TIDMPHE
RNS Number : 3691A
Powerhouse Energy Group PLC
29 September 2020
29(th) September 2020
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Interim results for the six months ended 30 June 2020
Powerhouse Energy Group plc (AIM: PHE), the UK technology
company pioneering hydrogen production from waste plastic and used
tyres, announces its unaudited interim results for the six months
ended 30 June 2020.
H1 2020 Highlights
Operational
-- Successful completion of the planning approval process by
Cheshire West and Chester council for the Protos Energy Park
application of the DMG(R) technology, Ellesmere Port.
-- Initiation by Peel L&P Environmental ("Peel") of the
front-end Engineering and Design program (FEED) for the DMG(R)
System at Protos
Sales
-- Commercial terms signed for the application of the DMG(R)
technology with Peel whereby Powerhouse will receive an annual
license fee of GBP500,000 for each DMG(R) plant that Peel develops
once commissioned, with engineering fees received during the
engineering and execution stage until commissioning.
-- Powerhouse awarded Peel an Option to enter into an exclusive
agreement for the development of DMG(R) Technology in the UK. On
exercise of the Option, the Company will be due GBP500,000 as a
one-off fee.
Financial
-- First commercial revenues received from engineering services
on the Protos project and further agreements signed for engineering
services on Peel's Protos project through to completion.
-- The exercise of warrants enhanced cash by circa GBP292,000 in the half year.
Corporate
-- Following the commitment of Peel to the Collaboration
Contract, Myles Kitcher - MD of Peel, was appointed to the
Board.
Post-period Highlights
-- Completion of the Acquisition of Waste2Tricity Limited ("W2T").
-- Completion of Peel engineering FEED phase contract for the
first DMG(R) application at Protos Energy Park, Ellesmere Port.
-- GBP5m fundraise and engagement of cornerstone industrial
(Peel Holdings (IOM) Ltd - the holding company of Peel) and
financial investors to be used to:
o support a growth of operational team to provide license
support
o support cashflow for project activities until
profitability
o provide balance sheet strength and flexibility
-- Peel Holdings (IOM) Ltd granted warrants to acquire new
shares equating to 10% of the current issued capital of Powerhouse
triggered by announcement of the Financial Closing of the Protos
Project.
-- The appointment of Allan Vlah to the board following the acquisition of W2T.
-- The appointment of Tim Yeo to the board, following the
acquisition of W2T and subsequently as Chairman to replace Dr
Davies who is stepping back to focus on supporting key aspects of
growth of the organisation.
David Ryan, CEO, commented:
"The first six months of 2020 have been transformative for
Powerhouse. The completion of the W2T acquisition enables
Powerhouse to move closer to Peel as the UK developer of the DMG
(R) process and we share their vision of the Powerhouse technology
being at the centre of community based plastic-to-hydrogen
facilities. With the Protos engineering definition phase completed,
Powerhouse will now be able to focus on our priority of completing
the financial close of the Protos project and moving into execution
of this exciting first application of the technology."
Tim Yeo, Chairman, added:
"I am delighted by the progress made by Powerhouse in 2020. In
particular investors, including new institutional investors, have
shown confidence in the management of the Company by backing a GBP5
million fund raise. Following the successful integration of W2T we
are looking forward to completion of the first application of our
waste plastic-to-hydrogen technology at Protos, within the North
West Hydrogen Hub. Our demonstrably strengthened partnership with
Peel will serve as the model for the roll out of DMG (R) technology
both here in the UK and worldwide."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For more information, contact:
Powerhouse Energy Group plc Tel: +44 (0) 203 368
6399
David Ryan, Chief Executive Officer
WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220
1666
James Joyce / Lydia Zychowska
Turner Pope Investments Ltd (Joint Tel: +44 (0) 203 657
Broker) 0050
Andrew Thacker / Zoe Alexander
Ikon Associates (Media enquiries) Tel: +44 (0) 1483 271291
Adrian Shaw Mob: +44 (0) 7979 900733
Notes for editors:
About Powerhouse Energy Group plc
Powerhouse has developed a proprietary process technology -
DMG(R) - which can utilise waste plastic, end-of-life-tyres, and
other waste streams to efficiently and economically convert them
into syngas from which valuable products such as chemical
precursors, hydrogen, electricity and other industrial products may
be derived. Powerhouse's technology is one of the world's first
proven, distributed, modular, hydrogen from waste (HfW)
process.
The Powerhouse DMG(R) process can generate up to 2 tonnes of
road-fuel quality hydrogen and more than 58MWh of exportable
electricity per day.
Powerhouse's process produces low levels of safe residues and
requires a small operating footprint, making it suitable for
deployment at enterprise and community level. As announced on 11th
February 2020 under its Supplemental Agreement with Peel
Environmental, Powerhouse will receive an annual license fee of
GBP500,000 in respect of each project which is commissioned.
Powerhouse is quoted on the London Stock Exchange's AIM Market
under the ticker: PHE and is incorporated in the United Kingdom
.
For more information see www.powerhouseenergy.net
About the Protos project
The first application of the Powerhouse DMG (R) technology is to
be built at the Protos Site, a Peel L&P energy park development
on a 54-hectare site known as 'Protos' near Ellesmere Port,
Cheshire, England. The site is the first development by Peel
L&P under the Collaboration Agreement.
The planning permission for the application was submitted in
September 2019 and, on 3 March 2020, the Cheshire West and Chester
planning committee approved the planning application for the DMG
(R) Technology to be utilised on the Protos Site.
Interim Results for the six months to 30 June 2020
Chairman's Statement
Introduction
Powerhouse made very significant progress in a full and active
first six months of 2020 with the team finalising the commercial
terms for the many locations where Peel will apply the technology,
with 11 contracted initially, offering a de-risked roll-out of the
technology in the UK, with Powerhouse being paid for services
during the project and the annual licence fee of GBP500,000
initiated on commissioning of each plant.
The Option for Exclusivity with Peel further offers the two
companies the opportunity to plan a long-term national roll-out of
the technology, with Peel having a vision of potential for over 70
plants in the UK. The Directors anticipate that this Exclusivity
agreement will complete in parallel with the construction of the
Protos Energy Park application of DMG (R). A further GBP500,000
payment from Peel will accompany completion.
Indeed, the commitment of investment made by Peel Holdings in
the Company announced on 9 September 2020, along with the warrants
awarded, allows Peel to further strengthen this relationship and
demonstrates the commitment of this major UK industrial landowner
to the opportunities presented in the UK by the DMG (R)
technology.
Operationally, despite the Covid-19 lockdown challenge, Peel
placed the contracts for the design phase of the Protos DMG (R)
plant and the contractors worked well through the period,
maintaining their delivery schedule close to programme.
Also, during the period, the Company undertook the due diligence
of the acquisition of W2T purchase that had been initially agreed
in Heads of Terms in December 2019.
Post period end, on 14 July 2020, the acquisition of W2T and the
Rule 9 waiver were approved by shareholders and currently the
Company is operating post-acquisition as described in the
Circular.
Our strategy
Powerhouse designs, delivers and licenses Distributed Modular
Generation (DMG(R)) technology, a proprietary design which converts
calorific waste streams into synthetic gas (syn-gas), a valuable
intermediate product a that can be used for power generation and as
a source of hydrogen for fuel cell vehicles.
The process converts non-recyclable waste plastic or end of life
tyres to produce clean syn-gas into these 'end of waste'
products:
-- Hydrogen
-- Electrical power and heat
-- Natural gas replacement
-- Chemical feedstocks.
Powerhouse model is to license the proprietary control systems
with associated paid services for specific client feedstock
analysis and laboratory services, engineering during project
development, and then operational support services when projects
are commissioned.
In the United Kingdom, Powerhouse will be partnered by Peel as
the exclusive development partner upon its exercise of the Option
and revenues will be principally from operating licenses, with
project services paid for under contracted fee arrangements.
For international sales, Powerhouse anticipates securing
international exclusivity contracts with major energy and waste
management companies, that would result in license fees and sales
revenues being paid on a country-by-country basis.
In the longer-term, Powerhouse will endeavour to increase its
portion of project revenues, potentially expanding licensing,
engineering and management services into manufacturing and delivery
with local partners; such expansion will be prudent, in line with
financial capability.
Contract Sales
During the period, Peel and Powerhouse s igned the commercial
terms for the application of the DMG(R) technology whereby
Powerhouse will receive an annual license fee of GBP500,000 for
each DMG(R) plant that Peel develops once commissioned, with
engineering fees received during the engineering and execution
stage until commissioning. The agreement would apply for all
collaboration agreement applications.
Under the terms of the collaboration contract, Peel has
committed, subsequent to commissioning of Protos, to build a
further ten projects. Furthermore, Powerhouse awarded Peel an
Option to enter into an exclusive agreement for the development of
DMG(R) Technology in the UK and the Option when exercised will
provide the same terms for future projects, with increase for
inflation allowed. On exercise of the Option, the Company will be
due GBP500,000 as a one-off fee.
Under the agreements Peel will take development responsibility
and their plans are to enact developments themselves driven by the
UK waste plastic market and hydrogen markets. Sites are planned to
be on Peel's landbank, new sites and third party locations.
Business Development and Sales Pipeline
The Company is in discussions with customers in the UK and
internationally to sell its DMG(R) process with capacities between
25 and 40 tonnes per day of non-recyclable plastic and tyre waste
and to generate energy in the form of hydrogen, syngas for
industrial consumption and community power.
The pipeline of UK sales is currently contracted firmly at a
further ten under the collaboration contract with Peel. This is
extended by the Option for Exclusivity with Peel, which further
offers the two companies the opportunity to plan a long-term
national roll out of the technology, with Peel having a vision of
over 70 plants in the UK. The scale of the opportunity is
demonstrated by market analysis commissioned by Peel from an
international waste consultancy, which has estimated that there is
sufficient waste plastic in the Protos catchment area alone to
supply up to 60 local DMG (R) plants.
With the Protos FEED design completed, the Peel and Powerhouse
engineering teams are turning to new site locations and the
application engineering teams will now focus on the Peel pipeline
of projects, with further locations planned in major English and
Scottish cities as the second tranche of development.
The longer-term pipeline locations targeted by Peel is expected
to be driven by councils, industrial partners and waste management
companies, typically as part of a 'plastic park' which will often
contain multiple local users of heat and power, together with
companies and communities requiring local sources of hydrogen to
support decarbonisation of their fleets.
International interest in the DMG(R) technology has been
strengthened through the UK development announcements. the
Directors consider that projects in Australia may enter feasibility
studies shortly, with Spanish feasibility studies already
underway.
International exclusivity will be negotiated on a
territory-by-territory basis, with the intention for several
overseas parties to act as regional technical licensing partners
for DMG(R) technology in a similar fashion to Peel, with associated
exclusivity payments. The Directors are cognisant that the majority
of our potential international industrial partners will wait on
commissioning of a first project and that terms will be more
attractive post Protos. Therefore, most international agreements
will only be signed after completion of Protos after careful market
analysis, opportunity analysis and identification of any barriers
to entry.
Technology Development
The technology development work in the period concentrated on
supporting the international engineering contractor in preparation
of the Protos site FEED. As part of the programme, Powerhouse has
offered further design options to Peel for hydrogen distribution
that will allow them to support a number of local consumers of the
2 tonnes of hydrogen that the process is planned to create.
With regard to the novel aspect of the technology, recent
activities have demonstrated that the risk can be considered low in
a couple of key areas:
i) The engineering undertaken by Peel's appointed international
engineering contractor has further validated engineering and we
have engaged the vendor market, with numerous parties bidding to
supply the equipment. Selection will be made carefully to protect
Powerhouse proprietary know-how.
ii) The planning activity undertaken for Protos has further
demonstrated that potential planning risk issues arising for DMG
(R) can be lowered through collaboration with Peel in the UK.
The Company plans to engage DNV-GL, the technology certification
company, to complete the next stage of its technology
verification.
The Intellectual Property protection programme continued with
patent applications submitted under the International Patent System
covering all target geographic locations. Further detailed patents
are expected to be generated in the year.
The key proprietary components, the chemical engineering model
of the process and the control parameters for the process will be
maintained within a non-accessible 'black box' to be developed by
Powerhouse and only accessed under licence by the appointed
operators.
Board Changes
The Company was pleased to welcome Myles Kitcher to the board in
March. Myles is a director of Natural Resources & Energy at
Peel L&P and has a wealth of experience in industrial property
development and management, particularly in the field of energy
from waste. Myles is also a leading force behind our Protos project
with Peel.
Allan is a director in Aviva Investors' infrastructure group,
where he leads the energy from waste equity strategy. Allan has
wide experience and specialist knowledge of the energy sector and
infrastructure financing.
I joined the board in July and was appointed Deputy Chairman in
August. Following a board appraisal of focus and Dr Cameron
Davies's decision earlier this month to step back as Chairman to
concentrate on internal matters associated with growth and
development of the operating organisation where his expertise lies,
I was appointed Chairman. Information about my background is
contained in the document describing the acquisition of
Waste2Tricity Limited which was sent to shareholders on 26 June
2020 and which can be seen on the Company's website.
Brent Fitzpatrick stepped down from the board in August. I wish
to thank Brent for his valuable contribution to the board and to
the Company's progress over almost a decade and through some
challenging times.
Financial
The engineering contracts for Protos for the pre-FEED period
generated the first working revenues for the Company and we
subsequently entered into the FEED period engineering contract. In
the second half of the year, the main Protos engineering services
contracts are expected to be signed. Feedstock testing regimes were
put in place during the year for industrial partners of Peel under
engineering services contracts.
In the first half of the year the Company continued a prudent
approach to expenditure, focusing on the key aspect of technical
support for Peel on the Protos development.
The Company was supported by the exercise of warrants that had
been granted in 2018 with a further GBP292,000 of shareholder
investment. In addition, the Company also secured research and
development tax reimbursements for 2018.
Post period end, in September 2020, the Company successfully
raised GBP5 million, before expenses, by way of a Placing and
Subscription. The investors included an institutional investor,
together with Peel and individual investors, including the White
family under the terms of the Relationship Agreement with the
Company. The Directors are confident that the fundraise will secure
the Company financially through the development of the first
application at Protos, and enable the Company to effect its
staffing plan and the development of management systems described
in our strategy, and ultimately to reach profitability.
The Board acknowledges the support and engagement of the
Powerhouse shareholders and endeavours to deliver the shared vision
in the Company's future. We will be pleased to present an
operational update and address shareholder questions as part of the
shareholder presentations posted on the website as part of the
AGM.
Tim Yeo
Non-Executive Chairman
Statement of Comprehensive Income
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 June 30 June 31 December
Note 2020 2019 2019
GBP GBP GBP
Revenue 1 100,000 - -
Cost of sales (99,868) - -
Gross profit 132 - -
Administrative expenses (643,503) (865,189) (1,705,184)
Acquisition costs 2 (249,664) - -
Operating loss (893,035) (865,189) (1,705,184)
Finance costs (987) (219) (750)
Loss before taxation (894,022) (865,408) (1,705,934)
Income tax credit - - 195,708
Loss after taxation (894,022) (865,408) (1,510,226)
Total comprehensive loss (894,022) (865,408) (1,510,226)
----------- ----------- -----------
Total comprehensive loss attributable
to:
Owners of the Company (894,022) (865,408) (1,510,226)
Non-controlling interests - - -
----------- ----------- -----------
Loss per share from continuing
operations (pence) 4 (0.04) (0.05) (0.08)
The notes numbered 1 to 6 are an integral part of the interim
financial information.
Statement of Financial Position
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 30 June 31 December
Note 2020 2019 2019
GBP GBP GBP
ASSETS
Non-current assets
Intangible fixed assets 16,843 - 16,514
Tangible fixed assets 115 954 229
Investments 1 1 1
Total non-current assets 16,959 955 16,744
Current Assets
Trade and other receivables 85,176 123,997 46,244
Contract costs 14,550 71,575 114,418
Corporation tax recoverable - 144,796 195,708
Cash and cash equivalents 241,162 139,868 103,580
------------ ------------ ------------
Total current assets 340,888 480,236 459,950
Total assets 357,847 481,191 476,694
LIABILITIES
Current liabilities
Trade and other payables (901,596) (296,812) (489,676)
Total current liabilities (901,596) (296,812) (489,676)
Net (liabilities)/assets (543,749) 184,379 (12,982)
------------ ------------ ------------
EQUITY
Shares and stock 3 13,475,587 12,541,638 12,922,727
Share premium 48,788,408 48,775,384 48,778,651
Accumulated losses (62,807,744) (61,132,643) (61,714,360)
Total (deficit)/surplus (543,749) 184,379 (12,982)
------------ ------------ ------------
The notes numbered 1 to 6 are an integral part of the interim
financial information.
Statement of Cash Flows
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 31
Note 30 June 30 June December
2020 2019 2019
GBP GBP GBP
Cash flows from operating activities
Operating loss (893,035) (865,189) (1,705,184)
Adjustments for:
* Share based payment 71,536 245,685 693,142
* Depreciation 114 725 1,450
Changes in working capital:
99,868 (71,575) (114,418)
* Decrease/(increase) in contract costs (38,932) (60,001) 17,752
* Decrease/(increase) in trade and other receivables
* Increase / (decrease) in trade and other payables 411,920 49,750 242,614
Tax credits received 195,708 - 144,796
Net cash used in operations (152,821) (700,605) (719,848)
----------- ----------- -----------
Cash flows from investing activities
Purchase of intangible fixed assets (329) - (16,514)
Net cash from investing activities (329) - (16,514)
Cash flows from financing activities
Share issues 291,719 - -
Net finance costs (987) (219) (750)
Net cash flows from financing activities 290,732 (219) (750)
----------- ----------- -----------
Net (decrease) / increase in cash and
cash equivalents 137,582 (700,824) (737,112)
Cash and cash equivalents at beginning
of period 103,580 840,692 840,692
Cash and cash equivalents at end
of period 241,162 139,868 103,580
----------- ----------- -----------
The notes numbered 1 to 6 are an integral part of the interim
financial information.
Statement of Changes in Equity
Share Accumulated
Share capital premium losses Total
GBP GBP GBP GBP
Balance at 1 January 2019 (audited) 12,395,943 48,773,510 (60,365,351) 804,102
Transactions with equity participants:
- Shares issued in lieu of services 145,695 1,874 - 147,569
Share based payment - - 98,116 98,116
Total comprehensive loss - - (865,408) (865,408)
Balance at 30 June 2019 (unaudited) 12,541,638 48,775,384 (61,132,643) 184,379
Transactions with equity participants:
- Shares issued in lieu of services 381,089 3,267 - 384,356
Share based payment - - 63,101 63,101
Total comprehensive loss - - (644,818) (644,818)
Balance at 31 December 2019
(audited) (GBP) 12,922,727 48,778,651 (61,714,360) (12,982)
Transactions with equity participants:
* Shares issued in lieu of services 261,141 9,757 - 270,898
- Shares issued on exercise
warrants 291,719 - - 291,719
Share based payment - - (199,362) (199,362)
Total comprehensive loss - - (894,022) (894,022)
Balance at 30 June 2020 (unaudited) 13,475,587 48,788,408 (62,807,744) (543,749)
------------- ---------- ------------ ---------
The following describes the nature and purpose of each reserve
within equity:
Share premium Amount subscribed for share capital in excess of
nominal value
Accumulated deficit Accumulated deficit represents the
cumulative losses of the Company and all other net gains and losses
and transactions with shareholders not recognised elsewhere
The notes numbered 1 to 6 are an integral part of the interim
financial information.
Notes (forming part of the interim financial information)
1. Summary of significant accounting policies
The following accounting policies have been applied consistently
in dealing with items which are considered material in relation to
the financial information.
1.1. Basis of preparation
This interim financial information is for the six months ended
30 June 2020 and has been prepared in accordance with International
Accounting Standard 34 "Interim Financial Statements". The
accounting policies applied are consistent with International
Financial Reporting Standards ("IFRS") adopted for use by the
European Union. The accounting policies and methods of computation
used in the interim financial information are consistent with those
of the previous financial year and corresponding interim reporting
period and with those expected to be applied for the year ending 31
December 2020.
The Company does not consider any new and amended standards that
became applicable for the current reporting period to have any
impact on the Company's results.
The unaudited results for period ended 30 June 2020 do not
constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006. The comparative figures for the period
ended 31 December 2019 for the company are extracted from the
audited financial statements which contained an unqualified audit
report and did not contain statements under Sections 498 to 502 of
the Companies Act 2006.
This interim financial statement will be, in accordance with the
AIM Rules for Companies, available shortly on the Company's
website.
1.2. Going concern
The Directors have considered all available information about
future events when considering going concern. The Directors have
prepared and reviewed cash flow forecasts for 12 months following
the date of these Financial Statements. The projections show that
the Company will have sufficient funding to be able to continue as
a going concern on the basis of its cash balances as at 30 June
2020 together with the fund raise completed on 15 September 2020,
detailed in note 6, for proceeds of GBP5,000,000, before issue
costs.
The interim financial statements do not include the adjustments
that would result if the Company is unable to continue as a going
concern.
1.3. Functional and presentational currency
This interim financial information is presented in GBP sterling
which is the Group's functional currency.
1.4. Revenue
The Company provides engineering services for the application of
the DMG(R) technology, the intellectual property that the Company
owns. Revenue from providing services is recognised in the
accounting period in which services are rendered. For fixed-price
contracts, revenue is recognised based on the actual service
provided to the end of the reporting period as a proportion of the
total services to be provided to the extent to which the customer
receives the benefits. This is determined based on the actual
labour hours spent relative to the total expected labour hours.
Where contracts include multiple performance obligations as
specified by the work scope, the transaction price will be
allocated to each performance obligation based on estimated
expected cost plus margin.
Estimates of revenues, costs or extent of progress toward
completion of services are revised if circumstances change. Any
resulting increases or decreases in estimated revenues or costs are
reflected in profit or loss in the period in which the
circumstances that give rise to the revision become known by
management.
In case of fixed-price contracts, the customer pays the fixed
amount based on a payment schedule. If the services rendered by the
Company exceed the payment, a contract asset is recognised. If the
payments exceed the services rendered, a contact liability is
recognised.
If a contract includes an hourly fee, revenue is recognised in
the amount to which the Company has a right to invoice.
2. ACQUISITION COSTS
On 26 June 2020, the Directors of the Company issued a Circular
to shareholders detailing the proposed acquisition of the whole of
the share capital of Waste2tricity Limited ("W2T"), a structured
solutions provider to the energy from waste sector, on a share for
share basis.
The acquisition was approved by shareholders at a General
Meeting held on 14 July 2020 and the Company issued 1,437,440,277
ordinary shares of 0.5p on 15 July 2020 to complete the
transaction. The value of the acquisition shares, based on a market
price of 3.71p per ordinary share in the Company as detailed in the
Circular, amounted to GBP53,329,034.
The Company had worked closely with W2T in the development of
applications for the Powerhouse technology and the acquisition
brought rights to markets and developments back in-house which
facilitated the award to the Peel Group of an Option to enter into
an exclusive agreement for the development of DMG (R)Technology in
the UK.
The net assets and liabilities of the W2T group at the
transaction date are immaterial to the value of the transaction and
the Company expects to recognise goodwill of GBP53.3m on
consolidation of the W2T group.
The Company incurred advisory costs associated with the
acquisition which are expensed in the period in which the services
are provided.
3. SHARE CAPITAL
0.5 p Ordinary 0.5p Deferred 4.5 p Deferred 4.0 p Deferred
shares shares shares shares
Balance at 1 January
2020 1,961,788,425 388,496,747 17,373,523 9,737,353
Shares issued 110,571,991 - - -
-------------- ------------------ -------------- --------------
Balance at 30 June
2020 2,072,360,416 388,496,747 17,373,523 9,737,353
-------------- ------------------ -------------- --------------
The deferred shares have no voting rights and do not carry any
entitlement to attend general meetings of the Company. They carry
only a right to participate in any return of capital once an amount
of GBP100 has been paid in respect of each ordinary share. The
Company is authorised at any time to affect a transfer of the
deferred shares without reference to the holders thereof and for no
consideration.
On 29 January 2020, the Company issued 52,228,139 ordinary
shares of 0.5p each in the Company ("Ordinary Shares") to various
service providers for the settlement of fees. Of these new Ordinary
Shares, 47,732,518 were issued at 0.5p and 4,495,621 were issued at
0.717p in accordance with terms agreed.
On 29 January 2020, the Company issued 5,500,000 ordinary shares
of 0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP27,500.
On 28 February 2020, the Company issued 25,440,350 ordinary
shares of 0.5p each in the Company further to the exercise of
warrants for proceeds amounting to GBP127,202.
On 19 March 2020, the Company issued 3,750,000 ordinary shares
of 0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP18,750.
On 7 April 2020, the Company issued 7,800,000 ordinary shares of
0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP39,000.
On 16 April 2020, the Company issued 2,500,000 ordinary shares
of 0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP12,500.
On 22 April 2020, the Company issued 5,500,000 ordinary shares
of 0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP27,500.
On 27 May 2020, the Company issued 4,100,000 ordinary shares of
0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP20,500.
On 9 June 2020, the Company issued 2,003,502 ordinary shares of
0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP10,017.
On 23 June 2020, the Company issued 1,750,000 ordinary shares of
0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP8,750.
4. Loss per share
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 30 June 31 December
2020 2019 2019
GBP GBP GBP
Total comprehensive loss (894,022) (865,408) (1,510,226)
Weighted average number of
shares 2,038,300,483 1,871,001,064 1,900,547,410
Basic loss per share in pence (0.04) (0.05) (0.08)
Diluted loss per share in pence (0.04) N/A N/A
5. SHARE BASED PAYMENT
The expense recognised for share based payments during the year
is shown in the following table:
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 30 June 31 December
2020 2019 2019
GBP GBP GBP
Share based payment charge recognised
in Profit or Loss
Expense arising from equity-settled share-based
payment transactions:
- Share options for Directors and employees 4,200 20,116 40,229
- Shares issue for third party services 67,336 225,569 652,913
-----------
Total share based payment charge in Income
Statement 71,536 245,685 693,142
Other share based payment movement
Shares issued for third party services (270,898) (147,569) (531,925)
----------- ----------- ------------
Total share based payment (199,362) 98,116 161,217
----------- ----------- ------------
The were no liabilities recognised in relation to share based
payment transactions.
6. EVENTS AFTER THE REPORTING PERIOD
On 10 July 2020, the Company issued 5,300,000 ordinary shares of
0.5p each in the Company further to the exercise of warrants for
proceeds amounting to GBP26,500.
On 26 June 2020, the Directors of the Company issued a circular
to shareholders detailing the proposed acquisition of the whole of
the share capital of Waste2tricity Limited on a share for share
basis. The acquisition was approved by shareholders at a General
Meeting held on 14 July 2020 and the Company issued 1,437,440,277
ordinary shares of 0.5p on 15 July 2020 to complete the
transaction.
On 15 September 2020, the Company issued 200,000,000 ordinary
shares of 0.5p each in the Company at a price of 2.5p each,
totalling GBP5,000,000, before issue costs. The Company also
agreed, associated with the fund raise, to grant warrants to Peel
Holdings to subscribe for 371,510,069 ordinary shares of 0.5p in
the Company at an exercise price of 2.75p, representing 10% of the
ordinary share capital of the Company post completion of the fund
raise. The warrants are exercisable within six months of the
financial close of the Protos development, subject to a long stop
date of two years from the date of grant. The Company also agreed
to grant warrants to its broker to subscribe for 5,395,260 ordinary
shares of 0.5p in the Company at an exercise price of 2.5p,
exercisable for a period of 3 years.
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END
IR SEWEFAESSEFU
(END) Dow Jones Newswires
September 29, 2020 02:00 ET (06:00 GMT)
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