TIDMPNPL

RNS Number : 7879N

Pineapple Power Corporation PLC

01 October 2021

The 'Pineapple Power Corporation Interim Results' announcement released on 30 September 2021 at 16:28 under RNS No 6159N has been reformatted.

All material details remain unchanged.

The full text is shown below.

30 September 2021

Pineapple Power Corporation Plc / Index: LSE / Epic : PNPL / Sector: Utilities

Pineapple Power Corporation Plc

("Pineapple" or "the Company")

Interim Results

 
 Pineapple Power Corporation Plc, a special purpose acquisition 
  company, is pleased to present its interim unaudited results 
  for the six-month period ended 30 June 2021. 
 

Highlights:

 
 
  --    Subsequent to the period end, Pineapple entered into 
        a non-binding heads of terms agreement with the 
        shareholders of BVP Investments Limited ("BVP"), an 
        Irish fund management company headquartered in Dublin, 
        to acquire 100% of the outstanding shares in BVP in 
        an all share transaction, subject to legal, financial 
        and other due diligence and entry into a legally 
        binding sale and purchase agreement. At this time, 
        Pineapple and BVP have appointed lawyers, accountants 
        and corporate finance advisors in the Republic of 
        Ireland and the UK to enact due diligence and 
        preparation of the contractual documentation to 
        progress the transaction. BVP Investments Ltd is 
        regulated by the Central Bank of Ireland and holds 
        investments in clean, renewable energy and associated 
        green technology companies of promise. As no binding 
        agreement has yet been reached, the Company cannot 
        guarantee that the proposed transaction will 
        complete. Pineapple was formed as a "cash shell" with 
        a specific focus on acquisitions in the clean and 
        renewable energy energy sectors, as outlined in its 
        prospectus published on 21 December 2020, which can 
        be found on the Company's website - 
        http://www.pineapple-powercorp.com/investors 
 
 
  --    Since listing, Pineapple has carefully maintained a 
        significant cash position in order to retain adequate 
        funds to address the potentially substantial costs of 
        an RTO transaction. Cash balance at the end of the 
        period - GBP930,035. 
 
   Chairman's   Statement 
 
            I am pleased to present the Company's interim unaudited financial 
             statements to shareholders for the six months ended 30 June 
             2021. 
             The period under review was extremely busy and productive and 
             focused on the search and identification of a suitable reverse 
             takeover candidate which culminated in the identification of 
             BVP Investments Limited. Since the initial announcement and 
             suspension of trading of the Company's shares on August 17 2021, 
             we have been engaged with the complexities of progressing the 
             reverse takeover transaction. This process is now underway and 
             we hope to substantially advance the transaction during the 
             next few months. We will make further announcements concerning 
             our progress in due course. We are grateful for the support 
             of our numerous shareholders, as we work to conclude matters. 
 
   Financial   Review 
 
       For the six months to 30 June 2021, the Company reports a net 
        loss of GBP238,797 (2019: GBP35,748). During the six months 
        to 30 June 2021, the Company continued its strict financial 
        discipline, incurring a net operating cash inflow of GBP902,240 
        (2020: outflow GBP15,807). The Company held cash at 30 June 
        2021 of GBP930,035 (2019: GBP5,281). 
 

Directors

The following directors have held office during the period:

Claudio Morandi

Andrew Holland

   Corporate   Governance 
 
       The UK Corporate Governance Code (July 2018) ("the Code"), 
        as appended to the Listing Rules, sets out the Principles of 
        Good Corporate Governance and Code Provisions which are applicable 
        to listed companies incorporated in the United Kingdom. As a 
        standard listed company, the Company is not subject to the Code, 
        but the Board recognises the value of applying the principles 
        of the Code where appropriate and proportionate and has endeavoured 
        to do so where practicable. 
 

Responsibility Statement

 
       The Directors are responsible for preparing the Unaudited Interim 
        Condensed Financial Statements in accordance with the Disclosure 
        and Transparency Rules of the United Kingdom's Financial Conduct 
        Authority ("DTR") and with International Accounting Standard 
        34 on Interim Reporting ("IAS 34"). The directors confirm that, 
        to the best of their knowledge, this condensed interim report 
        has been prepared in accordance with IAS 34 as adopted by the 
        European Union. The interim management report includes a fair 
        review of the information required by DTR 4.2.7 and DTR 4.2.8, 
        namely: 
 
 
 
        --    an indication of important events that have occurred 
              during the six months ended 30 June 2021 and their 
              impact on the condensed financial statements for the 
              period, and a description of the principal risks and 
              uncertainties for the remaining six months of the 
              financial year; and 
 
        --    related party transactions that have taken place in 
              the six months ended 30 June 2021 and that have 
              materially affected the financial position of the 
              performance of the business during that period. 
 

On behalf of the board

Claudio Morandi

Director

30 September 2021

PINEAPPLE POWER CORPORATION PLC

Interim Statement of Comprehensive Income

   (Unaudited)   For   the  six months ended 30 June 2021 
 
                                                    Six months                  Six months                  Year ended 
                                                      ended 30               ended 30 June                 31 December 
                              Notes                       June                        2020                        2020 
                                                          2021                   Unaudited                     Audited 
                                                     Unaudited 
                                                           GBP                         GBP                         GBP 
 Revenue                                                     -                           - 
                                                                                                                     - 
 Administrative expenses 
 Operating loss 
 
 Interest receivable 
 
 Loss on ordinary 
 activities 
 before taxation 
 
 Income tax expense 
 
 Loss for the period 
 
 Other comprehensive 
 income 
 / (loss) Total 
 comprehensive 
 loss for the period 
 attributable 
 to equity holders 
 
 Loss per share (basic and 
 diluted) attributable to 
 equity holders (p) 
                                            (238,840)                     (35,748)                            (91,367) 
 
                                              (238,840)                     (35,748)                          (91,367) 
                                                      43                                 -                           - 
 
                               3              (238,798)                     (35,748)                          (91,367) 
                                                        -                           -                                - 
 
                                              (238,797)                     (35,748)                          (91,367) 
                                                     -                             -                                 - 
 
                                               (238,797)                    (35,748)                          (91,367) 
 
 
 
                                4             (0.0064)p                   (0.0027)p                          (0.0062)p 
 

The income statement has been prepared on the basis that all operations are continuing operations.

PINEAPPLE POWER CORPORATION PLC

   Interim   Statement of Financial Position 

(Unaudited) As at 30 June 2021

 
                                                                    At 30                            At 30                     At 31 
                                                                     June                             June                  December 
                                                                     2021                             2020                      2020 
                                                                Unaudited                        Unaudited                   Audited 
                                                    Notes             GBP                              GBP                       GBP 
Fixed Assets 
 Equipment                                                          1,523                                -                         - 
 
 Current assets 
 Prepayments and other 
 receivables Cash at bank 
 and in hand 
 
 
 TOTAL ASSETS 
 
 
 Current liabilities 
 Trade and other payables 
 TOTAL LIABILITIES 
 
 NET ASSETS/(LIABILITIES) 
 
 EQUITY 
 Share capital Share premium 
 Share based payment reserve 
 Retained loss 
 
 TOTAL EQUITY 
 
 
 
                                                                    3,621                                -                 1,191,828 
                                                              930,035                                5,281                    27,795 
 
                                                                933,656                              5,281                 1,219,623 
 
                                                              935,179                                5,281                 1,219.623 
                                                              ----------- 
 
 
 
                                                                  31,374                            79,390                   195,471 
 
                                                                  31,374                            79,390                   195,471 
 
                                                              903,805                             (74,109)                 1,024,152 
                                                              ----------- 
 
 
                                                 5              597,362                            135,002                   573,672 
                                               5              781,908                                    -                   687,148 
                                                                28,062                                   -                    28,062 
                                                              (503,527)                          (209,111)                 (264,730) 
 
                                                              903,805                             (74,109)                 1,024,152 
                                                              ----------- 
 
   Statements   of changes in equity (Unaudited) 
   For   the   six   months   ended  30 June 2021 
 
                       Share                  Share                           Share         Retained 
                        Capital                Premium                        Based             Loss             TOTAL 
                                               Account                        Payment 
                                                                              Reserve 
                                       GBP                       GBP                 GBP         GBP               GBP 
Balance at 31 
 December 
 2019 Issue of new 
 shares 
 Transaction costs 
 Issue of warrants 
 Total 
 comprehensive loss 
 for the year 
 Balance at 31 
 December 
 2020 
 Issue of new 
 shares 
 
 Total 
 comprehensive loss 
 for the period 
 Balance at 30 June 
 2021                              135,002                         -                   -   (173,363)          (38,361) 
                                   438,670                   877,340                   -           -         1,316,010 
                                         -                 (162,130)                   -           -         (162,130) 
                                         -                  (28,062)              28,062           -                 - 
                                         -                         -                   -    (91,367)          (91,367) 
                     ---------------------  ------------------------  ------------------  ----------  ---------------- 
                                573,672                      687,148              28,062   (264,730)         1,024,152 
                                 23,690                       94,760                   -           -           118,450 
 
                                 - 597,362                 - 781,908 
                                                                                           (238,797)         (238,797) 
                                                                                           (503,527)           903,805 
                                                                                  28,062 
                     ---------------------  ------------------------  ------------------  ----------  ---------------- 
 
   Statement   of cash flow (Unaudited) 
   For   the   six   months   ended   30  June 2021 
 
                                               Six months        Six months         12 months 
                                               to 30 June        to 30 June    to 31 December 
                                                     2021              2020              2020 
                                                      GBP               GBP               GBP 
 Cash flows from operating activities 
 Loss for the period 
  Adjustments for:                             (238,797)        (35,748)          (91,367) 
                                             ------------  ----------------  ---------------- 
 Depreciation                                     295              -                 - 
                                             ------------  ----------------  ---------------- 
 Operating cashflow before working 
  capital movements                            (238,402)       (35,748)          (91,367) 
 Decrease / (increase) in prepayments 
  and other receivables                        1,188,207        11,747             9,419 
 Increase / (decrease) in other payables 
  and accruals                                 (164,097)         8,194           (23,663) 
                                             ------------  ----------------  ---------------- 
 Net cash flow from operating activities        785,708        (15,807)          (105,611) 
                                             ------------  ----------------  ---------------- 
 
 Investing activities                           (1,818)            -                 - 
  Purchases of equipment 
                                             ------------  ----------------  ---------------- 
 Net cash used in investing activities          (1,818)            -                 - 
                                             ------------  ----------------  ---------------- 
 Financing activities 
                                             ------------  ----------------  ---------------- 
 Net proceeds from issue of ordinary 
  shares                                        118,450            -              112,318 
                                             ------------  ----------------  ---------------- 
 Net cash generated from financing 
  activities                                    118,450            -              112,318 
                                             ------------  ----------------  ---------------- 
 Net Increase in cash and cash equivalents      902,240        (15,807)            6,707 
 Cash and cash equivalents at beginning 
  of the period                                 27,795          21,088            21,088 
 Cash and cash equivalents at end 
  of the period                                 930,035          5,281            27,795 
 
                1.   General information 
 
            Pineapple Power Corporation Plc (the "Company") looks to identify 
             potential companies, businesses or asset(s) that have operations 
             in the clean and renewable energy sector. 
             The Company is domiciled in the United Kingdom and incorporated 
             and registered in England and Wales, with registration number 
             09081452. 
             The Company's registered office is Studio 16, Cloisters House, 
             8 Battersea Park Road, London SW8 4BG. 
 
   2.    Accounting policies 
 
            The principal accounting policies applied in preparation of 
             these consolidated financial statements are set out below. These 
             policies have been consistently applied unless otherwise stated. 
 
 
            The principal accounting policies applied in preparation of 
             these consolidated financial statements are set out below. These 
             policies have been consistently applied unless otherwise stated. 
 
 
        Basis of preparation 
         The interim unaudited financial statements for the period ended 
         30 June 2021 have been prepared in accordance with IAS 34 Interim 
         Financial Reporting. This interim financial information is not 
         the Company's statutory financial statements and should be read 
         in conjunction with the annual financial statements for the 
         period ended 31 December 2020, which have been prepared in accordance 
         with International Financial Reporting Standards (IFRS) and 
         have been delivered to the Registrars of Companies. The auditors 
         have reported on those accounts; their report was unqualified, 
         did not include references to any matters which the auditors 
         drew attention by way of emphasis of matter without qualifying 
         their report and did not contain statements under section 498 
         (2) or (3) of the Companies Act 2006. 
         The interim financial information for the six months ended 
         30 June 2021 is unaudited. In the opinion of the Directors, 
         the interim financial information presents fairly the financial 
         position, and results from operations and cash flows for the 
         period. 
         The Directors have made an assessment of the Company's ability 
         to continue as a going concern and are satisfied that the Company 
         has adequate resources to continue in operational existence 
         for the foreseeable future. The Company, therefore, continues 
         to adopt the going concern basis in preparing its consolidated 
         financial statements. 
         The financial information of the Company is presented in British 
         Pounds Sterling (GBP). 
         Critical accounting estimates and judgements 
         The preparation of interim financial information requires management 
         to make judgements, estimates and assumptions that affect the 
         application of accounting policies and the reported amounts 
         of assets and liabilities and the reported amounts of income 
         and expenses during the reporting period. Although these estimates 
         are based on management's best knowledge of current events and 
         actions, the resulting accounting estimates will, by definition, 
         seldom equal related actual results. 
         In preparing the interim financial information, the significant 
         judgements made by management in applying the Company's accounting 
         policies and the key sources of estimation uncertainty were 
         the same as those that applied to the financial statements for 
         the year ended 31 December 2021. 
 
   3.    Income tax expense 
 
            No tax is applicable to the Company for the six months ended 
             30 June 2021. No deferred income tax asset has been recognised 
             in respect of the losses carried forward, due to the uncertainty 
             as to whether the Company will generate sufficient future profits 
             in the foreseeable future to prudently justify this 
 
   4.    Loss per share 
 
            Basic loss per ordinary share is calculated by dividing the 
             loss attributable to equity holders of the Company by the weighted 
             average number of ordinary shares in issue during the period. 
             Diluted earnings per share is calculated by adjusting the weighted 
             average number of ordinary shares outstanding to assume conversion 
             of all dilutive potential ordinary shares. 
             There are currently no dilutive potential ordinary shares. 
 
 
                                                                    Weighted average           Per-share 
                                                  Earnings          number of shares              amount 
                                                                                unit               pence 
                                                       GBP 
Loss per share attributed 
 to ordinary shareholders                       (238,797)                 37,575,091           (0.0064)p 
 
               5.    Share capital 
 
                                     Number 
                                  of shares         Share        Share 
                                   in issue         capital    premium        Total 
                                                        GBP        GBP          GBP 
 
                                 57,367,211         573,672    687,148    1,260,820 
                                  2,369,000        23,690       94,760      118,450 
                               ------------  --------------  ---------  ----------- 
Balance at 31 December 2020 
 Movements during the period 
 Balance at 30 June 2021         59,736,211       597,382      791,908    1,379,270 
                               ============  ==============  =========  =========== 
 
 
            The Company has one class of ordinary share which carries no 
             right to fixed income. 
 

6. Share Options

 
            On 5 February, 2021 a total of 6,000,000 options were awarded 
             to Directors and Advisors involved in the continuing advancement 
             of the Company's goal to complete a reverse take-over transaction 
             in the renewable energy sector. The options vest and are exercisable 
             6 months from the date of grant and expire in two years from 
             the date of grant. The exercise price is 11p per Ordinary Share. 
 
              7.     Related party disclosures 
 
             Remuneration of directors and key management personnel 
              The remuneration of the Directors during the six-month period 
              to 30 June 2021 amounted to GBP24,000 (30 June 2020: GBPNIL). 
              Shareholdings in the Company 
              Shares and options held by the Directors of the Company. 
 
 
                            Shares      Options 
 Mr Claudio Morandi         2,000,000   1,250,000 
 Mr Andrew Holland          2,000,000   1,250,000 
                           ----------  ---------- 
 Balance at 30 June 2021    4,000,000   2,500,000 
                           ----------  ---------- 
 

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