Fenikso Limited - Interim Results
30/09/2024 07:00
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RNS Number : 1137G Fenikso Limited 30 September 2024
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
30(th) September 2024
Fenikso Limited
("Fenikso" or "the Company")
Interim Results
Fenikso Limited (AQSE: FNK), the Cayman Islands enterprise company, is pleased
to announce its unaudited interim results (the "Interim Report") for the six
months ended 30 June 2024 (the "Reporting Period").
FINANCIAL REVIEW
Financial overview and performance
The Company reported a loss of US$126,000 for the six-month period ended 30
June 2024.
Net assets of the Company at the end of the Reporting Period were US$19.5
million. Cash balances as at the end of the Reporting Period were US$5.26
million.
OPERATIONS REPORT AND ASSET SUMMARY
The principal business of the Company is to manage and ensure the full
recovery of the LOGI Loan. The Company has received payments under the LOGI
Loan as at the end of 30 June 2024 amounting to US$3,522,176. A further
US$2,278,318 has since been received post 30 June 2024. The Board will
continue to monitor the compliance with the terms and conditions of the LOGI
Loan. As at the end of June 2024 LOGI had complied with all conditions of the
Settlement Deed save for the cancellation of certain shares in the Company
owned by Lekoil Nigeria, Lekan Akinyami and Samuel Olutu. The total shares
that should have been cancelled are 107,658,847 ordinary shares. On 2 August
2023 the Company announced the surrender of 106,443,637 ordinary shares held
by Lekoil Nigeria to the Company for nil consideration had been completed. The
remaining 1,215,210 ordinary shares are required to be surrendered by Lekoil
Nigeria Limited. The Company is working with such parties to cancel such
shares as soon as practicably possible.
Outlook
The Company has continued to accumulate cash over the first six months of the
year. Since the end of June the Company has made its first investments in
order to maximise the return on its cash whist it receives further payments
under the LOGI loan.
This report was approved by the board on 27(th) September 2024 and signed on
its behalf.
Thomas Richardson
Chairman
For further information, please visit https://feniksoplc.com
(http://www.lekoilplc.com/) or contact:
Fenikso Limited info@feniksoplc.com
Thomas Richardson, Chairman
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser) +44 20 3855 5551
Brian Stockbridge
Statement of Comprehensive Income
For the six months ended 30 June 2024
Unaudited Unaudited Audited
30 June 30 June 31 December
2024 2023 2023
$000 $000 $000
OTHER OPERATING INCOME
Cost of sales - - -
Gross (loss) - - -
Fair value adjustment of receivables - - 2,109
Fair value adjustment borrowings - - (1,582)
Administrative expenses
Recurring administrative costs (126) (224) (366)
OPERATING LOSS (126) (224) 161
Finance income - - -
Finance cost - - -
LOSS FROM CONTINUING (126) (224) 161
ACTIVITIES BEFORE TAXATION
Tax expense - - -
LOSS FOR THE PERIOD (126) (224) 161
ATTRIBUTABLE TO THE
EQUITY HOLDERS
TOTAL COMPREHENSIVE LOSS (126) (224) 161
ATTRIBUTABLE TO THE
EQUITY HOLDERS
Loss per share - basic (0.0003) (0.0003) 0.0003
Loss per share - diluted (0.0003) (0.0003) 0.0003
Statement of Financial Position
At 30 June 2024
Unaudited Unaudited Audited
30 June 30 June 31 December
2024 2023 2023
$000 $000 $000
CURRENT ASSETS
Fixed Assets 1 - -
Trade and other receivables due within one year 2,853 2,474 6,336
Cash and cash equivalents 5,262 1,093 2,603
TOTAL CURRENT ASSETS 8,116 3,567 8,939
Trade and other receivables due after one year 20,211 26,120 20,251
TOTAL ASSETS 28,327 29,687 29,190
EQUITY
Share capital 25 30 25
Share premium account 264,729 264,729 264,729
Retained earnings (245,201) (245,465) (245,075)
TOTAL EQUITY 19,553 19,294 19,679
CURRENT LIABILITIES
Trade and other payables due within one year 3,305 2,995 3,488
TOTAL CURRENT LIABILITIES 3,305 2,995 3,488
Trade and other payables due after one year 5,469 7,398 6,023
TOTAL LIABILITIES 8,774 10,393 9,511
TOTAL EQUITY AND LIABILITIES 28,327 29,687 29,190
Statement of Changes in Equity
For the six months ended 30 June 2024
Share capital Share Retained Total
Premium losses shareholder
equity
$000 $000 $000 $000
Balance (restated) as at
31 December 2021 27 264,004 (229,844) 34,187
Loss for the period - - (944) (944)
Total comprehensive income for the period 27 264,004 (230,788) 33,243
Issue of ordinary 11 1,496 - 1,507
shares
Total transactions with owners 11 1,496 - 1,507
Balance at 30 June 2022 38 265,500 (230,788) 34,750
Loss for the - - (14,453) (14,453)
period
Total comprehensive income for the period 38 265,500 (245,241) 20,297
Issue of ordinary shares 2 367 - 369
Shares cancelled (10) (1,138) - (1,148)
Total transactions with owners (8) (771) - (779)
Balance at 31 December 2022 30 264,729 (245,241) 19,518
Loss for the period - - (224) (224)
Total comprehensive income for the period 30 264,729 (245,465) 19,294
Issue of ordinary shares - - - -
Total transactions with owners - - - -
Balance at 30 June 2023 30 264,729 (245,465) 19,294
Loss for the - - 385 385
period
Total comprehensive income for the period 30 264,729 (245,080) 19,679
Issue of ordinary shares - - - -
Shares cancelled (5) - 5 -
Total transactions with owners (5) - 5 -
Balance at 31 December 2023 25 264,729 (245,075) 19,679
Loss for the period - (126) (126)
Total comprehensive income for the period 25 264,729 (245,201) 19,553
Issue of ordinary shares - - - -
Total transactions with owners - - - -
Balance at 30 June 2024 25 264,729 (245,201) 19,553
Statement of Cashflows
For the six months ended 30 June 2024
Unaudited Unaudited Audited
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2024 2023 2023
$000 $000 $000
Operating activities
Profit/(Loss) before taxation (126) (224) 161
Decrease in trade and other receivables 5,917 2,615 4,622
(Decrease) / increase in trade and other payables (737) (1,506) (2,389)
Net cash used in operating activities 5,054 885 2,394
Cash Flows from Financing Activities
Loans received - - -
Loan repayment via issue of shares - - -
Net Cash generated from Financing Activities - - -
Increase in cash and cash equivalents in period 5,054 885 2,394
Cash and cash equivalents at beginning of period 208 208 208
Cash and cash equivalents at end of period 5,262 1,093 2,602
Notes to the Interim Report
For the six months ended 30 June 2024
1. GENERAL INFORMATION
Fenikso Limited ("the Company") is a company incorporated and domiciled in the
Cayman Islands. The
address of the registered office is 190 Elgin Avenue, George Town, Grand
Cayman KY1-9001, Cayman
Islands.
The Company's shares are traded on the Aquis Stock Exchange under symbol FNK
and ISIN number
KYG5462G1073.
2. BASIS OF PREPARATION
These condensed interim financial statements do not include all of the
information required for full annual financial statements and should be read
in conjunction with the financial statements of the Company for the year
ended 31 December 2023 which were prepared in accordance with EU-endorsed
International Financial Reporting Standards ('IFRSs'), IFRIC interpretations
as adopted by the EU.
The financial statements have been prepared under the historical cost
convention except for financial
instruments and share based payments which are measured at fair value.
Monetary amounts in these
financial statements are rounded to the nearest $000.
The interim financial statements for the six months ended 30 June 2024 are
unaudited and have not been reviewed by the Company's auditors, Bright Grahame
Murray. The comparative interim figures for the six months ended 30 June 2023
are also unaudited and are restated to reflect the adjustments made in the
audited financial statements for the year ended 31 December 2023 to the prior
year comparatives for the year ended 31 December 2022.
The accounting policies applied by the Company in the preparation of these
condensed consolidated interim financial statements are the same as those
applied by the Company in its financial statements for the year ended 31
December 2023.
3. EARNINGS PER SHARE
The basic loss per share is derived by dividing the loss for the period
attributable to ordinary shareholders by the weighted average number of shares
in issue.
Unaudited Unaudited Audited
30 June 30 June 31 December
2024 2023 2023
$000 $000 $000
Profit/(Loss) for the period (126) (224) 161
Weighted average number of shares 492,953 599,396 492,953
Loss per share - diluted (0.0003) (0.0003) 0.0003
4. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2024 2023 2023
$000 $000 $000
Current - falling due within one year
Trade receivables - - -
Other receivables 2,853 2,474 6,336
2,853 2,474 6,336
Non current - falling due aft er one year
Other receivable 20,211 26,120 20,251
Total 20,211 26,120 20,251
Under the settlement deed of 7 December 2022, the Company granted a new loan
of approximately US$51,919,467 to Lekoil Oil and Gas Investments Limited
("LOGI") (the "LOGI Loan") in consideration for the transfer of certain loans
granted to Lekoil Nigeria and its related entities to LOGI, the release of
security related to such loans and the waiver of any repayment of amounts due
under such loans. The loan is to be repaid by 8.653% of the aggregate proceeds
of the sales received from Shell Western in respect of each lifting of crude
oil by LOGI. In the year 2023, the Company has announced it has received a
total of US$6,731,883 as partial repayment of the loan of US$51,919,467. The
amount received equates to 8.653% of the value of the crude oil sales by LOGI.
The proceeds will go towards reducing the Company's creditor balances. At 31
December 2023, US$45,187,584 was due from LOGI. The Company has carried out an
assessment of the value of the amounts due at 31 December 2023 on a discounted
basis using a rate of 18.112% (2022: 16.821%) to effect a current market value
of the loan of US$26,586,056. A gain of US$2,108,531 has been recognised in
the statement of comprehensive income. The loan is being repaid by 8.653% of
the aggregate proceeds of the sales received from Shell Western in respect of
each lifting of crude oil by LOGI. During the period to 30 June 2024, the
Company has announced it has received a total of US$3,522,176 as partial
repayment of the loan of US$51,919,467.
5. TRADE AND OTHER PAYABLES
Unaudited Unaudited Audited
30 June 30 June 31 December
2024 2023 2023
$000 $000 $000
Current - falling due within one year
Trade payables 550 542 474
Other payables 2,573 2,020 2,783
Accruals 182 433 231
3,305 2,995 3,488
Noncurrent - falling due after one year
Other payables 5,469 7,398 6,023
Total 8,774 10,393 9,511
Following the Settlement Deed, the Company entered into a loan agreement with
Savannah Energy pursuant to which the Company agreed to pay Savannah Energy
certain upfront payments together with 25% of all amounts received by the
Company from LOGI pursuant to the LOGI Loan, subject to a maximum total
payment of approximately US$16,256,159. The Company assessed the value of the
loan amount at 31 December 2022 on a discounted basis using a rate of 16.821%
to effect a current market value of US$9,417,555. The difference of
US$6,838,604 was recognised in the statement of comprehensive income. During
the financial year of 2023, the Company made a total repayment of US$2,193,983
to SEIL. As at 31 December 2023, an amount of US$14,062,176 was due to
Savannah Energy. The Company has assessed the value of the loan amount at 31
December 2023 on a discounted basis using a rate of 18.112% (2022: 16.821%) to
effect a current market value of US$8,805,773. A loss of US$1,582,201 has been
recognised in the statement of comprehensive income in the financial year of
2023.
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