TIDMMUST
RNS Number : 3289A
Mustang Energy PLC
19 January 2024
Interim Condensed Financial Statements
Half Year to 30 June 2023
Mustang Energy PLC (the "Company"), announces its unaudited
interim results for the half year ended 30 June 2023.
Copies of this interim report will be made available on the
Company's website, www.mustangplc.com
ENQUIRIES
For further information, please visit www.mustangplc.com ,
follow us on Twitter @Mustang_Plc , or contact:
Mustang Energy PLC
Dean Gallegos, Managing Director
dg@mustangplc.com
+61 416 220 007
Interim Management Report
In April 2021 the Company announced that it had entered into an
investment agreement dated 21 April 2021 (the "Investment
Agreement") where it agreed to acquire a 22.1% interest in VRFB
Holdings Limited ("VRFB-H") f or US$7.524 million, which was funded
through the issue of US$8,000,000 10 per cent. unsecured
convertible loan notes (the "CLNs") to certain investors, including
the Company's 24.03% shareholder Acacia Resources Limited
("Acacia"). VRFB-H owns a 50% interest in Enerox Holdings Limited
("EHL") with EHL owning a 100% interest in Enerox GmbH ("Enerox").
The Company executed conditional agreements to acquire Acacia's and
Bushveld Energy Limited ("BEL") remaining 27.4% and 50.5%
respective stakes in VRFB-H and which were announced on 3 August
2022 and 28 November 2022.
Mustang's 22.1% investment into VRFB-H and its agreement to
acquire Acacia's and BEL's 27.4% and 50.5% interests in VRFB-H
constituted a reverse takeover under the Listing Rules. As a
result, the Company's have been suspended and shall remain so until
the Company publishes a prospectus for the readmission of the
ordinary share capital of the Company to trading on the London
Stock Exchange.
On 10 January 2023, the Company entered a loan agreement with
BMN (replacing in its entirety the loan agreement entered by the
parties on 25 January 2022) pursuant to which BMN provided the
Company with an unsecured non-interest bearing loan of US$420,000
(the "Loan"). The Loan was repayable in full at any time on or
prior to 31 December 2023 (the "Repayment Date") and is repayable
in any event if the Company raises any debt or equity capital of no
less than GBP1 million prior to the Repayment Date. At the option
of the Company, the Loan is repayable either by way of a single
repayment in cash or by the issue of such number of new MUST Shares
as is equal to the Loan (the "Loan Shares"). The issue price of the
Loan Shares is the greater of GBP0.20 per MUST Share and the
average volume-weighted average price of a MUST Share for the
consecutive 10 dealing days ending on the dealing day immediately
preceding the repayment date.
On 12 April 2023 the Company and VRFB-H executed a conditional
agreement to acquire the remaining 50% interest in Enerox Holdings
Limited ("EHL") from Garnet Commerce Limited ("Garnet") and was
announced on 12 April 2023 (the "Garnet Acquisition"). The Garnet
Acquisition would have resulted in EHL becoming a wholly owned
subsidiary of VRFB-H which in turn will be a wholly owned
subsidiary of the Company.
The Company also entered into a loan agreement with Enerox (the
"Enerox Loan") pursuant to which the Company would provide up to
US$2,000,000 of additional funding until Readmission. On 2 May 2023
the Company announced that it had entered into subscription
agreements to raise US$2,000,000 through the issue of new
convertible loan notes to new and existing investors (the "2023
CLNs") to fund the Enerox Loan. Acacia has subscribed for $750,000,
Bushveld Minerals Limited ("BMN") has subscribed for $750,000 and
Garnet has subscribed for US$500,000 of the 2023 CLNs. The maturity
date of the 2023 CLNs were 31 July 2023.
The terms of Garnet Acquisition meant that if the Company did
not obtain binding commitments of at least US$15m towards its
readmission fundraising, nor funded Enerox (in addition to the
Enerox Loan) with another US$1m until the end of June 2023, in each
case by 31 May 2023; or (iii) the Company has not obtained approval
of its proposed prospectus in relation to the Fundraise by the 30
June 2023, Garnet will have an option (the "Garnet Option") to
terminate the Garnet Acquisition, and upon investing a minimum of
US$3,500,000 into EHL, take a controlling position in EHL.
On 28 April 2023 the parties to the investment agreement dated
26 April 2021 (as subsequently amended and restated) (the
"Investment Agreement"), relating to the Company's conditional
purchase of the 22.1% interest in VRFB-H, agreed to extend the
longstop date to satisfy the principal outstanding condition of the
VRFB Share Purchase, namely the publication by the Company of a
prospectus and the readmission of the Company's shares ("MUST
Shares") to the Official List and to trading on the London Stock
Exchange's main market for listed securities (together,
"Readmission") by no later than 31 July 2023 (the "Longstop
Extension"). In turn, the Longstop Extension was mirrored in the
Company's convertible loan note instrument (the "CLN Instrument")
pursuant to which it issued US$8 million 10% convertible loan notes
(the "CLNs") to certain investors (the "CLN Holders") such that the
maturity date of the CLNs was, as agreed between the Company and
the CLN Holders, extended to 31 July 2023 (or such later date as
may be agreed between the Company and the CLN Holders) (the
"Maturity Date").
The Company was informed on the 28 July 2023 that Garnet had
exercised the Garnet Option. As the Company did not achieve
Readmission by the 31 July 2023 on the 8 August 2023 the holders of
the CLNs and 2023 CLNs informed the Company that they wished to
effect the backstop arrangements previously agreed between BMN and
the Company. BMN subsequently redeemed the CLNs and 2023 CLNs which
totalled US$10,000,000 plus accrued interest, the Company
transferred its 22.1% interest in VRFB-H and assigned the Enerox
Loan to BMN.
On the 20 November 2023 the Company issued 1,273,972 new
ordinary shares in the capital of Company at an agreed price per
share of GBP0.2674 as full repayment of the US$420,000 Facility.
Pursuant to the terms of the Facility, BMN will be issued 1 warrant
for every 2 shares issued to it by the Company (the "Warrants").
Each Warrant will grant BMN the right (but not the obligation) to
subscribe for one new ordinary share in the capital of the Company
(an "Ordinary Share") at an exercise price per share of GBP0.30.
The Warrants have an exercise period of 12 months after issue. Any
Warrants that are not exercised within this period will lapse.
The Company also issued 606,394 new ordinary shares in the
Company at an agreed price per share of GBP0.20 as full repayment
of backstop fees of GBP121,278.75 as a result of redemption of the
Company's CLNs and 2023 CLNs.
On 23 November 2023 the Company issued GBP200,000 1 0 per cent.
unsecured convertible loan notes (the "New CLNs") , the proceeds
from the New CLNs were used to satisfy existing trade creditors and
future working capital. The New CLNs mature on the 31 May 2024 and
convert automatically on Readmission at a conversion price of 6
pence.
Principal risks and uncertainties
The principal risks and uncertainties facing our business are
monitored on an ongoing basis. The board of directors have reviewed
the principal risks and uncertainties disclosed in the 2021 annual
report and concluded that they remain applicable for the second
half of the financial year. A detailed description of these risks
and uncertainties is set out on pages 18 to 19 of the 2021 annual
report.
Alan Broome, AM Chairman
19 January 2024
Statement of Directors' Responsibilities
The directors are responsible for preparing the interim
management report in accordance with applicable law and
regulations. The directors confirm that the interim condensed
financial information has been prepared in accordance with
International Accounting Standard 34 ('Interim Financial
Reporting') as endorsed for use in the United Kingdom.
The interim management report includes a fair review of the
information required by the Disclosure and Transparency Rules
paragraphs 4.2.7 R and 4.2.8 R, namely:
-- the interim condensed financial statements, which have been
prepared in accordance with applicable accounting standards, give a
true and fair view of the assets, liabilities, financial position,
and profit or loss of the Company as required by DTR 4.2.4R;
and
-- an indication of important events that have occurred during
the six months ended 30 June 2023 and their impact on the condensed
set of financial information and a description of the principal
risks and uncertainties for the remaining six months of the year;
and
-- material related-party transactions during the six months
ended 30 June 2023 and any material changes in the related-party
transactions described in the Annual Report and Accounts for the
period ended 31 December 2022.
The interim management report was approved by the Board of
Directors and the above responsibility statement was signed on its
behalf by:
Dean Lloyd Gallegos
Director
Date: 19 January 2024
Condensed Statement of Comprehensive Income
6 month 6 month
period ended period ended
30 June 2023 30 June 2022
(unaudited) (unaudited)
Note GBP GBP
Administrative expenses (292,756) (357,679)
Operating loss (292,756) (357,679)
Finance Costs (352,864) (386,029)
Other (losses)/gains (927,172) 89,997
Gain/(loss) on foreign exchange 53,398 (113,121)
Loss before taxation (1,519,394) (776,832)
Taxation
-
------------------------------------------------------------
Loss for the period (1,519,394) (766,832)
Other comprehensive income - -
for the period
Total comprehensive loss for
the period attributable to
the equity owners (1,519,394) (766,832)
Loss per share from continuing
operations attributable to
the equity owners
2
Basic loss per share
Diluted loss per share (0.15) (0.07)
(pence per share) (0.15) (0.07)
Condensed Statement of Financial Position
As at As at
30 June 2023 (unaudited) 31 December 2022
(audited)
Assets Note GBP GBP
Non-current assets
Property, plant and equipment 770 1,022
Investments 3 5,767,701 7,056,976
Total non-current assets 5,768,471 7,057,976
Current assets
Trade and other receivables 4 1,598,285 8,605
Cash and cash equivalents 6,464 22,994
Total current assets 1,604,749 31,599
Total assets 7,373,220 7,089,597
Equity and liabilities
Equity attributable to shareholders
Share capital 102,816 102,816
Share premium 810,219 810,219
Share based payments reserve 91,100 91,100
Retained deficit (3,482,429) (1,963,035)
Total equity (2,478,294) (958,900)
Liabilities
Current liabilities
Trade and other payables 5 248,770 114,271
Convertible loan notes 6 9,272,254 7,751,742
Other borrowings 330,490 182,484
Total current liabilities 9,851,514 8,048,497
Total liabilities 9,851,514 8,048,497
Total equity and liabilities 7,373,220 7,089,597
Condensed Statement of Changes in Equity
Share based
Share premium payments
Share account reserve Retained Total
capital deficit equity
GBP GBP GBP GBP GBP
On 1 January 2022 (audited) 102,816 810,219 91,100 (1,404,147) (400,002)
Period ended 30 June 2022
Total comprehensive loss
for the period - - - (766,832) (766,832)
Balance as at 30 June 2022
(unaudited) 102,816 810,219 91,100 (2,170,969) (1,166,834)
--------------- ---------------- --------------- --------------- ----------------
On 31 December 2022 102,816 810,219 91,100 (1,963,035) (958,900)
(audited)
Period ended 30 June 2023
Total comprehensive loss
for the period - - - (1,519,394) (1,519,394)
Balance as at 30 June 2023 102,816 810,219 91,100 (3,482,429) (2,478,294)
(unaudited)
--------------- ---------------- --------------- --------------- ----------------
Statement of Cash Flows
6 months to 30 June 2023 6 months to
(unaudited) 30 June 2022 (unaudited)
Note GBP GBP
Cash flow from operating activities
--------------- ------------------
Cash absorbed by operations 11 (173,988) (332,363)
--------------- ------------------
Cash flow from operating activities (173,988) (332,363)
Financing activities
Proceeds from loans and borrowings 1,767,673 163,428
Cost of issuing loans and borrowings (1,604,098) -
Net cash generated from financing activities 163,575 163,428
--------------- ------------------
Net decrease in cash and cash equivalents (10,413) (168,935)
--------------- ------------------
Cash and cash equivalents at beginning of period 22,994 394,700
Effect of foreign exchange rates (6,117) (5,584)
Cash and cash equivalents at end of period 6,464 220,181
Presentationally, some of the cash flow statement line
classifications have been adjusted in the current period. Similar
changes have been made to the presentation of the comparative
figures to support comparability.
1 Notes to the interim financial statements,
General information
Mustang Energy PLC (the "Company") is a Public Limited Company
incorporated and domiciled in England and Wales. The interim
condensed financial statements for the six months ended 30 June
2023. The address of the Company's registered office is 48 Chancery
Lane, c/o Keystone Law, London, WC2A 1JF. The interim condensed
financial statements of the Company were authorised for issue in
accordance with a resolution of the Directors on 19 January
2024.
The audited financial statements for the year ended 31 December
2022 are publicly available on the Company's website:
www.mustangplc.com. The interim condensed financial statements have
been prepared on a going concern basis.
1.1 Basis of preparation and statement of compliance
The interim condensed financial statements are for the six
months ended 30 June 2023 and have been prepared in accordance with
IAS 34 'Interim Financial Reporting'; the International Accounting
Standards endorsed for use in the United Kingdom ("IFRS"); on a
going concern basis and under the historical cost convention except
for revaluation of certain financial instruments.
The interim condensed financial statements do not comprise
statutory accounts within the meaning of section 434 of the
Companies Act 2006. They do not include all of the information
required in annual financial statements in accordance with IFRS,
and should be read in conjunction with the financial statements for
the year ended 31 December 2022.
The condensed financial information presented here for the year
ended 31 December 2022 does not constitute the Company's statutory
accounts for that year, but is derived from those accounts.
Statutory accounts for the year ended 31 December 2022 have been
delivered to the Registrar of Companies. The auditors reported on
those accounts: their report was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a
statement under s498(2) or (3) of the Companies Act 2006.
The condensed financial information for the period ended 30 June
2023 has not been audited or reviewed in accordance with the
International Standard on Review Engagements 2410 issued by the
Auditing Practices Board.
1.2 Accounting policies, critical estimates and judgements
The accounting policies, methods of computation, critical
estimates and judgements followed in the interim condensed
financial statements are in accordance with those followed in
preparing the financial statements for the year ended 31 December
2022.
A number of amendments to IFRS became applicable for the current
reporting period. The Company did not have to change its accounting
policies or make retrospective adjustments as a result of adopting
these amended standards.
The preparation of the interim condensed interim financial
statements requires directors to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these judgements and estimates.
In preparing these interim condensed financial statements, the
significant judgements made by directors in applying the Company's
accounting policies and the key sources of estimation uncertainty
were the same as those that applied to the audited financial
statements for the year ended 31 December 2022. As stated in the
Interim Management Report, despite holding a 22.1% interest, the
Company has not been able to exercise significant influence over
its investment in VRFB-H and thus the Company has not applied
equity accounting in preparing these interim condensed financial
statements. The Company's investment in VRFB-H continues to be
accounted for as a financial asset held at fair value through
profit or loss.
2 Loss per share
6 month 6 month
period ended period ended
30 June 2023 30 June 2022
GBP GBP
Number of shares
Weighted average number of ordinary shares
for basic and diluted earnings per share 10,281,600 10,281,600
-------------- -------------------------------
Loss
Loss for the period from continued operations (1,519,394) (766,832)
--------------- -------------
Loss per share for continuing operations
Basic loss per share (0.15) (0.07)
Diluted loss per share (0.15) (0.07)
---------- -----------
The share options and warrants are considered to be
anti-dilutive.
3 Investments
30 June 2023 31 December
2022
GBP GBP
Shares in unlisted entities 5,767,701 7,056,976
------------------ --------------------------------
Movements in non-current investments
Shares in
unlisted investments
GBP
Cost or valuation
At 1 January 2023 7,056,976
Loss on fair value of investment (927,172)
Fair value adjustment due to changes in exchange rate
At 30 June 2023 5,767,701
--------------------------------
Carrying amount
At 30 June 2023 5,767,701
--------------------------------
At 31 December 2022 7,056,976
--------------------------------
The underlying fair value of the Company's investment in VRFB-H
decreased from US$8,508,121 to US$7,329,833 during the 6 month
period ended 30 June 2023 leading to a loss of GBP927,172 (2022:
gain of GBP816,269) recognised in other gains and losses in profit
or loss. The changes in the fair value of the Company's investment
due to changes in the USD /GBP exchange rate of GBP362,103 (2022:
GBP667,374) is included in the in profit or loss within exchange
losses.
As disclosed in note 10, subsequent to the period end, the
Company's investment in VRFB-H has been transferred to Bushveld
Minerals Limited.
4 Trade and other receivables
30 June 31 December
2023 2022
GBP GBP
Other receivables 8,100 8,109
VAT recoverable 11,424 496
Prepayments 5,000 -
Loan advanced - Enerox loan (note 6) 1,573,761 -
----------- --------------------
1,598,285 8,605
----------- -----------------
5 Trade and other payables 30
June 31 December
2023 2022
GBP GBP
Trade payables 167,543 2,077
Accruals 29,400 62,750
Other payables 44,501 44,304
Other taxation and social security 7,326 5,140
--------- ------------------
248,770 114,271
--------- ---------------
6 Current liabilities - Borrowings 30
June 31 December
2023 2022
GBP GBP
Convertible loan notes 9,272,254 7,751,742
Working capital loan 330,490 182,484
9,851,514 8,048,496
------------- --------------
Convertible loan notes
On 27 April 2021 the Company entered into an investment
agreement to acquire a 22.1% interest ("Investment Agreement"") in
VRFB-H for a consideration of US$7,524,000. The investment was
financed through the issue of US$8,000,000 convertible loan notes
("CLNs"), with surplus funds being used to pay associated costs and
working capital.
On 12 April 2023 the Company entered into an agreement to issue
a further US$2,000,000 CLNs, to fund a working capital loan of
US$2,000,000 to Enerox GmbH ("Enerox Loan") and to amend the terms
of the CLNs, which, as at 30 June 2023, can be summarised
below:
- The CLNs attract an interest rate of 10% per annum, payable in
cash or shares in the Company at the election of the Company;
- The CLNs are redeemable at par together with outstanding
accumulated interest on 31 July 2023 unless converted into shares
in the Company at the option of the Company;
- The CLNs are convertible into shares in the Company,
calculated by dividing the nominal value (and accrued interest, if
applicable) of the CLNs (using the average USD/GBP closing exchange
rate as shown on Bloomberg over the five trading days prior to
conversion) by the lower of (a) the price per Share placed with or
otherwise subscribed by new investors in connection with the
Readmission discounted by 20 per cent.; or (b) GBP0.17 ("MUST 2023
Conversion Shares");
- The CLN holders will receive warrants to subscribe for new
shares in the Company (one warrant being issued for every two MUST
2023 Conversion Shares held), exercisable at a price per share of
30 pence. The warrants have an expiry period of three years from
the Conversion Date;
- In circumstances where the Company is in default, the Company
is obliged to exercise a backstop mechanism, whereby BMN has agreed
to issue new ordinary shares in its capital ("BMN Shares") to CLN
holders in respect of the principal amount and accrued interest
under the CLNs in return for the Company assigning the Enerox Loan
to BMN.
- In the event of change of control of the Company, the CLNs and
accumulated interest become redeemable either in cash or in shares
in the Company at the option of the CLN holders via the conversion
process specified above.
The movements in the carrying value of the CLN liability are
detailed below:
GBP
Balance at 1 January 2023 7,751,742
Issue of CLN's 1,604,098
Interest charge 352,798
Foreign exchange difference (436,384)
Balance at 30 June 2023 9,272,254
Subsequent to the period end, the Company failed to achieve
Readmission and the backstop option was exercised. Further details
are included in note 10.
The CLN is accounted for as a financial liability with an
embedded derivative representing the Company's option to convert
the CLN into shares.
The valuation of the embedded derivate is driven by unobservable
inputs such as the expected timing and probability of Readmission,
the Company's share price at Readmission as well as the expected
USD/GBP exchange rate. The value of the conversion derivate remains
GBPnil as at 30 June 2023 (Dec 2022: GBPnil) due to uncertainty
regarding the Readmission process.
Working Capital Loan
On 25 January 2022, the Company entered into a loan agreement
with BMN pursuant to which BMN provided the Company with an
unsecured non-interest-bearing loan of US$220,000 (the "Loan"). On
10 January 2023 the Company drew down a further US$200,000. The
Loan is repayable in full at any time on or prior to 31 December
2023 (the "Repayment Date") and is repayable in any event if the
Company raises any debt or equity capital of no less than GBP1
million (excluding any conversion of the CLNs into new MUST Shares)
prior to the Repayment Date. At the option of the Company, the Loan
is repayable either by way of a single repayment in cash or by the
issue of such number of new MUST Shares as is equal to the Loan
(the "Loan Shares"). The issue price of the Loan Shares is the
greater of GBP0.20 per MUST Share and the average volume-weighted
average price of a MUST Share for the consecutive 10 dealing days
ending on the dealing day immediately preceding the repayment
date.
BMN would also be issued one warrant for each two Loan Shares
issued to subscribe for Ordinary Shares, with an exercise price per
warrant of 30p and having an exercise period of 12 months after the
date of grant.
The option to convert the loan into Company shares is a
non-closely embedded derivative. The fair value of the derivative
at 30 June 2023 is not material and is thus deemed to be GBPnil
(Dec 2022: GBPnil).
The loan is a financial liability carried at amortised cost with
an effective interest rate of nil.
GBP
Balance at 1 January 2023 182,484
Loan received 163,576
Foreign exchange difference (15,570)
Balance at 30 June 2023 330,490
The terms of the Loan were amended further after the period end
as detailed in note 10.
7 Events after reporting date
Subsequent to the interim reporting date, there were several
changes to the forward plans for the Company. The nature of the
most significant of these changes is outlined below.
Redemption of Convertible Loan Notes
On 9 August 2023 the Company announced that pursuant to the
Investment Agreement between the Company and Bushveld Minerals
Limited ("BMN") dated 26 April 2021 (as amended) if the Company's
shares had not been readmitted to trading on the London Stock
Exchange's Main Market for listed securities ("Readmission") by 31
July 2023. As the Company was unable to meet this condition the
holders of the Company's convertible loan notes ("CLN") notified
the Company that they were effecting the backstop arrangements
previously agreed between the Company and BMN.
The backstop arrangements would result in the issuance to each
CLN holder of such number of new ordinary shares in BMN at a price
equal to the 20-day volume weighted average price of a new BMN
ordinary share prior to the date of issue as is equivalent to the
principal amount together with all accrued and unpaid interest
thereon.
The Company's CLNs were redeemed with an effective date of 15
August 2023, as a result of this redemption Mustang transferred its
22.1% interest in VRFB Holdings Limited and novated its rights
under the USD$2.0 million loan made to Enerox GmbH to BMN.
Events after reporting date (continued)
Working Capital Facility
On 16 August 2023, the Company entered a loan agreement with
BMN, replacing in its entirety the agreement entered by the parties
on 10 January 2023, pursuant to which BMN provided the Company with
an unsecured non-interest-bearing loan of US$420,000 (the "Loan").
The first tranche of the Loan of $220,000 was advanced in January
2022 and the second tranche of the Loan of $200,000 was advanced in
January 2023.
The Loan is repayable in full at any time on or prior to 31
December 2023 (the "Repayment Date") and is repayable in any event
if the Company raises any debt or equity capital of no less than
GBP1 million prior to the Repayment Date. At the option of the
Company, the Loan is repayable either by way of a single repayment
in cash or by the issue of such number of new MUST Shares as is
equal to the Loan (the "Loan Shares").
The exchange rate to be used for the conversion of US$ to GBP
will be the average Bloomberg exchange rate over the five business
days prior to the date of the issue of Loan Shares. The issue price
of the Loan Shares has been agreed as the greater of GBP0.20 per
MUST Share or the average volume weighted average price of a MUST
Share for the consecutive 10 dealing days ending on the dealing day
immediately preceding the repayment date. If the event the Loan is
repaid prior to or at readmission it has been agreed that the issue
price of the Loan Shares will be GBP0.2674, being the average
volume weighted average price of a MUST Share for the consecutive
10 dealing days priors to the suspension of the Company's shares on
27 April 2021.
On 16 November 2023 the Company issued 1,273,972 new ordinary
shares in the capital of Company at an agreed price per share of
GBP0.2674 as full repayment of the US$420,000 Facility. Pursuant to
the terms of the Facility, BMN will be issued 1 warrant for every 2
shares issued to it by the Company (the "Warrants"). Each Warrant
will grant BMN the right (but not the obligation) to subscribe for
one new ordinary share in the capital of the Company (an "Ordinary
Share") at an exercise price per share of GBP0.30. The Warrants
have an exercise period of 12 months after issue. Any Warrants that
are not exercised within this period will lapse.
Backstop Fee
On 18 August 2023, BMN confirmed in writing that the backstop
fee payable by the Company to BMN would be GBP121,278.75. On 16
November 2023 the Company issued 606,394 new ordinary shares in the
Company at an agreed price per share of GBP0.20 as full repayment
of backstop fees.
Term Sheet
On 7 November 2023 the Company entered into a non-binding heads
of terms to acquire the entire issued share capital of Cykel AI plc
("Cykel"), a company incorporated in England and Wales which is
listed on the Aquis Stock Exchange Growth Market (AQSE: CYK), on
the basis of 1.844 new Mustang share for each Cykel share. This
ratio has been calculated on the basis of a valuation of
GBP1,000,000 of MUST, and a valuation of Cykel at GBP19.22 million
based on a ten-day volume weighted average price (VWAP) up to 7
November 2023, being the date of the non-binding head of terms.
A draft prospectus has been filed with the Financial Conduct
Authority (the "FCA") and it is in the FCA review process. It is
currently expected that should the transaction proceed to
completion, the prospectus will be published during Q2 2024.
Director Resignation
Ms Jacqeline Yee tendered her resignation as a director of the
Company effective 3 January 2024.
8 Cash generated from operations
6 month 6 month
period ended period ended
30 June 2023 30 June 2022
GBP GBP
Loss for the period after tax
Adjustments for: (1,519,394) (766,832)
Depreciation and impairment of property,
plant and equipment
Finance costs 252 252
Fair value gain on investment 352,798 386,029
Fair value gain on CLN 927,172 -
Foreign exchange movement on CLN and working - (89,997)
capital loan (53,398) 118,705
Movements in working capital
Increase in trade and other receivables (15,919) (3,501)
Increase in trade and other payables 134,501 22,981
(173,988) (332,363)
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(END) Dow Jones Newswires
January 19, 2024 08:32 ET (13:32 GMT)
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