TIDMBION
RNS Number : 2389D
Bion PLC
28 June 2021
28 June 2021
BiON plc
("BiON" or "the Company")
Trading Update, Publication of Results and Director
Shareholding
BiON (AIM: BION), an environmental engineering, wastewater
treatment and renewable energy solutions company, provides an
update on trading, on the publication of its results and on its
biogas consortium. The Company also gives notice of a change in the
shareholding of Mr. Habizan Rahman Bin Habeeb Rahman, an Executive
Director of the Company.
Trading Update
As previously noted, following the outbreak of COVID-19, on 18
March 2020 the Government of Malaysia implemented a Movement
Control Order ("MCO"), which is the lockdown and restriction of
movement for all civilians and non-essential businesses, including
a ban on interstate travel. This required the Company to cease its
construction activities at the various project sites as supplies,
materials and equipment were not transportable or obtainable. From
4 May 2020, there was some easing of restrictions, but lockdown
measures remained in place throughout the year, including various
restrictions on interstate travel. As a result, the Company's
ability to progress its biogas power plants to completion was
impeded. However, the Company was successful in securing a number
of engineering, procurement, construction and commissioning
("EPCC") contracts, primarily in the second half of the year when
restrictions were eased. As noted in the Company's announcement of
13 April 2021, based on the delivery of these contracts (with an
immaterial contribution from power sales at the end of the year),
BiON expects to report revenue for 2020 of at least RM100m (2019:
RM24.06m). These results remain subject to audit.
The MCO was reinstated for January and February 2021 and from
May 2021 to date. Against this backdrop of challenging economic and
operating conditions, the Company has been unable to secure and
deliver EPCC contracts. While it has made some progress with the
development of its portfolio of biogas power plants, the Company is
only recognising initial revenue from this activity at present as
it awaits the receipt of regulatory approvals. As a result, the
Company expects to report significantly reduced revenue for the
first half of 2021.
Biogas Power Plant Portfolio
The Company has progressed the development of its wholly-owned
biogas power plant portfolio as follows:
-- Seberang Perak (2MW) - BiON was awarded the commercial
operation date ("COD") by Tenaga Nasional Berhad ("TNB"),
Malaysia's largest integrated electricity company, in May 2021
(with the formal certificate expected to be received in the coming
weeks). This enabled the Company to commence selling electricity
from Seberang Perak at the full Feed-in-Tariff ("FiT") rate.
Seberang Perak is currently generating 1MW of power, with the
capacity expected to increase as the mill recovers over time from
the impact of the pandemic.
-- Kahang (2MW) - The plant is undergoing recommissioning to
enable it to recommence power exports once approval is received
from the requisite authorities. The Company is also progressing the
refurbishment works, with the plant running and generating gas,
while strictly abiding by the standard operating procedures imposed
by the Malaysian government under the MCO.
-- Malpom (2MW) - The Company has successfully installed two
tanks alongside its lagoon-based system to support its biogas
creation capacity. While the Malpom power plant continues to
produce gas, this is not currently being converted to electricity
exports due to engine downtime and scheduled maintenance.
-- Nasaruddin (1MW) - The Company continues to await the
granting of an initial operation date ("IOD"), which is subject to
a visit to the site from TNB (the timing of which is largely
dependent on government restrictions on travel). Once the IOD is
granted, the Company will be able to commence selling power at
Nasaruddin at a reduced FiT rate ahead of receiving the COD.
Publication of Results
As a result of the MCO, the Company's audit for the 2020
financial results has been delayed as the Company's finance team
and its auditors have been unable to enter the office premises.
While work has commenced remotely, this only provides limited
access to the Company's accounting systems and supporting
documents. Consequently, the Company applied for a three-month
extension for the publication of its annual report and accounts for
2020, and it has received approval from AIM and the Jersey
Financial Services Commission. As a result, the Company will
publish its annual report and audited results for 2020 by 30
September 2021.
Biogas Consortium
Further to the Company's announcement of 19 November 2020, BiON
confirms that it is no longer pursuing the establishment of a
special purpose vehicle with Green Lagoon Technology Sdn Bhd ("GLT
transaction"), but remains open for collaborations in future should
the opportunity arise. The Company continues to partner with LIPP
Engineering Sdn Bhd ("LIPP") and SIRIM Tech Venture Sdn Bhd
("SIRIM"). In particular, BiON worked with LIPP on the new tanks
that were installed at Malpom.
As stated in the announcement of 19 November 2020, the GLT
transaction, if completed, would have constituted a fundamental
change of business under the AIM Rules requiring shareholder
approval. Given it is not going ahead, no shareholder approval is
required.
Director Shareholding
Further to the Company's announcement of 30 April 2020, Mr.
Habizan Rahman Bin Habeeb Rahman has completed the acquisition of
the entire issued share capital of K2M Ventures Sdn Bhd ("K2MV"),
which has an interest in 114,361,409 ordinary shares in the
Company. Accordingly, through his 100% ownership of K2MV, Mr.
Habizan Rahman has a beneficial interest in 114,361,409 ordinary
shares representing 26.5% of the Company's issued share
capital.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018.
Enquiries:
BiON plc
Datuk Syed Nazim bin Syed Faisal, CEO
Fakrizzaki Ghazali, CFO +603 6413 1085
Elle Sia, UK Country Manager +44 20 3633
www.bionplc.com 0891
Beaumont Cornish Limited (Nominated Adviser)
+44 20 7628
Roland Cornish, Felicity Geidt 3396
VSA Capital Limited (Joint Broker)
Andrew Raca, Maciek Szymanski, Vivian Papasotiriou +44 20 3005
(Corporate Finance) 5000
Andrew Monk (Corporate Broking)
Optiva Securities Limited (Joint Broker)
+44 20 3137
Vishal Balasingham 1903
Luther Pendragon (Financial PR Adviser)
+44 20 7618
Claire Norbury 9100
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mr. Habizan Rahman Bin Habeeb Rahman
------------------------------------- -------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Executive Director
------------------------------------- -------------------------------------------
b) Initial notification Initial Notification
/Amendment
------------------------------------- -------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name BiON plc
------------------------------------- -------------------------------------------
b) LEI 213800VRBEM772RI6T86
------------------------------------- -------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------------------
a) Description of the Ordinary shares of no par value
financial instrument,
type of instrument
Identification code JE00BYTQ7945
b) Nature of the transaction Purchase of an interest in Ordinary
Shares via the acquisition of K2MV
Ventures Sdn Bhd
------------------------------------- -------------------------------------------
c) Price(s) and volume(s)
------------------ --------------------
Price(s) Volume(s)
------------------ --------------------
N/A 114,361,409
------------------------------------------------------------- --------------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 2021-05-30
------------------------------------- -------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------- -------------------------------------------
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END
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