in North
America, the European Union and Asia, have been identified
utilising a variety of feedstock which is already proven to be
effective for the production of our pellet.
Once we are able to execute a binding Forest Management
Agreement in Newfoundland, we fully expect to have a robust
platform from which to build and generate long term revenues, with
logistical benefits and market access to Europe from the closest
point in North America. The complementary opportunity to install
CoalSwitch TM technology in the region will assist in our corporate
goals as well as further strengthen our ties to Newfoundland.
Independent of this, ABS is receiving commercial interest from many
other regions in the world, all of which should allow ABS to prove
the CoalSwitch TM technology on a commercial basis.
Finally, I'd like to thank all those involved with AEG for their
efforts and hard work and I look forward to the future as our
commercial goals are realised.
Michael Rowan
Non-Executive Chairman
CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE
INCOME
FOR THE YEARED 31 DECEMBER 2016
2016 2015
US$ US$
REVENUE 19,196,559 24,377,516
Cost of sales (16,344,727) (22,392,153)
GROSS PROFIT 2,851,832 1,985,363
Other income - 150
Administrative expenses (3,089,105) (5,398,156)
OPERATING LOSS (237,253) (3,412,643)
Finance income 18,152 -
Finance costs (1,844,225) (1,437,162)
Share of loss of associate (305,151) (619,262)
LOSS BEFORE TAXATION (2,368,497) (5,469,067)
Income tax (122,143) (232,752)
LOSS FOR THE YEAR ATTRIBUTABLE
TO OWNERS OF THE PARENT (2,490,640) (5,701,819)
OTHER COMPREHENSIVE INCOME/(EXPENSE):
Items that may be subsequently
reclassified to profit or loss
Exchange differences on translation
of foreign operations (106,675) (74,097)
Exchange differences on translation
of associate 189,450 36,015
Total other comprehensive income/(expense) 82,775 (38,082)
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR ATTRIBUTABLE TO OWNERS OF
THE PARENT (2,407,865) (5,739,901)
Basic and Diluted loss per share
(US cent) (0.38) (1.03)
The Company has elected to take the exemption under section 408
of the Companies Act 2006 not to present the parent Company income
statement.
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016
Group Group Company Company
2016 2015 2016 2015
US$ US$ US$ US$
NON-CURRENT ASSETS
Intangible assets 6,925,002 4,327,224 2,746,396 103,762
Property, plant and
equipment 2,562,145 2,621,632 262 943
Investment in subsidiaries - - 2,040,292 4,204,863
Investment in associate 1,282,627 1,142,605 2,333,177 2,077,463
Loan to joint venture
partner 1,911,121 691,748 1,911,121 691,748
Available for sale financial
assets 83,455 100,137 83,455 100,137
12,764,350 8,883,346 9,114,703 7,178,916
CURRENT ASSETS
Inventory 424,998 306,209 - -
Trade and other receivables 2,650,332 2,574,088 324,102 3,883,349
Cash and cash equivalents 2,121,841 1,643,855 2,041,134 43,335
5,197,171 4,524,152 2,365,236 3,926,684
TOTAL ASSETS 17,961,521 13,407,498 11,479,939 11,105,600
CURRENT LIABILITIES
Trade and other payables 3,021,152 3,574,566 1,408,036 795,079
Loans and borrowings 7,062,730 5,567,302 4,123,600 2,628,172
Income tax liabilities 2,488 156,939 - -
10,086,370 9,298,807 5,531,636 3,423,251
NON-CURRENT LIABILITIES
Deferred income tax
liabilities 393,137 402,106 - -
Loans and borrowings 580,000 2,866,597 580,000 2,866,597
973,137 3,268,703 580,000 2,866,597
TOTAL LIABILITIES 11,059,507 12,567,510 6,111,636 6,289,848
NET ASSETS 6,902,014 839,988 5,368,303 4,815,752
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
Share capital 12,621,134 10,099,329 12,621,134 10,099,329
Share premium 13,469,916 8,603,703 13,469,916 8,603,703
Merger reserve 2,350,175 2,350,175 2,350,175 2,350,175
Foreign exchange reserve (29,654) (112,429) (1,023,538) (399,473)
Own shares held reserve (779,222) (1,229,630) (779,222) (1,229,630)
Convertible debt and
warrant reserve 1,075,301 1,075,301 1,075,301 1,075,301
Retained loss (21,805,636) (19,946,461) (22,345,436) (15,683,653)
TOTAL EQUITY 6,902,014 839,988 5,368,303 4,815,752
The financial statements were approved and authorised for issue
by the Directors on 29 June 2017 and were signed on their behalf
by:
R G Spinks B Evans-Jones
Chief Executive Officer Chief Financial Officer
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2016
Group Group Company Company
2016 2015 2016 2015
US$ US$ US$ US$
Cash (outflow)/inflow from
operations (982,318) (704,493) 548,626 (574,288)
Income tax paid (285,563) (178,627) - -
------------ ------------ ------------ ------------
Net cash (outflow)/inflow
from operating activities (1,267,881) (883,120) 548,626 (574,288)
Cash flows from investing
activities
Purchase of intangible
assets (163,257) (103,762) (163,257) (103,762)
Acquisition of investment - - (581,801) -
Contribution to associate (255,714) (1,279,696) (255,714) (1,279,696)
Loan to joint venture partner (1,351,904) (691,748) (1,351,904) (691,748)
Purchase of property, plant
and equipment (285,113) (2,190,331) - -
Sale of property, plant
and equipment 58,020 21,715 - -
Finance income 18,152 - - -
------------ ------------ ------------ ------------
Net cash outflow from investing
activities (1,979,816) (4,243,822) (2,352,676) (2,075,206)
Cash flows from financing
activities
Issue of equity share capital,
net of share issue costs 2,921,762 1,584,441 2,921,762 1,584,441
Unsecured loans raised 837,667 2,386,000 957,777 1,190,000
Finance expenses (97,095) (137,619) (100,389) (137,619)
------------ ------------ ------------ ------------
Net cash inflow from financing
activities 3,662,334 3,832,822 3,779,150 2,636,822
------------ ------------ ------------ ------------
Net increase/(decrease)
in cash and cash equivalents 414,637 (1,294,120) 1,975,100 (12,672)
Cash and cash equivalents
at beginning of the year 1,643,855 3,227,414 43,335 136,993
Exchange (losses)/gains on
cash and cash equivalents 63,349 (289,439) 22,699 (80,986)
------------ ------------ ------------ ------------
Cash and cash equivalents
at end of the year 2,121,841 1,643,855 2,041,134 43,335
============ ============ ============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
Share Share Merger Foreign Own shares Convertible Retained Total
capital premium reserve exchange held debt earnings equity
reserve reserve and warrant
reserve
US$ US$ US$ US$ US$ US$ US$ US$
At 31 December
2014 9,774,327 7,344,264 2,350,175 (74,347) (1,229,630) 1,075,301 (15,625,424) 3,614,666
Loss for the
year - - - - - - (5,701,819) (5,701,819)
Other
comprehensive
income - - - (38,082) - - - (38,082)
Issue of share
capital 48,293 59,867 - - - - - 108,160
Share based
payments - - - - - - 1,380,782 1,380,782
----------- ----------- ---------- ---------- ------------ ------------ ------------- ------------
At 31 December
2015 10,099,329 8,603,703 2,350,175 (112,429) (1,229,630) 1,075,301 (19,946,461) 839,988
Loss for the
year - - - - - - (2,490,640) (2,490,640)
Other
comprehensive
income - - - 82,775 - - - 82,775
Issue of share
capital 2,521,805 4,866,213 - - - - - 7,388,018
Own shares
reserve - - - - 450,408 - - 450,408
Share based
payments - - - - - - 631,465 631,465
----------- ----------- ---------- ---------- ------------ ------------ ------------- ------------
At 31 December
2016 12,621,134 13,469,916 2,350,175 (29,654) (779,222) 1,075,301 (21,805,636) 6,901,014
=========== =========== ========== ========== ============ ============ ============= ============
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2016
Share Share Merger Foreign Own shares Convertible Retained Total
capital premium reserve exchange held debt and earnings equity
reserve reserve warrant
reserve
US$ US$ US$ US$ US$ US$ US$ US$
At 31 December
2014 9,774,327 7,344,264 2,350,175 (118,002) (1,229,630) 1,075,301 (14,123,919) 5,072,516
Loss for the
year - - - - - - (2,940,516) (2,940,516)
Other
comprehensive
income - - - (281,471) - - - (281,471)
Issue of share
capital 325,002 1,259,439 - - - - - 1,584,441
Share based
payments - - - - - - 1,380,782 1,380,782
----------- ----------- ---------- ------------ ------------ ------------ ------------- ------------
At 31 December
2015 10,099,329 8,603,703 2,350,175 (399,473) (1,229,630) 1,075,301 (15,683,653) 4,815,752
Loss for the
year - - - - - - (7,293,248) (7,293,248)
Other
comprehensive
income - - - (624,092) - - - (624,092)
Issue of share
capital 2,521,805 4,866,213 - - - - - 7,388,018
Own shares
reserve - - - - 450,408 - - 450,408
Share based
payments - - - - - - 631,465 631,465
----------- ----------- ---------- ------------ ------------ ------------ ------------- ------------
At 31 December
2016 12,621,134 13,469,916 2,350,175 (1,023,565) (779,222) 1,075,301 (22,345,436) 5,368,303
=========== =========== ========== ============ ============ ============ ============= ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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