TIDMAAI
RNS Number : 5755W
Atlas African Industries Limited
28 April 2016
Atlas African Industries Limited / Ticker: AAI / Index: AIM and
NSE / Sector: Support Services
28 April 2016
Atlas African Industries Limited
('Atlas' or the 'Company')
Results
Atlas African Industries Ltd (AIM, NSE: AAI), announces its
results for the 18 months ended 31 December 2015. Copies of the
Company's full Report and Financial Statements will be posted to
shareholders shortly and will also be available to download today
from the Company's website www.atlassupport.com.
OVERVIEW
-- Transformational establishment of Industrial Division and
acquisition of the Chancho Project, a new state-of-the-art glass
manufacturing facility in Ethiopia
-- Refocussed strategy to take advantage of the rapidly growing
consumer markets in East Africa and lessen the impact of the
adverse oil and gas industry dynamics, providing strong foundations
for growth
-- Successfully raised US$5m in February 2016 to finance new industrial developments
-- Loss for the period of US$34.2m - attributable to the
downturn in the oil and gas sector, with US$19.4m relating to
discontinued operations; write down considered prudent with regards
to the on-going positioning and financing of the business
-- Defined development plan focussed on development of Chancho and building shareholder value
Carl Esprey, CEO of Atlas said, "The Ethiopian consumer market
is rapidly transforming the country into a manufacturing
powerhouse. With work well underway to create a state-of-the-art
glass manufacturing facility, Atlas has identified a unique growth
opportunity to provide the growing number of international beverage
companies now operating in Ethiopia with a supply of locally
produced, quality glass bottles, which will counter the reliance on
expensive imports. We believe the Ethiopian consumer market offers
extremely attractive development opportunities, and having
significant operational experience within the local region means we
are well placed to take advantage of this.
"Whilst we are naturally disappointed at having to liquidate our
Kenyan business, which resulted in a significant loss for the
period, we believe this decision to be a necessary and highly
prudent one. The oil and gas sector is facing significant
challenges, which heavily impacted our support services business.
By writing down the loses attributable to this sector and
discontinuing operations we have been able to start afresh,
reposition the company, raise capital and embark on the next
chapter in our development. I am pleased with way in which our team
has managed to navigate these challenges and I look ahead with
optimism and enthusiasm to the year ahead."
CHAIRMAN'S STATEMENT
As shareholders will be aware, the 18-month period under review
has been both turbulent and transformative. Together with the
entire board, I believe that Atlas has navigated this period in a
sensible manner and is now heading in the right direction to
generate shareholder value. The collapse in the oil price, which
persisted throughout the period under review, dramatically changed
our operating environment, particularly in Kenya, and with oil
companies aggressively cutting exploration budgets, our original
core support services business was affected deeply.
In response, the Board proactively implemented a strategic
review and made a number of fundamental decisions to lessen the
impact of the adverse oil and gas industry dynamics; an aggressive
cost cutting programme was initiated to streamline the business, we
identified areas where we could utilise our existing knowledge,
expertise and relationships to generate shareholder value beyond
our historic core offering and we raised additional capital to
strengthen the balance sheet.
With significantly better economic dynamics and market
opportunity, we have transferred our focus to Ethiopia and
established an industrial division, to take advantage of the
rapidly growing consumer markets in-country, with our first project
being the Chancho Project, a new state-of-the-art glass
manufacturing facility 45km north of the capital, Addis Ababa. With
relationships established in-country, including a JV with Orchid
Business Group PLC ('Orchid'), one of Ethiopia's largest
conglomerates, we have the ability to execute our broadened
strategy and build value for shareholders.
The new industrial division and the Chancho Project are
extremely exciting and we have hit the ground running. The
preliminary economic studies highlighted the project's strong
economic potential based on a yearly production capacity of 105
million 330ml bottles, with commissioning of the facility scheduled
for 2018 and full production targeted for early 2019. As we begin
the construction process, we are now also focused on conducting a
full feasibility study designed to enhance the project's value as
we de-risk it through the development process.
The market potential for the manufacture of international
standard bottles is clearly evident in Ethiopia. The country has
attracted significant investment from international beverage
companies over the past five years (over $500 million invested to
date) as a result of increasing consumer demand and a young
demographic. In particular, beer production has grown at a CAGR of
14.3% over the last 14 years with an additional 47% capacity
currently under construction. Yet despite these factors, the
high-quality glass bottle market is currently dominated by
expensive imports.
Furthermore, on a broader level, the Ethiopian Government has
designated manufacturing as a top industrial priority, and support
via development debt funding is, in principle, available for
projects that substitute imports. The country also represents one
of the fastest growing economies in the world, as a result of
rising income, population growth, well managed infrastructure
spending, and stable government policies.
On project specifics, we have a 100 year land lease (the first
45 years of lease payments have been paid in advance) on a 5.5 acre
site located in close proximity to established infrastructure and
just 30km from intended mine sites for the majority of materials
needed to produce high quality bottles. MH Engineering Plc, a
leading Ethiopian firm, has been appointed to conduct a full
feasibility study, including architectural, engineering,
structural, sanitary, electrical and mechanical design and quantity
surveying services. We have commenced ground clearing and
geotechnical drilling on-site ahead of constructing ancillary
buildings. Additionally, deposits are being placed on long lead
items.
To finance these developments and complete the studies we raised
US$5m from new and existing shareholders, which was endorsed by
shareholders at the recent General Meeting.
With the obvious potential in Ethiopia being realised and the
business environment in Kenya extremely tough, following the change
in the market dynamics in the provision of support services, we
made the decision to liquidate our Kenyan business and redirect our
efforts. As a consequence, we were forced to write down debt as a
result of a strong receivables account, particularly in relation to
the geothermal contracts, but the Board believe this was prudent
with regards to the on-going positioning and financing of the
business.
Financial Review
For the period under review we are reporting losses of US$34.2m
(of which $19.4m relates to discontinued operations). As
shareholders will recognise, the Company was greatly impacted by
the sector dynamics as well as significant bad debts within its
operating subsidiaries. When we first took control over the Ardan
business, we demonstrated our ability to increase revenue, as
highlighted in the 2014 figures. However, as mentioned earlier,
with the cuts in oil and gas we have been forced to change
direction.
In line with the new strategy, post period end, in March 2016,
the Company raised US$5m via a private placing of new ordinary
shares in the Company at a price of 0.325p (KES 0.48) per share.
The proceeds of the placing are primarily being allocated to
finance the development of our industrial division, in particular
advancing the Chancho Project.
Outlook
In spite of the challenges that have faced us, I believe that we
have made great strides in building a more sustainable business
that is less exposed to market shocks. With the recent acquisition
of the Chancho Project, we have been able to diversify the business
to negate the impact of the downturn in the oil and gas sector.
The development of the Chancho Project is a major priority for
the upcoming year, and at the same time we will continue to look to
build shareholder value through the identification of value
accretive projects with a consumer bias. To this end, our joint
venture with Orchid gives unique access to many other exciting
industrial projects in the fast growing Ethiopian market.
We expect to have significant news flow in the coming months as
we develop our business and look to build shareholder value.
Finally, I'd like to thank both the executive team, who have been
working tirelessly to navigate through an extremely volatile period
and of course shareholders for their support as we embark on the
next stages of our corporate progression and evolution.
Ian H. Mann
Non-Executive Chairman
26 April 2016
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 02:00 ET (06:00 GMT)
For further information please visit www.atlassupport.com or
contact:
Carl Esprey Atlas African Industries Tel: +44 (0)
Limited 20 7408 9200
Callum Stewart Stifel Nicolaus Europe Tel: +44 (0)
Limited 20 7710 7600
Ashton Clanfield Stifel Nicolaus Europe Tel: +44 (0)
Limited 20 7710 7600
Edward Burbidge Burbidge Capital Tel: +254 (0)
202 100 102
Hugo de St Brides Partners Tel: +44 (0)
Salis Ltd 20 7236 1177
Charlotte St Brides Partners Tel: +44 (0)
Heap Ltd 20 7236 1177
FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
2015 2014
Period 18 Period 12
months to months to
31 December 30 June
2015 2014
Notes $ '000 $ '000
CONTINUING OPERATIONS
Revenue 3,147 -
Cost of sales (1,924) -
Gross Profit 1,223 -
Operating expenses (13,291) (2,528)
Share option charge (2,720) -
Share of results of associate 88 1,075
Operating loss 7 (14,700) (1,453)
Investment revenues - 28
Finance cost - -
Loss before taxation (14,700) (1,425)
Taxation 9 (85) -
Loss for the period from Continuing
Operations (14,785) (1,425)
DISCONTINUED OPERATIONS
Loss for the period from Discontinued (19,400)
Operations -
Loss for the period (34,185) (1,425)
--------------------------------- ------ ------------- -----------
Loss for the period attributable
to non-controlling interests (3) -
Loss for the period attributable
to owners of the company (34,182) (1,425)
----------------------------------------- ------------- -----------
Earnings per Share US cents US cents
From continuing operations
Basic 10 (3.58) (0.40)
Diluted (3.58) (0.40)
From continuing and discontinued
operations
Basic 10 (8.21) (0.40)
Diluted (8.21) (0.40)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2015 2014
Period Period
18 months 12 months
to 31 December to 30 June
2015 2014
$ '000 $ '000
Loss for the period attributable
to owners of the company (34,182) (1,425)
Exchange differences on translation
of foreign operations 34 (7)
Total comprehensive loss for the
period attributable to owners of
the company (34,148) (1,432)
The notes below form part of the financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2015 2014
31 December 30 June
Notes: 2015 2014
ASSETS $ '000 $ '000
Non-current assets
Goodwill 13 790 -
Property, plant & equipment 11 2,045 174
Investments in associate 15 - 5,075
Loans and other receivables - 8,548
Total non-current assets 2,835 13,797
Current assets
Inventories - -
Trade and other receivables 16 194 2,369
Cash and cash equivalents 17 1,450 3,132
Total current assets 1,644 5,501
TOTAL ASSETS 4,479 19,298
LIABILITIES
Non-current liabilities
Borrowings - -
Total non-current liabilities - -
Current liabilities
Trade and other payables 18 (777) (262)
Current tax liabilities (126) -
Borrowings - (115)
Total current liabilities (903) (377)
TOTAL LIABILITIES (903) (377)
NET ASSETS 3,576 18,921
------------------------------------ ------- ------------ --------
EQUITY
Issued capital 19 36,616 20,508
Foreign exchange reserve 27 (7)
Share option Reserve 2,720
Retained earnings 20 (35,762) (1,580)
TOTAL EQUITY ATTRIBUTABLE TO THE
EQUITY HOLDERS OF THE PARENT 3,601 18,921
--------------------------------------------- ------------ --------
Minority non-controlling interests (25) -
TOTAL EQUITY 3,576 18,921
------------------------------------ ------- ------------ --------
The notes below form part of the financial statements. The
financial statements were approved and authorised for issue by the
Board of Directors on 27 April 2016 and were signed on its
behalf.
Ian H. Mann
Non-Executive Chairman
26 April 2016
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Retained Share Foreign Minority Total
capital earnings Option Exchange non-controlling attributable
Reserve Reserve Interests to equity
holders
of the
parent
--------- ---------- --------- ---------- ----------------- --------------
$ '000 $ '000 $ '000 $ '000 $ '000 $ '000
Balance at 1st
July 2013 9,652 (155) - - 9,497
Loss for the period - (1,425) - - (1,425)
Other comprehensive
income - - - (7) (7)
Total comprehensive
income for the (1,
period - 580) - (7) (1,432)
Transactions with
owners
Share issues -
cash received 11,392 - - - 11,392
Share issue costs (536) - - - (536)
Total transactions
with owners 10,856 - - - 10,856
Balance at 30th
June 2014 20,508 (1,580) - (7) 18,921
----------------------- --------- ---------- --------- ---------- ----------------- --------------
Loss for the period - (34,182) (3) (34,185)
Other comprehensive
income - - 34 34
Total comprehensive
income for the
period - (34,182) - 34 (3) (34,151)
Transactions with
owners
Share issues -
cash received 16,950 - - - - 16,950
Share issue costs (842) - - - - (842)
Charge in relation
to share-based
payments - - 2,720 - - 2,720
Acquisition of
Subsidiaries - - - -
Non-controlling
Interests (22) (22)
Total transactions
with owners 16,108 - 2,720 - (22) 18,806
Balance at 31st
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 02:00 ET (06:00 GMT)
December 2015 36,616 (35,762) 2,720 27 (25) 3,576
----------------------- --------- ---------- --------- ---------- ----------------- --------------
The notes below form part of the financial statements.
CONSOLIDATED CASHFLOW STATEMENT
2015 2014
Period 18 Period 12
months to months to
31 December 30 June
2015 2014
$ '000 $ '000
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax (14,700) (1,425)
Working Capital Adjustments:
- Depreciation of property, plant
and equipment 463 7
- Share of Associates profit (88) (1,075)
- Share option charge 2,720 -
- Net interest cost / (income) - (28)
Operating cash flow before movements
in working capital (11,605) (2,521)
Working capital adjustments:
- Decrease/(Increase) in inventories - -
- Decrease/(Increase) in receivables 2,175 (1,498)
- Increase / (decrease) in payables 400 (159)
Cash used in operations (9,031) (4,178)
Net Interest (cost) / received - 28
Net cash used in operating activities (9,031) (4,150)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and
equipment (2,334) (181)
Purchase of subsidiary, net of cash
received (3)
Disposal of Discontinued Operation (6,459)
Decrease /(Increase) in loans to
associate (8,545)
Net cash used in investing activities (8,793) (8,729)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of share capital 16,950 7,392
Share issue costs (842) (536)
Repayment of borrowings -
Net cash flow from financing activities 16,108 6,856
Net increase / (decrease) in cash
and cash equivalents (1,716) (6,023)
Cash and cash equivalents at start
of the period 3,132 9,162
Effect of foreign exchange rate
changes 34 (7)
Cash and cash equivalents at end
of the period 1,450 3,132
Notes to the Consolidated Financial Statements
1. General Information
Atlas African Industries Limited is incorporated and domiciled
in Guernsey. The address of the registered office is given on page
33. The nature of the Group's operations and its principal
activities are set out in the Chairman's Statement on page 2 to
3.
The presentational currency of the Group is US Dollars as this
reflects the Group's planned business activities in sub-Saharan
Africa and therefore the Group's financial position and financial
performance.
The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union.
A number of new standards and amendments to standards and
interpretations are effective for annual periods beginning on or
after 1 January 2015, and have not been applied in preparing these
consolidated financial statements. None of these new standards and
amendments are expected to have a significant effect on the
consolidated financial statements of the Group.
At the date of authorisation of these financial statements, the
following Standards and Interpretations relevant to the Group's
operations that have not been applied in these financial statements
were in issue but not yet effective:
IFRS 9 Financial Instruments: Classification (effective for annual periods beginning on or after
1 January 2018)
IFRS 11 Join arrangements (effective for annual periods beginning on or after 1 January 2016)
IFRS 14 Regulatory deferral accounts (effective for annual periods beginning on or after 1 January
2016)
IFRS 15 Revenue from contracts with customers (effective for annual periods beginning on or after
1 January 2017)
IAS 16/41 Agriculture: Bearer plants (Effective for annual periods beginning on or after 1 January 2016)
IAS 16/38 Clarification of acceptable methods of depreciation and amortisation (effective for annual
periods beginning on or after 1 January 2016)
September 2014 Annual Improvements to IFRSs (effective for
annual periods beginning on or after 1 January 2016)
The Directors do not anticipate that the adoption of these
Standards and Interpretations will have a material impact on the
Group's financial statements in the period of initial
application.
Significant accounting policies
1.1 Basis of accounting
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 December 2015. Control is achieved
when the Company has the power to govern the financial and
operating policies of an investee entity so as to obtain benefits
from its activities.
The results of subsidiaries acquired or disposed of during the
period are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of
disposal, as appropriate.
Associates are those entities in which the Group has significant
influence, but not control, over the financial and operating
policies. The consolidated financial statements include the Group's
share of the total recognised income and expenses of associates on
an equity accounted basis, from the date that significant influence
commences until the date that significant influence ceases. When
the Group's share of losses exceeds its interest in an associate,
the Group's carrying amount is reduced to nil and recognition of
further losses is discontinued except to the extent that the Group
has a binding obligation to make payments on behalf of an
associate.
Intra-group transactions, balances and unrealised gains on
transactions between group companies are eliminated. Unrealised
losses are eliminated in the same way as unrealised gains, but only
to the extent that there is no evidence of impairment.
1.2 Going concern
The board has detailed its considerations relating to Going
Concern in note 5 of the financial statements.
The directors have, at the time of approving the financial
statements, a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future. Thus they continue to adopt the going concern basis of
accounting in preparing the financial statements.
1.3 Foreign currency translation
Foreign currency transactions are translated into the functional
currency of the entity using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated in
foreign currencies at period end exchange rates are recognised in
the income statement.
1.4 Operating loss
Operating loss consists of operating expenses and excludes
interest income net of finance costs.
1.5 Interest income
Interest income is accrued on an amortised cost basis, by
reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly discounts
estimated future cash receipts through the expected life of the
financial asset to that asset's net carrying amount.
1.6 Taxation
The Company is resident for taxation purposes in Guernsey and
its income is subject to income tax, presently at a rate of zero
per cent per annum. The income of overseas subsidiaries is subject
to tax at the prevailing rate in each jurisdiction.
1.7 Financial assets
Financial assets are classified into the following specific
categories: financial assets 'at fair value through profit or loss'
(FVTPL), 'held-to-maturity' investments, available-for-sale (AFS)
financial assets and 'loans and receivables'. The classification
depends upon the nature and purpose of the financial asset and is
determined at the time of initial recognition.
1.8 Investment in subsidiaries
Subsidiaries are all entities (including special purpose
entities) over which the group has the power to govern the
financial and operating policies generally grouping a shareholding
of more than one half of the voting rights. The existence and
effect of potential voting rights that are currently exercisable or
convertible are considered when assessing whether the group
controls another entity.
The Group also assesses the existence of control where it does
not have more than 50% of the voting rights but is able to govern
the financial and operating policies of a subsidiary. Control may
arise in circumstances where the size of the Group's voting rights
relative to the size and dispersion of holdings of other
shareholders give the Group the power to govern the financial and
operating policies, etc.
1.9 Investment in Associates
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 02:00 ET (06:00 GMT)
Associates are entities over which the Group has significant
influence but not control or joint control, generally accompanying
a shareholding of between 20% and 50% of the voting rights.
Investments in associates are accounted for by the equity method of
accounting. Under this method the investment is initially
recognised at cost and the carrying amount is increased or
decreased to recognise the investor's share of the profit or loss
of the investee after the date of acquisition.
The Group's share of post-acquisition profit or loss is
recognised in the income statement, and its share of
post-acquisition movements in other comprehensive income is
recognised in other comprehensive income with a corresponding
adjustment to the carrying amount if the investment. When the
Group's share of losses in an associate equals or exceeds its
interest in the associate, including any other unsecured
receivables, the Group does not recognise further losses, unless it
has incurred legal or constructive obligations or made payments on
behalf of the associate.
The Group determines at each reporting date whether there is any
objective evidence that the investment in the associate is
impaired. If this is the case, the Group calculates the amount of
impairment as the difference between the recoverable amount of the
associate and the its carrying value and recognises the amount
adjacent to 'share of profit/(loss) of associates in the income
statements
1.10 Goodwill
Goodwill arising on consolidation represents the excess of the
fair value of consideration over the Group's interest in the fair
value of the identifiable assets, liabilities and contingent
liabilities recognised. Goodwill is recognised as an asset and
reviewed for impairment at least annually. Any impairment is
recognised in the income statement and is not subsequently
reversed.
Acquisitions accounted for under IFRS 3 the consideration used
in the calculation of goodwill includes third party costs incurred
to effect the acquisition. Following the adoption of IFRS 3
(revised) (acquisitions from 1 January 2010) these costs are
expensed through the income statement and included in costs of
acquisitions.
On disposal of a subsidiary or associate, the attributable
amount of goodwill is included in the determination of the profit
or loss on disposal.
For acquisitions accounted for under IFRS 3, future anticipated
payments to vendors in respect of earnouts are based on the
Directors' best estimates of the fair value of future obligations,
which are dependent on future performance of the interests acquired
and assume the operating companies improve profits in line with
Directors' estimates and are included in liabilities greater or
less than one year as appropriate. There will be no depreciation or
amortisation of goodwill in the month of acquisition.
Following the adoption of IFRS 3 (revised), changes to earnouts
are recorded in the income statement through costs of acquisitions.
In this instance, when earnouts are to be settled in cash or share
consideration, the fair value of the consideration is obtained by
discounting to present value the amounts expected to be payable in
the future. The resulting interest charge is included within
finance costs of deferred consideration.
When a business is acquired from former shareholders who become
employees of the Group, should their earn out payments be dependent
on continuing employment then all payments are treated as
remuneration for post acquisition services. This is a change to the
previously adopted policy of the Group and is as a result of the
publication in January 2013 of the IFRS IC Update of the
Committee's agenda decision on IFRS 3 Business
Combinations-Continuing employment.
The charge to the income statement is included in deemed
remuneration and the fair value of the liability is included as
deemed remuneration in the balance sheet, classified as current or
non-current liabilities as appropriate.
In accordance with IFRS an impairment charge is required for
both goodwill and other indefinite lived assets when the carrying
amount exceeds the 'recoverable amount', defined as the higher of
fair value less costs to sell and value in use.
Our approach in determining the recoverable amount utilises a
discounted cash flow methodology, which necessarily involves making
numerous estimates and assumptions regarding revenue growth,
operating margins, tax rates, appropriate discount rates and
working capital requirements.
These estimates will likely differ from future actual results of
operations and cash flows, and it is possible that these
differences could be material. In addition, judgments are applied
in determining the level of cash-generating unit we identify for
impairment testing and the criteria we use to determine which
assets should be aggregated.
1.11 Valuation and asset lives of separately identifiable intangible assets
In order to determine the value of the separately identifiable
assets on the acquisition of a business combination, management are
required to make estimates when utilising the Group's valuation
methodologies. These methodologies include the use of discounted
cash flows, revenue and profit before tax multiples. Asset lives
are estimated based on the nature of the intangible asset acquired
and range between 1 and 5 years and indefinite lives.
1.12 Impairment of goodwill and other intangible assets
There are a number of assumptions the Directors have considered
in performing impairment reviews of goodwill and intangible assets,
as determining whether goodwill or intangible assets are impaired
requires an estimation of the value in use of the cash generating
units to which goodwill has been allocated. The value in use
calculation requires Directors to estimate the future cash flows
expected to arise from the cash generating unit and a suitable
discount rate in order to calculate net present value
1.13 Property, Plant and Equipment
All items of property, plant and equipment are stated at
historical cost less accumulated depreciation (see below) and
impairment. Historical cost includes expenditure that is directly
attributable to the acquisition. Subsequent costs are included in
the asset's carrying value when it is considered probable that
future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably.
Depreciation is charged to the income statement on a
straight-line basis over the estimated useful lives of each item,
as follows:
- Plant and Equipment, 20%
- Motor Vehicles, 20%
The assets' residual values and useful lives are reviewed, and
adjusted if appropriate, at each balance sheet date. Gains and
losses on disposals are determined by comparing proceeds received
with the carrying amount of the asset immediately prior to disposal
and are included in profit and loss.
1.14 Loans and receivables
Loans and other receivables are not interest bearing and are
initially recognised at their fair value and are subsequently
stated at amortised cost using the effective interest method as
reduced by appropriate allowances for estimated irrecoverable
amounts.
1.15 Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held
at call with banks and other short-term highly liquid investments
with original maturities of three months or less which are subject
to an insignificant risk of changes in value.
Financial liabilities
1.16 Trade and other payables
Trade and other payables are initially measured at fair value
and are subsequently measured at amortised cost, using the
effective interest rate method.
1.17 Provisions
Provisions are recognised when the Group has a legal or
constructive obligation as a result of past events, it is probable
that an outflow of the resources will be required to settle the
obligation and the amount can be reliably estimated.
1.18 Equity instruments
Equity instruments issued by the Group are recorded at fair
value on initial recognition, net of transaction costs.
Financial risk factors
The Group's principal financial instruments comprise cash, loans
and receivables and short-term deposits. Together with the issue of
equity share capital, the main purpose of these is to finance the
Group's operations and expansion. The Group has other financial
instruments such as trade and other receivables and trade
payables.
The Group have not entered into any derivative or other hedging
instruments.
The main risks arising from the Group's financial instruments
are credit risk, liquidity risk and market risk (including interest
rate risk and currency risk). The Board reviews and agrees policies
for managing each of these risks and these are summarised below.
The interest receivable relates to interest earned on bank
deposits.
Credit risk
Credit risk arises from financial assets, cash and cash
equivalents, and deposits with banks and financial institutions, as
well as outstanding receivables. At the period end the Group's
principal deposits were held with banks with a high credit rating.
Receivables are regularly monitored and assessed for
recoverability.
The fair value of financial assets and liabilities is not
materially different to the carrying values presented.
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 02:00 ET (06:00 GMT)
Maximum exposure to credit risk is as follows:
2015 2014
Period
18 months Period
to 31(st) 12 months
December to 30(th)
2015 June 2014
$ '000 $ '000
------------ ------------
Trade and other receivables 194 2,369
Loans to associate - 8,548
Cash and cash equivalents 1,450 3,132
----------------------------- ------------ ------------
Total 1,644 14,049
No aged analysis of financial assets is presented as no
financial assets are past due at the reporting date.
Liquidity risk
The Group's policy throughout the period has been to ensure that
it has adequate liquidity by careful management of its working
capital. At 31 December 2015 the Group held cash deposits of $1.5m
(30 June 2014: $3.1m).
Market risk
The significant market risk exposures to which the Group is
exposed are currency risk, and interest rate risk. These are
discussed further below:
Interest rate risk
The Group finances operations through the use of cash deposits
at variable rates of interest for a variety of short term periods,
depending on cash requirements. The rates are reviewed regularly
and the best rate obtained in the context of the Group's needs. The
weighted average interest rate on deposits was 0.1%.
The exposure of the financial assets to interest rate risk is as
follows:
2015 2014
Period 18 Period 12
months to months to
31(st) December 30(th) June
2015 2014
$ '000 $ '000
------------------ --------------
Financial assets at floating
rates - Cash and cash equivalents 1,450 3,132
Currency risk
The Group holds cash balances and has transactions denominated
in currencies other than the reporting currency and which therefore
are subject to fluctuations in exchange rates. These risks are
monitored by the board on a regular basis.
The Group does not hedge against the effects of exchange
rates.
The exposure of the Group's financial assets and liabilities to
currency risk is as follows:
Sterling USD Other Total
$ '000 $ '000 $ '000 $ '000
Cash and cash equivalents 44 1,395 11 1,450
Trade and other receivables 157 37 - 194
Total financial assets
at 31 December 2015 201 1,433 11 1,644
Trade payables (32) (60) (290) (382)
Other payables (260) (74) (61) (395)
Total financial liabilities
at 31 December 2015 (292) (134) (351) (776)
Fair values
The Directors have reviewed the financial statements and have
concluded that there is no significant difference between the
carrying values and the fair values of the financial assets and
liabilities of the Group as at 31 December 2015.
Capital risk management
The Group assess capital requirements regularly. The capital
structure of the Group comprises its net debt (the borrowings after
deducting cash and bank balances) and equity of the Group as shown
in the balance sheet. The requirement for capital is satisfied by
the issue of shares.
The Group's objectives when managing capital is to safeguard the
Group's ability to continue as a going concern in order to provide
returns for shareholders and benefits for other stakeholders. The
Group places funds which are not required in the short term on
deposit at the best interest rates it is able to secure from its
bankers.
The Group is under no obligation to meet any externally imposed
capital requirements.
Sensitivity analysis
Financial instruments affected by market risk include cash and
cash equivalents, trade and other receivables and payables. The
following analysis, required by IFRS 7 Financial Instruments:
Disclosures, is intended to illustrate the sensitivity of the
Group's financial instruments (at period end) to changes in market
variables, being exchange rates and interest rates.
Income Statement Equity
$ '000 $ '000
----------------- --------
+5% US$ Sterling (5) (5)
-5% US$ Sterling 5 5
The following assumptions were made in calculating the
sensitivity analysis:
- all income statement sensitivities also impact equity
- translation of foreign subsidiaries and operations into the
Group's presentation currency have been excluded from this
sensitivity.
Interest Rates
The following table details the Group and Company's exposure to
interest rate changes, all of which affect profit and loss only
with a corresponding effect on accumulated losses. The sensitivity
has been prepared assuming the liability outstanding at the balance
sheet date was outstanding for the whole period. In all cases
presented, a positive number in profit and loss represents an
increase in interest income / decrease in finance expense. The
sensitivity is presented assuming interest rates increase by either
20bp or 50bp.
Income Statement Equity
$ '000 $ '000
----------------- --------
+ 20 bp increase in interest
rates 2 2
+ 50 bp increase in interest
rates 4 4
- 20 bp increase in interest
rates (2) (2)
- 50 bp increase in interest
rates (4) (4)
The above sensitivities are calculated with reference to a
single moment in time and will change due to a number of factors
including:
- fluctuating trade receivable and trade payable balances
- fluctuating cash balances
- changes in currency mix
Critical accounting estimates and judgEments
The preparation of financial statements in conformity with IFRS
as adopted in the EU requires the use of certain critical
accounting estimates. It also requires management to exercise its
judgement in the process of applying the Group's accounting
policies. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial period are
discussed below.
2. GOING CONCERN
The board has prepared forecasts for the Group covering the
period of 12 months from the date of approval of these financial
statements.
The directors believe that, the Group is well placed to manage
its business risks successfully despite the current uncertain
economic outlook. The directors have a reasonable expectation that
the Group has adequate resources to continue in operational
existence for the foreseeable future. Thus they continue to adopt
the going concern basis of accounting in preparing the annual
financial statements.
Segment Reporting
The directors consider that the Group during the period operated
primarily in Kenya and Mauritius. Segment information about these
businesses is presented below:
2015 2015 2015 2015
Kenya Mauritius Unallocated Total
$ '000 $'000 $ '000 $ '000
Revenue
External Sales - 2,138 1,009 3,147
Inter-segment sales - - - -
Total revenue - 2,138 1,009 3,147
Segment results
Operating profit/(loss)
by segment - 646 (12,714) (12,068)
Share option charge - - (2,720) (2,720)
Share of results of
associates - 88 - 88
Operating profit/(loss) - 734 (15,434) (14,700)
Finance costs - - - -
Loss before taxation - 734 (15,434) (14,700)
Tax - (24) (61) (85)
Loss for the period
from Continuing Operations - 710 (15,495) (14,785)
Loss for the period
from Discontinued Operations (19,400) - - (19,400)
Loss for the period (19,400) 710 (15,495) (34,185)
Consolidated Total
Assets - 161 3,714 3,875
Consolidated Total
Liabilities - (24) (878) (902)
Loss for the period
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 02:00 ET (06:00 GMT)
Operating expenses include:
2015 2014
Period 18 Period
months to 12 months
31(st) December to 30(th)
2015 June 2014
$ '000 $ '000
------------------ ------------
Foreign exchange (gains)/losses 1,288 (406)
Consultancy fees 1,230 446
Staff Costs (see note 8) 2,130 315
Amounts payable to Meralis Chartered Accountants and Registered
Auditors in respect of services are as follows:
2015 2014
$ '000 $ '000
-------- --------
Audit services - statutory
audit of the company's financial
statements 75 59
Corporate transactions services - 95
Staff costs
The average monthly number of employees (including executive
directors) employed by the Group during the period was 900 (2014:
5)
The aggregate remuneration comprised:
2015 2014
Period 18 Period
months to 12 months
31(st) December to 30(th)
2015 June 2014
$ '000 $ '000
------------------ ------------
Directors Fees 1,535 371.6
The remuneration of the Directors, who are the key management
personnel of the Group are set out below:
2015 2014
Period 18 Period
months to 12 months
31(st) December to 30(th)
2015 June 2014
$ '000 $ '000
------------------ ------------
P H Edmonds - 78.3
A S Groves 80 78.3
A R Burns - 78.3
J W Wright 40 40.0
I H Mann 40 40.0
C J Esprey 401 56.7
L Monro 535 -
B Lobel 439 -
---------------------- ------------------ ------------
Total Directors Fees 1,535 371.6
No contributions were made to pension schemes for any of the
directors or employees (2014: nil).
Income Tax Expense
The Company is resident for taxation purposes in Guernsey and
its income is subject to Guernsey income tax, presently at a rate
of zero.
2015 2014
Period 18 Period
months to 12 months
31(st) December to 30(th)
2015 June 2014
$ m $ m
------------------ ------------
Loss before tax (34.1) (1.4)
Loss before tax (0.1) (0.4)
Tax (credit)/charge reported 0.1 -
for continuing operations (**)
Difference (0.2) 0.4
Difference explained as:
Losses not allowable (in Guernsey) - 0.7
Effect of accounting for associate (0.2) (0.3)
------------------------------------ ------------------ ------------
(0.2) 0.4
Although the Company has incurred a loss in the period there is
no carried forward tax losses given the nil rate.
** The associate has reported a $0.2m (2014:$0.3m) tax charge
for the period since acquisition, a 49% share of which is included
in the $0.2m (2014:$1.1m) post-tax profits reported by Ardan Risk
and Support Services.
Loss per Share
The calculation of the basic and diluted loss per share is based
on the following data:
2015 2014
Period 18 Period
months to 12 months
31(st) December to 30(th)
2015 June 2014
$ '000 $ '000
------------------ ------------
Loss for the purposes of basic
loss per share from continuing
operations (14,785) (1,425)
Loss for the purposes of basic
loss per share from continuing
operations (34,185) (1,425)
Number of shares
2015 2014
Period 18 Period
months to 12 months
31(st) December to 30(th)
2015 June 2014
$ '000 $ '000
------------------ ------------
Weighted average number of
ordinary shares for
the purposes of basic and
diluted loss per share 414,537,392 283,720,834
Loss per Share from continuing (3.58) cents (0.5) cents
operations
Loss per Share from continuing (8.21) cents (0.5) cents
and discontinued operations
No options or instruments which might give rise to dilution were
in issue during the period.
Share options have not been included in the calculation of EPS
because their exercise is contingent on the satisfaction of certain
criteria that had not been met at 31 December 2015. The total
number of options in issue is disclosed in Note 21.
Property, Plant and Equipment
Plant Motor Total
COST & Equipment Vehicles
$ '000 $ '000 $ '000
------------- ---------- --------
As at 1 July 2014 7 174 181
Additions 2,321 13 2,334
------------------------ ------------- ---------- --------
As at 31 December 2015 2,328 187 2,515
DEPRECIATION
As at 1 July 2014 (1) (6) (7)
Charge for the period (444) (19) (463)
------------------------ ------------- ---------- --------
As at 31 December 2015 (445) (25) (470)
NET BOOK VALUE at 31
December 2015 1,883 162 2,045
------------------------ ------------- ---------- --------
NET BOOK VALUE at 30
June 2014 6 168 174
discontinued operations (ardan logistics kenya)
The Board identified Ardan Risk & Support Services, ("ARSS")
as an appropriate acquisition target and on 5 August 2013 the
Company entered into an acquisition agreement pursuant to which the
Company agreed to acquire a 49% interest in the ARSS for a
consideration of US$4m, satisfied by the issue of new Ordinary
Shares. In addition, the Company was granted a period of
exclusivity with a view to entering into an agreement to acquire
the remaining 51% interest in ARSS.
On 28 March 2014, the Company entered into a Framework and
Option Agreement pursuant to which ARSS, overseen by the Company,
undertook a corporate and contractual restructuring programme to
rationalise operational management, and implementation, planning
and reporting. The Company was also granted a three year
conditional call option to acquire 100% of Ardan Logistics Kenya,
("ALK"), a separate and new 'shell' company from which the
restructured business would be operated.
On 26 September 2014 the Company exercised the call option
granted to it pursuant to the framework and option agreement
announced on 28 March 2014, to acquire the entire issued share
capital of ALK. Following receipt of shareholder approval for the
Acquisition granted at a general meeting held on 22 October 2014
the Company completed the acquisition of ALK.
Consideration Paid
$ '000
-------
Cash -
Shares Issued 4,000
Conversion of Loans to
associate into equity 8,545
--------------------------
Total Consideration Paid 12,545
The transfer of business (including the novation of contracts
and the transfer of net assets etc) was completed on 1 January
2015.
The identifiable assets acquired are:
$ '000
--------
Property plant and equipment 11,749
Inventories 253
Trade receivables 8,011
Other receivables 833
Cash and cash equivalents 3,226
Loans and borrowings (6,145)
Trade payables (4,263)
Other payables (5,292)
Net Assets Acquired 8,371
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 02:00 ET (06:00 GMT)
Goodwill was recognised as a result of the acquisition as
follows:
$ '000
-------
Total Purchase Price 12,545
less: Net Assets Acquired 8,371
Goodwill 4,174
On 30 November 2015, the Company took the decision to place its
Kenyan subsidiaries (ALK, Ardan (Civil Engineering) Limited and
Ardan (Medical Services) Limited) into liquidation by way of a
Creditors Voluntary Liquidation. The downturn in the oil and gas
industry, market adjustments and the failure of certain key clients
to settle debts, together with increasing creditor pressure has led
to the decision to close its Kenyan operations.
The Loss relating to the Discontinued Operations are as
follows:
$ '000
----------
Revenue 10,218
Expenses (16,057)
Finance expense (155)
Loss before Tax (5,994)
Tax (69)
Loss after Tax (6,063)
Impairment of Investment (3,470)
Impairment of Goodwill (4,174)
Impairment of Loans Receivables (5,692)
Total Loss Attributable
to Discontinued Operations (19,400)
Acquisition of Subsidiaries
On 19 November 2015 the Company announced the creation of an
industrial division with an initial focus on consumer based
industrial projects to broaden its business offering. The
industrial division will allow the Company to take advantage of
unique on the ground access to highly prospective industrial
projects in exciting growth markets. As part of the Company's first
project within the industrial division, Atlas signed an acquisition
agreement on 3 December 2015 to acquire East Africa Packaging
Holdings Limited ('EAPH'), a company established to build a new
state-of-the-art glass bottle manufacturing facility 45 kilometres
north of Addis Ababa, Ethiopia (the 'Chancho Project').
EAPH has two investments, TEAP Glass plc and Kalamu Management
Services Limited.
TEAP Glass plc, a 100% Ethiopian subsidiary and the trading
entity from which the Chancho Project will operate. The
identifiable assets acquired in EAPH (inclusive of TEAP Glass plc)
are:
$ '000
-------
Property plant and equipment 95
Intangible Assets 186
Trade receivables 3
Cash and cash equivalents 9
Loans and borrowings (890)
Trade payables (6)
Net Assets Acquired (603)
Goodwill was recognised as a result of the acquisition as
follows:
$ '000
-------
Total Purchase Price -
less: Net Assets Acquired (603)
Goodwill 603
Kalamu Management Services Limited is a Mauritian Management
Services entity, of which EAPH owns 33%. Separately to this
investment, the Company has a direct investment in Kalamu
Management Services Limited for 33% and as a result of the purchase
of EAPH, the Company now owns 66% of Kalamu Management Services
Limited, henceforth acquiring control of the entity and accordingly
goodwill is recognised at such point. Up to 19 November, Kalamu was
treated as an investment in an associate, after which it has been
treated as a subsidiary.
The identifiable assets acquired in Kalamu Management Services
Limited at acquisition are:
$ '000
-------
Property plant and equipment 53
Trade and other receivables 17
Cash and cash equivalents 13
Loans and borrowings (366)
Trade payables (2)
------------------------------ -------
Net Assets Acquired (284)
------------------------------ -------
66% acquired by the Group (187)
Goodwill was recognised as a result of the acquisition as
follows:
$ '000
-------
Total Purchase Price -
less: Net Assets Acquired (187)
Goodwill 187
InVESTMENTS IN SUBSIDIARIES
Investments include:
Country Class % ownership Principal
of registration of Shares Activity
/ incorporation held
----------------- ----------- ------------ -----------
ADSS Holdings Limited Mauritius Ordinary 100 Investment
(formerly Ardan Risk Holding
Holdings)
ADSS Trading Limited Mauritius Ordinary 100 Trading
(formerly Ardan Risk Entity
Trading)
East Africa Packaging Mauritius Ordinary 100 Investment
Holdings Limited Holding
TEAP Glass plc Ethiopia Ordinary 100 Trading
Entity
Atlas Development Ethiopia Ordinary 100 Trading
(Engineering) PLC Entity
ADSS Extractive Mining Ethiopia Ordinary 50 JV Trading
Oil and Gas Supportive Entity
Services
Kalamu Development Tanzania Ordinary 100 Trading
& Support Services Entity
Ardan Servicos Medicos Mozambique Ordinary 100 Dormant
Limitada Entity
Ardan Servicos Logisticos Mozambique Ordinary 100 Dormant
Limitada Entity
Kalamu Management Mauritius Ordinary 66 Trading
Services Limited Entity
Subsidiaries liquidated
during period
Ardan Logistics Kenya Kenya Ordinary Liquidated on
Limited 30 Nov 2015
Ardan (Civil Engineering) Kenya Ordinary Liquidated on
Limited 30 Nov 2015
Ardan (Medical Services) Kenya Ordinary Liquidated on
Limited 30 Nov 2015
The Directors consider the carrying amount of investment in
subsidiaries has not suffered any impairment loss.
Interest in Associate companies
31 December 30 June
2015 2014
$ '000 $ '000
------------ --------
Investment in Associate - 4,000
Share of Profit for Period 88 1,075
TOTAL 88 5,075
The investment in associate refers to the investment in Ardan
Risk & Support Services, ("ARSS"), which is detailed in Note 13
and Kalamu Management Services Limited which is reference in Note
14.
TRade and other receivables
All non-current receivables are due within five years from the
end of the reporting period.
2015 2014
Period
18 months Period 12
to 31(st) months to
December 30(th) June
2015 2014
$ '000 $ '000
------------ --------------
Trade receivables - -
Other Receivables 5 2,369
Prepayments 166 -
Rental Deposits 23 -
Loans to associate - 8,545
------------ --------------
194 10,914
Less non-current portion:
loans to associate - (8,545)
--------------------------- ------------ --------------
TOTAL CURRENT ASSETS 194 2,369
The effective interest rates on non-current receivables were
2.2%.
The Directors consider that the carrying amount of trade and
other receivables approximates their fair value.
There are no significant amounts past due.
CASH AND CASH EQUIVALENTS
2015 2014
Period
18 months Period 12
to 31(st) months to
December 30(th) June
2015 2014
$ '000 $ '000
------------ --------------
Cash and cash equivalents 1,450 3,132
(MORE TO FOLLOW) Dow Jones Newswires
April 28, 2016 02:00 ET (06:00 GMT)
Financial Liabilities
2015 2014
TRADE AND OTHER PAYABLES Period
18 months Period 12
to 31(st) months to
December 30(th) June
2015 2014
$ '000 $ '000
------------ --------------
Trade Payables 369 262
Other Payables 407 115
-------------------------------- ------------ --------------
TOTAL TRADE AND OTHER PAYABLES 776 377
Other payables principally comprise amounts outstanding for
trade purchases and ongoing costs.
The Directors consider that the carrying amount of financial
liabilities approximates their fair value.
Share Capital
Allotted and fully
paid
Ordinary shares of no par Number
value $'000
------------ -------
At 30 June 2014 315,773,366 20,508
Issue of shares 117,289,827 16,104
------------ -------
Total share Capital:
At 31 December 2015 433,063,193 36,616
The Company has one class of ordinary share which carries no
right to fixed income.
On 15 August 2014, 77.8 million ordinary shares were issued for
cash at a price of 9.0 pence per ordinary share.
On 23 October 2014, the Company issued 350,000 ordinary shares
in part payment for services rendered by an advisor.
Between 24 October 2014 and 31 December, the Company issued 39.1
million ordinary shares at a price of 6.0-7.0 pence per ordinary
share.
Movement in Retained Earnings
2015 2014
$ '000 $ '000
--------- --------
Prior Period Losses (1,580) (155)
Loss for the period (34,182) (1,425)
Retained Earnings (35,762) (1,580)
--------------------- --------- --------
Share-based payments
The Group operates a share plans relating to shares in the
parent company known as the AOL Share Option Scheme 2013.
The Group recognised total expenses of $2,720k related to
equity-settled share based payment transactions.
Share Options
The exercise price of the options granted under the share option
scheme is determined at every grant date and set for each grant.
There is generally no vesting period but in certain instances
vesting periods of 6-30 months has been included. Options are
forfeited if the employee leaves the Group before the options
vest.
The following information relates to these share option
scheme:
2015 2015
Options Weighted
average
exercise
price (in
GBp)
----------- -----------
Outstanding at beginning of - -
period
Granted during the period 64,000,000 0.07
Lapsed during the period - -
Exercised during the period - -
Outstanding at the end of
the period 64,000,000 0.07
Exercisable at the end of
the period 30,000,000 0.06
Weighted average remaining
contractual life 9.2 9.2
Weighted average share price - -
for options exercised at the
date of exercise
The fair value was calculated using the Monte Carlo and Black
Scholes models. In valuing the options, the following assumptions
were used:
2015 2014
---------- -----
Weighted average share price 9.12pence -
Weighted average exercise 9.35pence -
price
Expected volatility 31.53% -
Risk-free rate 1.80% -
Expected volatility was determined by calculating the historical
volatility of the Group's share price over the previous three
years. The expected life used in the model has been adjusted, based
on management's best estimate, for the effects of
non-transferability, exercise restrictions, and behavioural
considerations.
Controlling Party
The Directors believe that there is no ultimate controlling
party.
Contingencies
A subsidiary, Kalamu Development & Support Services has a
contingent liability relating to Input VAT claimed on expenditure.
The VAT Returns were not filed within the required 6 month period
and as such the Company may be denied such claim and have an
additional VAT liability of $87k.
Other Matters
A subsidiary, Kalamu Development & Support Services
operating in Tanzania has ceased operations during the period under
review. Operations in Tanzania commenced in January 2015 and were
scheduled to continue for 12 months however the contract was
terminated in October 2015 by the Company due to non-payment by the
contracting client.
The Loss relating to the ceased operations are as follows:
$ '000
-----------------------------
Revenue 1,009
Expenses (813)
Provision for Doubtful
Debts (620)
Finance Expense (2)
Loss before Tax (426)
Tax (59)
Loss after Tax (485)
Related Parties
C Esprey, L Monro and B Lobel, Directors of the Group during the
period, are also members of Calary Services Limited ("Calary").
Related party transactions are entered into on an arm's length
basis. No provisions have been made in respect of amounts owed by
or to related parties. During the period Atlas provided loans to
Calary of $305k for the purposes of establishing treasury and
administrative services for the Group. Calary subsequently provided
loans to Kalamu Management Services Limited of $115k, resulting in
a net receivable by the Company at 31 December 2015 of $190k. Post
period end, these loans have been fully repaid to the Company.
After the period end, commission of US$172k was paid to Ocelot
Investment Group Limited, a company controlled by AS Groves.
The remuneration of the Directors, who are the key management
personnel of the Group, is set out in note 8.
Post Balance Sheet Events
On 15 February 2016, the Board announced its intention to raise
US$5m through an issue of new Ordinary Shares by way of a Placing
at a Placing Price of 0.325 pence per Ordinary Share. The proceeds
of the Placing are be used to fund a full feasibility study for the
Company's Chancho Project in Ethiopia, a new state-of-the art glass
manufacturing facility 45km north of the capital, Addis Ababa, as
well as initial construction works. The Board also announced the
posting of a notice and circular convening a General Meeting to
vote on resolutions relating to the Placing and to the proposed
change of name to 'Atlas African Industries Limited'.
On 16 February 2016 the Board announced that it has successfully
raised US$5m before expenses by way of an issue of 1,064,307,692
new ordinary shares of no par value in the Company at a price of
0.325 pence per ordinary share.
On 17 March 2016 the Company announced a change of name from
Atlas Development & Support Services Limited to Atlas African
Industries Limited.
During the first quarter of 2016 the Company announced various
updates and completion of key milestones relating to the Chancho
Project in Ethiopia, including the following:
-- Granted a 100 year land lease certificate and construction
licence covering an area of 5.5 ha of the Chancho site
-- Commenced ground breaking at the Chancho site
-- Appointment of design consultant, MH Engineering to advance Ethiopian bottling project
-- MOU with Ethiopian Brewery to Supply Glass Bottles
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DMGZDVNZGVZM
(END) Dow Jones Newswires
April 28, 2016 02:00 ET (06:00 GMT)
Atlas Afric (LSE:AAI)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Atlas Afric (LSE:AAI)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
