RNS Number:5634E
Greenhouse Fund Limited (The)
27 September 2007
For Immediate Release 27 September 2007
The Greenhouse Fund Limited
("Greenhouse" or "the Fund")
Interim Results for the 6 months ended 30 June 2007
The Greenhouse Fund (AIM:GHF), the Jersey domiciled closed-ended investment
company, today reports its interim statement to shareholders for the 6 months
ended 30 June 2007.
Highlights for the period:
*Additional investment, post period end, brings Greenhouse stake in
Molectra to 58%
*Independent Wiley report strongly endorses the economic and commercial
viability of Molectra
*Molectra wins 2007 DaimlerChrysler Australian Environmental Research
Award
*Significant progress in next round of Molectra funding
*Greenhouse has made good progress towards identifying its next potential
technology investment
*Net Asset Value of 8.74p
*Cash of #6,672,737
For further information please contact:
Greenhouse Advisor
Paul Gazzard 01725 510 383
Rodger Sargent 020 7399 4260
Evolution Securities 020 7071 4300
Fergus Marcroft
Buchanan Communications 020 7466 5000
Charles Ryland
Ben Willey
CHAIRMAN'S STATEMENT
These unaudited interim accounts for The Greenhouse Fund Limited ('Greenhouse')
cover the six months to 30 June 2007. Greenhouse is a Jersey domiciled
closed-ended investment company, created to invest in sustainable environmental
technologies. Any acquisition must have a market ready or near market ready
patentable green technology with scalable potential. The Fund aims to maximise
value by the subsequent flotation, restructuring, joint venture or sale of
technologies it develops.
Financial performance
As at 30 June 2007, Greenhouse had net assets of #13,574,110 (2006:
#13,998,150), including cash of #6,672,737 (2006: #8,853,365) and investments of
#6,927,212 (2006: #5,158,861). The loss for the period was #238,052 (2006:
#118,827) and the period end NAV was 8.74p (2006: 9.02p). The loss increased due
to additional due diligence costs compared to the previous period.
Portfolio update
Molectra Australia Pty Ltd ('Molectra')
Greenhouse has made two convertible investments; #750,000 on 27th March 2006 and
#1.2m on 26th March 2007 in Molectra. These convertible instruments were
exercised after the period end, giving the Company a controlling 58% equity
stake.
Molectra has developed a sustainable process that re-cycles and recovers
materials including crumb rubber, oil and carbon from used vehicle tyres. The
technology has been developed over the last 10 years and has won many
international awards and prizes during this time, including the 2007
DaimlerChrysler Australian Environmental Research Award.
Greenhouse's investment enabled Molectra's existing plant to be scaled up to
process up to 250,000 tyres per year, and provided the infrastructure required
to deliver the solution on a larger scale. Greenhouse commissioned a report from
Wiley & Co. ("Wiley"), to analyse the plant's operation, which was received in
March 2007. Wiley is an internationally renowned engineering firm that was
involved in the construction of the plant from inception. The report examined
the construction, commissioning and operation of the pilot plant and the
operating and capital costs associated with a scale up from pilot to full-scale
plant. The Wiley report strongly endorses the economic and commercial viability
of the Molectra process.
This proposed full-scale plant is designed to process c.2.6 million tyres per
year or 26,000 tonnes, which is ten-times the capacity of the current pilot
plant. It is anticipated that a full scale plant will cost c.#6 million to build
and take c.12 months to construct.
On 2nd August, following the period covered by these accounts, Greenhouse issued
a draw down loan of up to AUS$4.5m to Molectra. The funds will be used to secure
a site for the establishment of the full-scale Molectra plant. A site outside
Sydney in New South Wales, Australia, has been identified and final negotiations
are now taking place with the authorities. The secured loan bears interest and
is repayable by Molectra within a year, or on demand by Greenhouse.
Other investments
On 29 June 2006 Greenhouse acquired five Bauxsol technology sub-licences from
Virotec International Ltd. Greenhouse continues to further develop the Bauxsol
technologies, using both academic and commercial partners from within industry.
Once an application has been fully commercialised, Greenhouse will consider the
strategic options available so as to maximise shareholder value.
A number of other investment opportunities to further strengthen the portfolio
are currently being considered by Greenhouse, and announcements will be made in
due course.
Cash
Retained cash and equivalents was #6,672,737 at 30th June.
The future
The Wiley report and recent DaimlerChrysler Australian Environmental Research
Award are major validations of the Molectra technology and its economics. This
is further validation of the sustainable benefits Molectra brings to the waste
tyre issue, and ensures the best possible start for the commercialisation of the
technology as its expansion and scale up continues. Commercialisation of their
technology continues rapidly, including the imminent purchase of its first
full-scale operating site. Further commercial developments within Molectra are
actively being considered.
Greenhouse will also continue to seek out new sustainable technologies, whilst
developing the pipeline of technologies it has acquired and I look forward to
Molectra's future with great optimism.
Brian Sheeran
Deputy Chairman
Greenhouse Fund Limited
26th September 2007
THE GREENHOUSE FUND LIMITED
Consolidated Condensed Interim Income Statement (Unaudited)
For the six months ended 30 June 2007
(unaudited) (unaudited)
01 January 2007 13 December 2005
to 30 June 2007 to 30 June 2006
#
Income
Bank interest 6,088 8,211
Deposit interest 184,477 174,962
Total Income 190,565 183,173
Operating expenses
Management fees (97,195) (91,288)
Other operating expenses (331,422) (210,712)
Total operating expenses (428,617) (302,000)
Net loss for the period (238,052) (118,827)
Basic and diluted loss per share (pence) (0.15) (0.10)
All income is attributable to the equity holders of the Greenhouse Fund Ltd.
There are no minority interests.
THE GREENHOUSE FUND LIMITED
Consolidated Condensed Interim Balance Sheet (Unaudited)
As at 30 June 2007 (unaudited) (unaudited)
30 June 2007 30 June 2006
# #
Non-Current Assets
Intangible assets 4,938,365 5,000,000
Investments held at fair value 1,988,847 158,861
6,927,212 5,158,861
Current assets
Other receivables 24,204 24,387
Cash and cash equivalents 6,672,737 8,853,365
6,696,941 8,877,752
Total assets 13,624,153 14,036,613
Current liabilities
Other payables (50,043) (38,463)
Net assets 13,574,110 13,998,150
Equity
Share capital 14,116,977 14,116,977
Retained earnings (542,867) (118,827)
Total Equity 13,574,110 13,998,150
NAV per Ordinary share (pence) 8.74 9.02
These financial statements were approved by the board of Directors and signed
on 26th September 2007.
THE GREENHOUSE FUND LIMITED
Condensed Interim Statement of Cash Flows (Unaudited)
For the six months ended 30 June 2007
(unaudited) (unaudited)
01 January 2007 13 December 2005
to 30 June 2007 to 30 June 2006
# #
Cash flow from operating activities
Net loss for period (238,052) (118,827)
Amortisation 133,176 -
Decrease/(Increase) in other receivables 13,977 (24,387)
(Decrease)/Increase in other payables (6,752) 38,463
Net cash outflow from operating activities (97,651) (104,751)
Cash flow from investing activities
Purchase of unlisted investments (1,269,973) (658,861)
Purchase of intangible investments (128,740) -
Net cash outflow from investing activities (1,398,713) (658,861)
Cash flow from financing activities
Issue of Ordinary shares - 10,072,250
Sales commission and formation costs paid - (455,273)
Net cash inflow from financing activities - 9,616,977
Net increase in cash and cash equivalents (1,496,364) 8,853,365
Cash and cash equivalents at start of the period 8,169,101 -
Cash and cash equivalents at 30 June 2007 6,672,737 8,853,365
THE GREENHOUSE FUND LIMITED
Notes to the Condensed Interim Financial Statements (Unaudited)
1 Basis of accounting
The Group financial statements are prepared under International Financial
Reporting Standards (IFRS) as adopted by the EU. This statement has been
prepared using accounting policies & presentation consistent with those
applied in the preparation of the accounts for the Group for the year ended
31st December 2006 and are not the company's statutory accounts for the
purposes of section 240 of the Companies Act 1985.
2 Earnings per share
The earnings per Ordinary share is based on the net loss for the period of
#238,052 (30 June 2006:#118,827); and on 155,225,000 (30 June 2006:120,806,784)
weighted average Ordinary shares.
The diluted return per Ordinary share is based on the net loss for the period
and 155,225,000 shares.
01 January 13 December
2007 2005
3 Management fee to 30 June to 30 June 2006
2007
# #
Management fee 97,195 91,288
The management fee paid to Development Capital Management (Jersey) Limited is
2% per annum of the amount subscribed plus any gains retained by the Fund for
reinvestment.
The management agreement between the Fund and the Manager is terminable by
either party on twelve month's notice, subject to an initial term of 36 months
from admission.
4 Financial Investments designated at fair value through the profit and loss
30 June 2007 30 June 2006
# #
Intangible Unlisted Total Intangible Unlisted Total
assets investments assets investments
# # # # # #
Opening valuation 4,942,801 718,874 5,661,675 - - -
Purchases at cost 128,740 1,269,973 1,398,713 5,000,000 158,861 5,158,861
Amortisation charge (133,176) - (133,176) - - -
Closing net book 4,938,365 1,988,847 6,927,212 5,000,000 158,861 5,158,861
amount
The Director have reviewed the fair values of the investments at 30 June 2007,
and consider there is no change in the values from those assessed at 31
December 2006
There has been no impairment in intangible assets in the period. The useful
economic life of the intangible asset is 20 years.
This information is provided by RNS
The company news service from the London Stock Exchange
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