TIDMPPG
RNS Number : 2222B
Plutus PowerGen PLC
29 January 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain
Plutus PowerGen Plc / Ticker: PPG / Index: AIM
29 January 2020
PLUTUS POWERGEN PLC
("Plutus" or the "Company")
Interim Results for the Six-Month Period Ended 31 October
2019
Plutus PowerGen PLC (AIM: PPG), the AIM quoted power company
focused on the development and operation of flexible energy
generation ("FlexGen") projects and gas-powered generation sites
("peakers") in the UK, announces its interim results for the
six-month period ended 31 October 2019.
Executive Chairman's Report
Against a background of a general meeting of the Company being
requisitioned by certain shareholders requesting to remove the
existing board, which was successfully voted down by shareholders
earlier in January, I am pleased to announce an operating profit
for the six-month period of GBP115,838 (six months to 31 October
2018 - loss of GBP131,573). As detailed in the annual report for
the year ended 30 April 2019, we have been cutting costs and
continue to cut costs to the bare minimum. This strategy has led to
a GBP247,411 positive turnaround from loss to profit in the period
under review. Since Mr Lazarevic left the Company in breach of his
contract in October 2019, we have made further deep cuts to costs
in order that the Company is able to reshape its strategy for the
tougher times ahead and these costs are now at the minimum required
to be able to run a company quoted on AIM. We have taken legal
advice with regards to Mr Lazarevic's breach of contract and the
Company anticipates shortly commencing legal proceedings against Mr
Lazarevic.
As previously announced by the Company in August 2019, Plutus
was given notice that its management contracts were to be
terminated in eight out of the nine companies with six months'
notice because the co-owned companies needed to reduce costs
further than the already reduced fees Plutus was receiving as
agreed under the letters of variation with the co-owned investee
companies. The Company has been accruing the balance of the fees,
which are due to Plutus when the co-investee companies are sold, or
the debt is refinanced under the terms of the letters of
variation.
The FlexGen assets are up for sale and this is being handled by
Rockpool Investments LLP advised by Jones Lang LaSalle and we look
forward to a positive outcome from this sale process. The deferred
fees which we are owed, totalling GBP656,856 to the date of
termination, are repayable upon a change of control or upon a
refinancing of the existing loan notes.
We remain in discussions with prospective new appointments to
the board of Plutus or Plutus Energy, the Company's operating
subsidiary. The Company intends to appoint a new independent
non-executive director to the board of Plutus, subject to
satisfactory completion of due diligence. Furthermore, the Company
intends to appoint a new operations director to Plutus Energy
responsible for the operations of the group and as a replacement
for the departed Chief Operating Officer. We hope to make further
announcements with regards to these prospective appointments
soon.
As announced on the 21 January 2020, the Company has been
provided with a loan facility of up to GBP150,000 from myself and
James Longley enabling the Company to meet its short-term financing
needs. This loan, which is to be drawn down in four equal monthly
instalments of GBP37,500 from 31 January 2020, is expected to
provide the Company with sufficient working capital through to
mid-May 2020.
Outlook
We have to be prepared for tough times ahead and your incumbent
directors are determined to ensure that the Company is in a good
position to take advantage of opportunities going forward.
Charles Tatnall
Executive Chairman
29 January 2020
Financial Review
Highlights
6 months ended 6 Months ended Change
31 October 2019 31 October 2018 %
GBP GBP
Revenue 567,744 675,000 * 16
Operating Profit/(Loss) 115,838 (131,573) n/a
Profit/(Loss) per
share (pence per
share) 0.01 (0.02) n/a
The Company's net profit for the half year under review was
GBP115,838 (6 months ended 31 October 2018: Loss of GBP131,573).
Administration expenses were down in the period to GBP456,487 from
GBP740,369, a reduction of GBP283,882 compared with the same period
last year due to material cost savings being implemented. The
finance costs from a GBP100,000 unsecured convertible loan note put
in place in 2014 are zero going forward as the loan was converted
into new ordinary shares of the company in July 2019.
As previously announced the Company's working capital position
is highly constrained following, in August 2019, the termination of
the management contracts in connection with the existing six
Rockpool EIS funded FlexGen sites and the Company's management
contract with Attune Energy. From 21 October 2019 the Company
ceased to receive management fees from its six FlexGen sites and
the Attune Energy management contract. Cash and short-term
investments as at 31 October 2019 totalled GBP Nil (31 October
2018: GBP62,833). We have however receivables owed to us totalling
GBP748,119 (31 October 2018: GBP173,412) including deferred income.
As detailed above, and as announced on 22 January 2020, certain
directors of the Company have put in place an unsecured loan
facility with the Company totalling GBP150,000 to provide financial
support for the Company which the Board believes will provide the
Company with sufficient working capital until mid-May 2020. The
Board remains confident that the Company would be able to raise
further funds in addition to this loan facility to enable the
Company's debts to be paid as they fall due, should the need
arise.
James Longley
Chief Financial Officer and Interim Chief Executive
29 January 2020
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 OCTOBER 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2019 2018 2019
GBP GBP GBP
--------------------------------- -------------- -------------- ----------------
Continuing operations
Revenue 567,744 675,000 1,275,000
--------------------------------- -------------- -------------- ----------------
Gross profit 567,744 675,000 1,275,000
Administration expenses (456,487) (740,369) (1,579,744)
Share based compensation expense - (62,204) (124,408)
Pre-planning project expenses
written off/written back 6,409 - (128,549)
Impairment of Goodwill - - (1,085,000)
Operating profit/(loss) 117,666 (127,573) (1,642,701)
Finance costs (1,828) (4,000) (8,000)
--------------------------------- -------------- -------------- ----------------
Profit/(Loss) before taxation 115,838 (131,573) (1,650,701)
Taxation - - -
--------------------------------- -------------- -------------- ----------------
Profit/(Loss) for the period
and total comprehensive income 115,838 (131,573) (1,650,701)
Basic and fully diluted loss
per share
Continuing and total operations 0.01p (0.02p) (0.22p)
--------------------------------- -------------- -------------- ----------------
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 OCTOBER 2019
Called
up
share Share premium Retained Total
capital account Other reserves deficit equity
GBP GBP GBP GBP GBP
------------------------ -------------------- -------------------- ------------------ ------------ --------------------
Balance at
30 April 2018 1,529,450 7,241,576 469,285 (8,226,654) 1,013,657
Total comprehensive
income for the period - - - (131,573) (131,573)
Credit to
equity in
respect of
share-based
compensation
charge - - 62,204 - 62,204
Balance at
31 October 2018 1,529,450 7,241,576 531,489 (8,358,227) 944,288
Total comprehensive
income for the period - - - (1,519,128) (1,519,128)
Credit to equity in
respect of share-based
compensation charge - - 62,204 - 62,204
Issue of share capital 101,333 506,667 - - 608,000
Balance at
30 April 2019 1,630,783 7,748,243 593,693 (9,877,355) 95,364
Total comprehensive
income for the period - - - 115,838 115,838
Issue of share capital 47,273 63,636 - - 110,909
Balance at
31 October 2019 1,678,056 7,811,879 593,693 (9,761,517) 322,111
------------------------ -------------------- -------------------- ------------------ ------------ --------------------
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2019 2018 2019
GBP GBP GBP
--------------------------------- ---------------- ---------------- ----------------
ASSETS
Non-current assets
Goodwill 1,085,000 -
Investments 152 152 152
--------------------------------- ---------------- ---------------- ----------------
Total non-current assets 152 1,085,152 152
--------------------------------- ---------------- ---------------- ----------------
Current assets
Trade and other receivables 748,119 173,412 475,238
Cash and cash equivalents - 62,833 45,177
--------------------------------- ---------------- ---------------- ----------------
Total current assets 748,119 236,245 520,415
--------------------------------- ---------------- ---------------- ----------------
Total assets 748,271 1,321,397 520,567
LIABILITIES
Current liabilities
Trade and other payables 426,160 277,108 325,203
Borrowings - 100,000 100,000
Total current liabilities 426,160 377,108 425,203
--------------------------------- ---------------- ---------------- ----------------
Net assets 322,111 944,289 95,364
--------------------------------- ---------------- ---------------- ----------------
EQUITY
Share capital 1,678,056 1,529,450 1,630,784
Share premium account 7,811,879 7,241,576 7,748,243
Loan note equity reserve 23,657 23,657 23,657
Share option and warrant reserve 570,036 507,832 570,036
Retained losses (9,761,517) (8,358,226) (9,877,356)
--------------------------------- ---------------- ---------------- ----------------
Total equity 322,111 944,289 95,364
--------------------------------- ---------------- ---------------- ----------------
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 31 OCTOBER 2019
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
31 October 31 October 30 April
2019 2018 2019
GBP GBP GBP
---------------------------------------- ------------ ------------ ------------
Profit/(Loss) before tax 115,838 (131,573) (1,650,701)
Share-based compensation charge 62,204 124,408
Loan note interest charge 1,828 4,000 (8,000)
Goodwill written off - 1085,000
Project expenses written off - - 128,549
---------------------------------------- ------------ ------------ ------------
Operating cash flow before movements
in working capital 117,666 (65,369) (304,744)
(Increase)/decrease in receivables (272,881) (26,784) (457,159)
Increase in payables 100,957 22,570 158,694
---------------------------------------- ------------ ------------ ------------
Net cash used in operating activities (54,258) (69,583) (603,209)
---------------------------------------- ------------ ------------ ------------
Financing activities
Proceeds of share issues 110,909 - 519,970
Conversion of loan notes (100,000)
Interest paid (1,828) (4,000) (8,000)
---------------------------------------- ------------ ------------ ------------
Net cash generated from financing
activities 9,081 (4,000) 511,970
---------------------------------------- ------------ ------------ ------------
Net (decrease)/increase in cash
& cash equivalents (45,177) (73,583) (91,239)
Cash and cash equivalents at beginning
of year 45,177 136,416 136,416
---------------------------------------- ------------ ------------ ------------
Cash and cash equivalents at end
of year - 62,833 45,177
---------------------------------------- ------------ ------------ ------------
NOTES TO THE INTERIM REPORT
1. Basis of preparation
The financial information set out in this interim report does
not constitute statutory accounts as defined in section 434 of the
Companies Act 2006. The Company's statutory financial statements
for the period ended 30 April 2019, prepared under International
Financial Reporting Standards (IFRS), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
The interim financial information has been prepared in
accordance with the recognition and measurement principles of
International Financial Reporting Standards (IFRS) and on the same
basis and using the same accounting policies as used in the
financial statements for the year ended 30 April 2019. The interim
financial statements have not been audited or reviewed in
accordance with the International Standard on Review Engagement
2410 issued by the Auditing Practices Board.
The financial statements have been prepared on a going concern
basis under the historical cost convention.
The Directors believe that the going concern basis is
appropriate for the preparation of the financial statements as the
Company is in a position to meet all of its liabilities as they
fall due. With regards to the Company, a loan facility of up to
GBP150,000 from Charles Tatnall and James Longley has been provided
therefore enabling the Company to meet its short-term financing
needs. This loan, which was announced on 22 January 2020, is to be
drawn down in four equal monthly instalments of GBP37,500 with the
first instalment expected to be drawn down by 31 January 2020. The
loan is expected to provide the Company with sufficient working
capital through to mid-May 2020.
2. Earnings per share
The calculation of basic and diluted earnings per share is based
on the total gain for the period of GBP115,838 (2018: Loss
GBP131,573) and a weighted average number of ordinary shares of
872,534,994 (2018: 723,928,935). The number of shares used in the
calculation of the diluted loss per share is the same as that used
for the basic loss per share for the current period, as the
exercise of options would be anti-dilutive.
3. Share Capital
Number of Number of Share
Ordinary Value Deferred Value Premium
shares GBP shares GBP GBP
----------------------- ----------------- ------------- ---------------- ------------- ---------------
Issued and fully
paid
At 1 May 2019 825,262,268 825,262 16,439,210 805,521 7,748,243
Share issues 47,272,726 47,273 - - 63,636
----------------------- ----------------- ------------- ---------------- ------------- ---------------
At 31 October
2019 872,534,994 872,535 16,439,210 805,521 7,811,879
----------------------- ----------------- ------------- ---------------- ------------- ---------------
4. Dividend
No interim dividend will be paid.
Copies of the interim report can be obtained from: The Company
Secretary, Plutus PowerGen PLC, 27/28 Eastcastle Street, London W1E
8DH and are available to view and download from the Company's
website: www.plutuspowergen.com
For more information please contact:
Plutus PowerGen PLC Tel: +44 (0) 20 8720 6562
Charles Tatnall, Executive Chairman
Allenby Capital (Nominated Adviser and Tel: +44 (0)20 3328 5656
Joint Broker)
Nick Athanas,
James Hornigold
Turner Pope Investments (TPI) Limited Tel: +44 (0)20 3621 4120
(Joint Broker)
Andy Thacker
St Brides Partners Limited (Financial Tel: +44 (0)20 7236 1177
PR)
Cosima Akerman
This information is provided by RNS, the news service of the
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END
IR BCGDBXUDDGGI
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