TIDMEDL

RNS Number : 1577B

Edenville Energy PLC

29 September 2022

29 September 2022

EDENVILLE ENERGY PLC

("Edenville", "Company" or the "Group")

Interim Results for the six months to 30 June 2022

Edenville Energy Plc (AIM: EDL) announces its unaudited interim results for the six months ended 30 June 2022.

CEO's report

Operational overview

The six month period to 30 June 2022 was one of transition for the Company and prior to the significant management and operational changes that took place post period end, as further detailed below.

On 3 February 2022 the Company's subsidiary Edenville International (Tanzania) Limited ("EITL") entered into a contract with Nextgen Coalmine Limited ("Nextgen") for the operation of the Company's Rukwa Coal Project ("Rukwa" or the "Project") in Tanzania. The agreement with Nextgen was subsequently terminated on 31 May 2022 following a lack of progress by Nextgen, allowing the Company to resume full control of the Project site and seek alternative arrangements for the operation of Rukwa in light of the macro changes that made the economics of the Project significantly more attractive.

Following a period of consultation with several key shareholders, a number of significant changes took place post period end. CEO Alistair Muir, Non-executive Chairman Jeff Malaihollo and Non-executive director Franco Caselli all resigned from the board and were replaced by Noel Lyons as CEO, Paul Ryan as Executive Director and Andre Hope as a Non-executive Director. Nick von Schirnding assumed the role of Non-Executive Chairman. In addition, there were several personnel changes within the Tanzania based team, leading to a more coordinated and dedicated team fully focused on stabilising output and striving to grow the monthly output.

Following their appointment, the newly appointed executive team signed an initial 12-month agreement (the "Agreement") with Brahma Energies Limited ("Brahma") on 16 August 2022, commencing immediately, to secure production and sales of a minimum of 4,000 tonnes of washed coal per month at the Company's Rukwa Project, with the potential to increase to a minimum 6,000 tonnes thereafter. Brahma are a local mine operator and commercial and logistics specialist having up to 70 transport vehicles on the roads of Tanzania. Their team is experienced in all aspects of operations, mine management and coal commercial sales. One of the significant attractions of Brahma to Edenville was an offtake which will enable Edenville to sell any of its washed coal produced to parties introduced by Brahma, as required.

Since the signing of the Agreement, Brahma have assumed full day-to-day operational management and control of the Rukwa mine, including covering all operational costs, with ultimate oversight continuing to be provided by Edenville. Given local demand, sales are currently expected to take place to customers in Tanzania and adjoining neighboring countries.

The revenue share arrangements under the Agreement give Edenville US$10 per tonne of washed coal sold at a minimum price of US$35 per tonne, plus 60% of any sales revenue above US$35 per tonne of washed coal. The global thermal coal price has reached new highs since entering into the Agreement and the Company is witnessing a knock-on positive effect on the domestic thermal coal price in Tanzania. The previously reported 'at gate' sales price range of US$35-50 per tonne for washed coal from Rukwa therefore appears robust. Once consistent production is established and Rukwa becomes a reliable source of coal for its clients, the Company anticipates its position in offtake negotiations is likely to be strengthened further.

Following extensive servicing and repairs on the main machinery and wash plant at the Rukwa site, and the purchase of two additional trucks, final works are expected to be completed shortly, with production recommencing sufficient to achieve up to 4000 tonnes by the end of October 2022. The targeted production and sales increase to 6,000 tonnes per month of washed coal is expected to take place after the rainy season ends in March/April 2023.

Edenville will continue to manage the Rukwa project and fund its corporate operational costs from its existing cash resources. Edenville, at its sole discretion, can also deploy additional capital to expedite production ramp up; any such capital deployed is to be repaid to Edenville before any profit share is paid.

Edenville and Brahma continue to work closely to ensure maximum efficiency and whilst Brahma have only been on site for a limited time, we are encouraged by their performance. We look forward to reporting on production levels and offtake contracts in due course.

Financial results

For the six month period ended 30 June 2022 the Company had revenue of GBP56,146 (H1 2021: GBP27,752).

The Group made a total comprehensive loss for the period of GBP196,429 (H1 2021 loss of GBP513,497), which included a gain of GBP624,211 arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.

The net assets at 30 June 2022 amounted to GBP6,926,616 (30 June 2021 GBP7,842,563). In addition, post period end, the Company reached agreement for certain costs, amounting to GBP180,000, to be recouped following an earlier aborted acquisition process, which will strengthen the Group's working capital position pending revenue from coal sales in the coming months.

Noel Lyons

Chief Executive Officer

29 September 2022

For further information please contact:

 
 Edenville Energy Plc                 Via IFC Advisory 
 Nick Von Schirnding - Chairman 
  Noel Lyons - CEO 
 
 
                                      +44 (0) 20 7409 
 Strand Hanson Limited                 3494 
 (Financial and Nominated Adviser) 
  James Harris 
  Rory Murphy 
 
                                      +44 (0) 20 7100 
 Tavira Securities Limited             5100 
 (Broker) 
 Oliver Stansfield 
 Jonathan Evans 
 
                                      +44 (0) 20 3934 
 IFC Advisory Limited                  6630 
 (Financial PR and IR) 
 Tim Metcalfe 
 Florence Chandler 
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                               Six months     Six months           Year 
                                                    ended          ended          ended 
                                                  30 June        30 June         31 Dec 
                                                       22             21             21 
                                                Unaudited      Unaudited        Audited 
                                                             As restated 
                                       Note           GBP            GBP            GBP 
 Revenue                                           56,146         27,752        105,228 
 Cost of sales                                  (452,484)      (280,320)      (684,848) 
 
 Gross loss                                     (396,338)      (252,568)      (579,620) 
 Administrative expenses                        (423,627)      (332,209)      (875,564) 
 Share based payments                                   -              -              - 
 
 Group operating loss                           (819,965)      (584,777)    (1,455,184) 
 Finance income                                         -             12            701 
 Finance costs                                      (675)         (2589)        (5,842) 
 
 Loss on operations before taxation             (820,640)      (587,354)    (1,460,325) 
 
 Taxation                                               -              -          (526) 
 
 Loss for the period after taxation             (820,640)      (587,354)    (1,460,851) 
 Other comprehensive income/(loss): 
 Gain on translation of overseas 
  subsidiary                                      624,211         73,857         87,013 
 
 Total comprehensive loss for 
  the period                                    (196,429)      (513,497)     (1,373,838 
 
 Attributable to: 
 Equity holders of the Company                  (195,155)      (512,683)    (1,371,573) 
 Non-controlling interest                         (1,274)          (814)        (2,265) 
 
                                                (196,429)      (513,497)    (1,373,838) 
 
 Loss per share 
 - basic and diluted (pence)            2          (3.79)         (4.43)         (8.04) 
 
 

The income for the period arises from the Group's continuing operations.

CONSOLIDATED statement of financial position

as at 30 June 2022

 
                                                        As at          As at          As at 
                                                      30 June        30 June         31 Dec 
                                                           22             21             21 
                                                    Unaudited      Unaudited        Audited 
 
                                          Note            GBP            GBP            GBP 
 Non-current assets 
 Property, plant and equipment             4        5,906,709      5,466,165      5,451,921 
 Intangible assets                         5          349,607        307,080        315,002 
 
                                                    6,256,316      5,773,245      5,766,923 
 Current assets 
 Inventories                                          180,124        248,864        142,721 
 Trade and other receivables                          353,457        429,672        415,479 
 Cash and cash equivalents                            477,438      1,873,072      1,229,801 
 
                                                    1,011,019      2,551,608      1,788,001 
 Current liabilities 
 Trade and other payables                           (308,174)      (419,825)      (389,264) 
 Borrowings                                           (5,206)       (16,094)       (18,258) 
 
                                                    (313,380)      (435,919)      (407,522) 
 
 Current assets less current 
  liabilities                                         697,639      2,115,689      1,380,479 
 
 Total assets less current liabilities              6,953,955      7,888,934      7,147,402 
 
 Non - current liabilities 
 Borrowings                                                 -       (23,517)              - 
 Environmental rehabilitation 
  liability                                          (27,339)       (22,854)       (24,632) 
 
                                                    6,926,616      7,842,563      7,122,770 
 
 Capital and reserves 
 Called-up share capital                   6        4,176,601      4,176,601      4,176,601 
 Share premium account                             22,254,317     22,373,442     22,254,317 
 Share based payment reserve                          346,774        341,522        453,614 
 Foreign currency translation 
  reserve                                           1,205,354        420,273        581,143 
 Retained earnings                               (21,038,103)   (19,453,531)   (20,325,577) 
 
 Issued capital and reserves 
  attributable to owners of the 
  parent company                                    6,944,943      7,858,307      7,140,098 
 Non-controlling interest                            (18,327)       (15,744)       (17,328) 
 
 Total equity                                       6,926,616      7,842,563      7,122,770 
 
 

CONSOLIDATED statement of changes in equity

 
                           --------------------------------------------------Equity 
                                Interests--------------------------------------- 
                      Share        Share       Retained       Share       Foreign       Total   Non-controlling       Total 
                    Capital      Premium       Earnings      Option      Currency                      interest 
                                                Account     Reserve   Translation 
                                                                          Reserve 
                        GBP          GBP            GBP         GBP           GBP         GBP               GBP         GBP 
 At 1 January 
  2022            4,176,601   22,254,317   (20,325,577)     453,614       581,143   7,140,098          (17,328)   7,122,770 
 
 Comprehensive 
 Income 
 for the year 
 Foreign 
  currency 
  translation             -            -              -           -       624,211     624,211                 -     624,211 
 Loss for the 
  year                    -            -      (819,366)           -             -   (819,366)           (1,274)   (820,640) 
                 ----------  -----------  -------------  ----------  ------------  ----------  ----------------  ---------- 
 Total 
  comprehensive 
  income for 
  the year                -            -      (819,366)           -       624,211   (195,155)           (1,274)   (196,274) 
 
 Transactions 
 with 
 owners 
 Lapsed share 
  options                 -            -        106,840   (106,840)             -           -                 -           - 
                 ----------  -----------  -------------  ----------  ------------  ----------  ----------------  ---------- 
 Total 
  transactions 
  with owners             -            -        106,840   (106,840)             -           -                 -           - 
 Non- 
  controlling 
  interest 
  share of 
  goodwill                -            -              -           -             -           -               275         275 
 
 At 30 June 
  2022            4,176,601   22,254,317   (21,038,103)     346,774     1,205,354   6,944,943          (18,327)   6,926,616 
                 ==========  ===========  =============  ==========  ============  ==========  ================  ========== 
 
 
 
 
                          --------------------------------------------------Equity 
                               Interests--------------------------------------- 
                      Share        Share       Retained     Share       Foreign       Total   Non-controlling       Total 
                    Capital      Premium       Earnings    Option      Currency                      interest 
                                                Account   Reserve   Translation 
                                                                        Reserve 
                        GBP          GBP            GBP       GBP           GBP         GBP               GBP         GBP 
 At 1 January 
  2021            4,041,601   19,390,849   (18,866,991)   301,174       494,130   5,360,763          (14,902)   5,345,861 
 
 Comprehensive 
 Income 
 for the year 
 Foreign 
  currency 
  translation             -            -              -         -      (73,857)    (73,857)              (28)    (73,885) 
 Loss for the 
  year                    -            -      (586,540)         -             -   (586,540)             (814)   (587,354) 
                 ----------  -----------  -------------  --------  ------------  ----------  ----------------  ---------- 
 Total 
  comprehensive 
  income for 
  the year                -            -      (586,540)         -      (73,857)   (660,397)             (842)   (661,239) 
 
 Transactions 
 with 
 owners 
 Issued share 
  capital           135,000    3,240,000              -         -             -   3,375,000                 -   3,375,000 
 Share issue 
  costs                   -    (217,059)              -         -             -   (217,059)                 -   (217,059) 
 Share based 
  payment                 -     (40,348)              -    40,348             -           -                 -           - 
 
 Total 
  transactions 
  with owners       135,000    2,982,593              -    40,348             -   3,157,941                 -   3,157,941 
 
 At 30 June 
  2021            4,176,601   22,373,442   (19,453,531)   341,522       420,273   7,858,307          (15,744)   7,842,563 
                 ==========  ===========  =============  ========  ============  ==========  ================  ========== 
 
 
 
 
                              --------------------------------------------------Equity 
                                   Interests--------------------------------------- 
                         Share        Share       Retained     Share       Foreign         Total   Non-controlling         Total 
                       Capital      Premium       Earnings    Option      Currency                        interest 
                                                   Account   Reserve   Translation 
                                                                           Reserve 
                           GBP          GBP            GBP       GBP           GBP           GBP               GBP           GBP 
 At 1 January 2021   4,041,601   19,390,849   (18,866,991)   301,174       494,130     5,360,763          (14,902)     5,345,861 
 
 Comprehensive 
 Income 
 for the year 
 Foreign currency 
  translation                -            -              -         -        87,013        87,013                 -        87,013 
 Loss for the year           -            -    (1,458,586)         -             -   (1,458,586)           (2,265)   (1,460,851) 
                    ----------  -----------  -------------  --------  ------------  ------------  ----------------  ------------ 
 Total 
  comprehensive 
  income for the 
  year                       -            -    (1,458,586)         -        87,013   (1,371,573)           (2,265)   (1,373,838) 
 
 Transactions with 
  owners 
 Issue of share 
  capital              135,000    3,240,000              -         -             -     3,375,000                 -     3,375,000 
 Share issue costs           -    (224,092)              -         -             -     (224,092)                 -     (224,092) 
 Share 
  options/warrants 
  charge                     -    (152,440)                  152,440                           - 
                    ----------  -----------  -------------  --------  ------------  ------------  ----------------  ------------ 
 Total 
  transactions 
  with owners          135,000    2,863,468              -   152,440             -     3,150,908                 -     3,150,908 
 Non- controlling 
  interest share 
  of 
  goodwill                   -            -              -         -             -             -             (161)         (161) 
 
 At 31 December 
  2021               4,176,601   22,254,317   (20,325,577)   453,614       581,143     7,140,098          (17,328)     7,122,770 
                    ==========  ===========  =============  ========  ============  ============  ================  ============ 
 
 
 

consolidated CASH FLOW STATEMENT

 
                                            Six months                Six months          Year 
                                                 ended                     ended         ended 
                                               30 June                   30 June        31 Dec 
                                                    22                        21            21 
                                             Unaudited                 Unaudited       Audited 
                                                   GBP                       GBP           GBP 
 Cash flows from operating activities 
 Operating loss                              (819,965)                 (584,777)   (1,455,184) 
 Depreciation                                  144,039                   113,420       264,677 
 Movement in inventories                      (20,310)                         -        17,799 
 Movement in trade and other receivables       185,761                 (169,082)     (116,768) 
 Movement in trade and other payables        (112,135)                 (222,450)     (286,968) 
 Loss on foreign exchange                    (115,391)                   (4,597)       (2,687) 
                                           -----------  ------------------------  ------------ 
 Net cash used in operating activities       (738,001)                 (867,486)   (1,579,131) 
                                           -----------  ------------------------  ------------ 
 
 
 Cash flows from investing activities 
 Finance income                                     48                        12           701 
                                                                            ---- 
                                           -----------  ------------------------  ------------ 
 Net cash used in investing activities              48                        12           701 
                                           -----------  ------------------------  ------------ 
 
 Cash flows from financing activities 
 Repayment of convertible loan 
  notes                                              -    (432,226)                  (120,000) 
 Repayment of lease liabilities               (14,078)                   (8,267)      (30,214) 
 Lease interest                                  (723)                   (2,589)       (3,451) 
 Proceeds on issue of ordinary 
  shares                                             -                 3,375,000     3,375,000 
 Share issue costs                                   -                 (217,059)     (224,092) 
 
 Net cash generated from financing 
  activities                                  (14,801)                 2,714,859     2,997,243 
                                           -----------  ------------------------  ------------ 
 
 
 Net decrease in cash and cash 
  equivalents                                (752,754)                 1,847,385     1,204,111 
 Cash and cash equivalents at beginning 
  of year                                    1,229,801                    25,690        25,690 
 Exchange losses on cash and cash 
  equivalents                                      391                       (3)             - 
 
 
 Cash and cash equivalents at 
  end of year                                  477,438                 1,873,072     1,229,801 
                                           ===========  ========================  ============ 
 
 
 

NOTES TO THE INTERIM REPORT

   1.         Financial information and basis of preparation 

The interim financial statements of Edenville Energy Plc are unaudited consolidated financial statements for the six months ended 30 June 2022 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2021 together with audited comparatives for the year ended 31 December 2021.

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2021 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors contained an Emphasis of matter paragraph on going concern, the recoverability of VAT in Tanzania and on the recoverability of inventory. Aside from the Emphasis of matter paragraphs referred to aboveabove, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.

The interim consolidated financial statements for the six months ended 30 June 2022 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2022. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2021. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.

   2.          Loss per share 

The calculation of the basic and diluted loss per share is based on the following data:

 
                               30 June 22     30 June 21    31 December 
                                                                     21 
                                      GBP            GBP            GBP 
 Loss after taxation            (820,640)      (587,354)      (1,460,851) 
 
 Weighted average number 
  of shares in the period      21,645,575     13,270,575       18,144,205 
 
 Basic and diluted loss 
  per share (pence)                (3.79)         (4.43)           (8.04) 
 

The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

   3.         Dividends 

No dividends are proposed for the six months ended 30 June 2022 (six months ended 30 June 2021: GBPnil, year ended 31 December 2021: GBPnil).

   4.    Property, plant and equipment 
 
                             Coal Production          Plant      Fixtures   Motor vehicles 
                                      assets    & machinery    & fittings                        Total 
                                         GBP            GBP           GBP              GBP         GBP 
 Cost or valuation 
  As at 1 January 
  2022                             5,230,294      1,201,831         7,191          193,620   6,632,936 
 Foreign exchange 
  adjustment                         574,580        131,210           334           19,437     725,561 
 
 At 30 June 2022                   5,804,874      1,333,041         7,525          213,057   7,358,497 
 
 
 Accumulated depreciation 
 As at 1 January 
  2022                               114,026        925,484         7,045          134,460   1,181,015 
 Depletion/Charge 
  for the year                         3,587        132,234            18            8,200     144,039 
 Foreign exchange 
  adjustment                          12,518        100,880           334           13,002     126,734 
 
 At 30 June 2022                     130,131      1,158,598         7,397          155,662   1,451,788 
 
 Net book value 
 As at 30 June 2022                5,674,743        174,443           128           57,395   5,906,709 
 
 
 
                             Coal Production          Plant      Fixtures   Motor vehicles 
                                      assets    & machinery    & fittings                          Total 
                                         GBP            GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2021                             5,164,384      1,186,781         7,153          191,390     6,549,708 
 Foreign exchange 
  adjustment                        (58,917)       (16,770)           318          (1,993)      (77,362) 
 
 At 30 June 2021                   5,105,467      1,170,011         7,471          189,397     6,472,346 
 
 
 Accumulated depreciation 
 As at 1 January 
  2021                               106,209        678,472         6,958          113,494       905,133 
 Depletion/Charge 
  for the year                             -        103,800            44            9,576       113,420 
 Foreign exchange 
  adjustment                         (1,212)       (10,260)           162          (1,062)      (12,372) 
 
 At 30 June 2021                     104,997        772,012         7,164          122,008     1,006,181 
 
 Net book value 
 As at 30 June 2021                5,000,470        397,999           307           67,389     5,466,165 
 
 
 
   4.         Property, plant and equipment (continued) 
 
                             Coal Production          Plant      Fixtures   Motor vehicles 
                                      assets    & machinery    & fittings                          Total 
                                         GBP            GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2021                             5,164,392      1,186,781         7,153          191,390     6,549,716 
 Foreign exchange 
  adjustment                          65,902         15,050            38            2,230        83,220 
 
 At 31 December 
  2021                             5,230,294      1,201,831         7,191          193,620     6,632,936 
 
 
 Accumulated depreciation 
 As at 1 January 
  2021                               106,215        678,472         6,958          113,494       905,139 
 Depletion/Charge 
  for the year                         6,464        238,444            49           19,720       264,677 
 Foreign exchange 
  adjustment                           1,347          8,568            38            1,246        11,199 
 
 At 31 December 
  2021                               114,026        925,484         7,045          134,460     1,181,015 
 
 Net book value 
 As at 31 December 
  2021                             5,116,268        276,347           146           59,160     5,451,921 
 
 
 
   5.    Intangible assets 
 
 
                                 Mining Licences         Total 
                                             GBP           GBP 
 Cost or valuation 
  As at 1 January 2022                 1,489,604     1,489,604 
 Foreign exchange 
  adjustment                             163,644       163,644 
 
 At 30 June 2022                       1,653,248     1,653,248 
 
 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2022                  1,174,602     1,174,602 
 Foreign exchange 
  adjustment                             129,039       129,039 
 
 At 30 June 2022                       1,303,641     1,303,641 
 
 Net book value 
 As at 30 June 2022                      349,607       349,607 
 
 
 
   5.    Intangible assets (continued) 
 
 
                                   Mining Licences         Total 
                                               GBP           GBP 
 Cost or valuation 
  As at 1 January 2021                   1,470,833     1,470,833 
 Foreign exchange adjustment              (17,185)      (17,185) 
 
 At 30 June 2021                         1,453,648     1,453,648 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2021                    1,159,801     1,159,801 
 Foreign exchange adjustment              (13,233)      (13,233) 
 
 At 30 June 2021                         1,146,568     1,146,568 
 
 Net book value 
 As at 30 June 2021                        307,080       307,080 
 
 
 
 
 
                                   Mining Licences         Total 
                                               GBP           GBP 
 Cost or valuation 
  As at 1 January 2021                   1,470,833     1,470,833 
 Foreign exchange adjustment                18,771        18,771 
 
 At 31 December 2021                     1,489,604     1,489,604 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2021                    1,159,801     1,159,801 
 Foreign exchange adjustment                14,801        14,801 
 
 At 31 December 2021                     1,174,602     1,174,602 
 
 Net book value 
 As at 31 December 2021                    315,002       315,002 
 
 
   6.    Share capital 
 
                                   No                No            GBP                No          GBP         GBP 
                             Ordinary          Ordinary       Ordinary          Deferred     Deferred       Total 
                               shares         shares of         shares         shares of       shares       share 
                           of 1p each        0.02p each    of 0.02p/1p       0.001p each    of 0.001p     capital 
                                                                  each                           each 
 Issued and fully 
  paid 
 At 1 January 2021                  -     8,145,575,094      1,629,116   241,248,512,346    2,412,485   4,041,601 
 
 On 5 January the 
  company consolidated 
  and then subdivided 
  the brought forward 
  shares*                   8,145,575   (8,145,575,094)    (1,547,659)   154,765,925,000    1,547,659           - 
 On 21 January 
  the company issued 
  3,600,000 1p shares 
  at 0.25p                  3,600,000                 -         36,000                 -            -      36,000 
 On 26 May the 
  company issued 
  9,900,000 1p shares 
  at 0.25p                  9,900,000                 -         99,000                 -            -      99,000 
 
 As at 30 June 
  2021,31 December 
  2021 and 30 June 
  2022                    21,645,575                  -        216,457   396,014,437,346    3,960,144   4,176,601 
                         ============  ================  =============  ================  ===========  ========== 
 

*On 5 January 2021 the Company reduced the number of issued ordinary shares of GBP0.0002 each in the Company by a multiple of 1,000 (the "Consolidation"), Following the Consolidation the Company sub-divided each consolidated ordinary share of GBP0.20 each in the capital of the Company, into 1 ordinary share of GBP0.01 each in the capital of the Company and 19,000 new deferred shares of GBP0.00001 each in the capital of the Company.

   7.    Distribution of interim report to shareholders 

The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.edenville-energy.com/ . Further copies are available on request.

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END

IR GIGDCCXDDGDC

(END) Dow Jones Newswires

September 29, 2022 04:48 ET (08:48 GMT)

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