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(ALO.L) Alecto Energy PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 30-09-09 | RNS |
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RNS Number : 9384Z Alecto Energy PLC 30 September 2009 Alecto Energy plc ('the Company') Total voting rights As at the date of this announcement, the Company's issued share capital consists of 937,731,770 Ordinary Shares with a nominal value of 0.07p each with voting rights ('Ordinary Shares'). The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 937,731,770. The above figure of 937,731,770 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Services Authority's Disclosure and Transparency Rules. Contacts:-
Edward Hutton Allenby Capital Limited Tel: +44 (0) 20 7510 8600 James Reeve This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-09-09 | RNS |
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RNS Number : 9090Z Alecto Energy PLC 30 September 2009 30 September 2009 Alecto Energy plc ('Alecto Energy' or 'the Company') Interim Results for the period ended 30 June 2009 Chairman's Statement The first 6 months of the year were a period of re-orientation for Alecto. The ability to attract the required funding to continue to develop the PEM Technology had become extremely difficult and as reported in late January the Company terminated the CSIRO Agreements in order to preserve the remaining cash in the Company and allow it to continue to pursue alternative investment opportunities in line with its investing policy. The Company's investing policy is to make investments in the energy sector, which may include exploration, development or production projects in oil and gas, coal, uranium and renewable energy. Alecto will primarily focus on investment and acquisition opportunities in Southern Africa, the former Soviet Union, Latin America, Southern Africa, Australasia and South East Asia. Alecto's interest in a proposed investment may range from a minority position to 100 per cent ownership. The proposed investments may be a direct interest in an energy project or an indirect interest through partnerships, joint ventures or either quoted or unquoted companies. Subsequent to the period end and as part of this process, I was appointed as Non-Executive Chairman in place of Mr Martin Thomas. At the same time, Mr Damian Conboy joined the board as Executive Director. On 28 August 2009 the Company completed a placing of 657,523,869 new Ordinary Shares at a price of 0.11p per share, with certain new and existing shareholders to raise £720,000. This placing along with the appointment of Mr Conboy to the Board is an important step towards delivering on our strategy as we look to acquire projects and interests in the mining and energy sectors. We believe that there are some excellent opportunities available at the moment whereby we can utilise our new Board's strengths in these sectors and its deal structuring abilities to build an exciting future for the Company. Results During the six months to 30 June 2009, the Group made a loss of £89,528 (30 June 2008: £2,176,702). Malcolm James Chairman Condensed Consolidated Income Statement
before tax
Retained loss for the period
diluted
Condensed Consolidated Balance Sheet ASSETS
Non-current assets
Current assets
EQUITY & LIABILITIES
Equity
Current liabilities
Condensed Statement of
Other comprehensive income:
translating foreign operations
the period Condensed Consolidated Statement of Changes in Equity
Share capital issued
Total comprehensive income for the period
Transfer of goodwill impairment to reserve
As at 30 June 2008
Total comprehensive income for the period
As at 30 June 2009 Condensed Consolidated Cash Flow Statement
Cash inflow from operating
activities
equipment
receivables and prepayments
and other payables
operating activities
Cash flows from investing
activities
equipment
from investing activities
Net decrease
of subsidiary
the end of the period Notes to the unaudited financial statements 1. General information The principal activity of Alecto Energy plc ('the Company') and its subsidiaries (together 'the Group') is to make investments and/or acquire projects in the energy sector, which may include exploration, development or production projects in oil and gas, coal, uranium and renewable energy. The address of its registered office is 200 Strand, London WC2R 1DJ.
The interim financial information set out above does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies applied in preparing the financial information are consistent with those that have been adopted in the Group's 2008 audited statutory accounts. Statutory accounts for the year ended 31 December 2008 were approved by the Board of Directors on 29 June 2009 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 237(2) or 237(3) of the Companies Act 1985. The financial information for the 6 months ended 30 June 2009 and the 6 months ended 30 June 2008 has not been audited. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The unaudited interim results of the Group for the period ended 30 June 2008 have been restated in these interim results. The unaudited results for the period ended 30 June 2008 accounted for the acquisition of Oreion Australia Energy PTY Ltd using the deemed value of the consideration shares of 2p resulting in a purchase consideration of £1,000,000. In accordance with IFRSs, the purchase consideration in these interim statements is the fair value of the shares issued based on the published share price at the date of issue. As a result, the value of the shares issued during the period ended 30 June 2008 has been restated to £440,000. The loss for that period has also been restated from £2,736,702 to £2,176,702 as a result of the adjustment to the impairment of goodwill. Retained Losses at 30 June 2008 have been restated from £3,738,336 to £2,773,336 partly as a result of the change in the impairment of goodwill of £560,000 referred to above. The remaining difference of £405,000 results from a transfer of part of the reduced impairment charge from Retained Losses, where it was previously stated, to the Merger Reserve. The 2009 interim financial report of the Company has not been audited but has been reviewed by the Company's auditor, Littlejohn LLP, whose independent review report is included in this Interim Report.
Except as described below, the same accounting policies, presentation and methods of computation are followed in this condensed consolidated financial information as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2008.
The following new amendments to standards are mandatory for the first time for the financial year beginning 1 January 2009. IAS 1 (revised), 'Presentation of financial statements'. The revised standard prohibits the presentation of items of income and expenses (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement. Entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). The Group has elected to present two statements: an income statement and a statement of comprehensive income. The interim financial statements have been prepared under the revised disclosure requirements.
The calculation of loss per share is based on a retained loss of £89,528 for the period ended 30 June 2009 (30 June 2008: £2,176,702; 31 December 2008: £2,282,168) and the weighted average number of shares in issue in the period 30 June 2009 of 280,207,901 (30 June 2008: 260,152,956, 31 December 2008: 270,235,223). No diluted earnings per share is presented as the effect on the exercise of share options would be to decrease the loss per share.
On 28 August 2009 the Company announced that it had raised approximately £720,000 through the placing of 657,523,869 new Ordinary Shares ('Placing Shares') at a price of 0.11p per share, with certain new and existing shareholders. One warrant was issued for every seven Placing Shares, exercisable at 0.5p per share for a period of two years from the date of admission of the Placing Shares to trading on AIM. Contacts
Gregory Kuenzel
Allenby Capital Limited
Introduction We have been engaged by Alecto Energy plc to review the condensed set of Financial Statements in the half-yearly financial report for the six months ended 30 June 2009 which comprise the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated statement of changes in equity, consolidated cash flow statement and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of Financial Statements. Directors' Responsibilities The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies. The annual Financial Statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of Financial Statements included in this half-yearly financial report has been prepared in accordance with the requirements of the AIM Rules for Companies. Our Responsibility Our responsibility is to express to the Company a conclusion on the condensed set of Financial Statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of review We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of Financial Statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with the AIM Rules for Companies. Littlejohn LLP Chartered Accountants and Registered Auditors 1 Westferry Circus Canary Wharf London
E14 4HD 29th September 2009 This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-08-09 | RNS |
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RNS Number : 2074Y Alecto Energy PLC 28 August 2009 Alecto Energy plc ('Alecto' or 'the Company') Placing of shares with warrants attached Award of share options Alecto Energy plc, the AIM listed energy company, has conditionally raised approximately £720,000 through the placing of 657,523,869 new Ordinary Shares ('Placing Shares') at a price of 0.11p per share, with certain new and existing shareholders ('the Placing'). One warrant is being issued for every seven Placing Shares ('the Warrants'), exercisable at 0.5p per share for a period of two years from the date of admission of the Placing Shares to trading on AIM. The funds raised will be used to pursue additional new investment opportunities in line with the Company's investing policy aimed at making investments in the energy sector, which may include exploration, development or production projects in oil and gas, coal, uranium and renewable energy. Alecto is primarily focussing on opportunities in Southern Africa, the former Soviet Union, Latin America, Australasia and South East Asia. Alecto Energy Chairman Malcolm James said, "This placing, which significantly improves our treasury, is the next stage of our strategy as we look to acquire projects and interests in the mining and energy sectors. We believe that there are some excellent opportunities available at the moment whereby we can utilise our enlarged Board's strengths in these sectors and its deal structuring abilities to build an exciting future for the Company." The Placing is not a rights issue or open offer and the Placing Shares will not be offered generally to shareholders on a pre-emptive basis. The Board considers that it is in the best interests of the Company and shareholders as a whole for the funds to be raised through the Placing. The placing price of 0.11p per share is at a premium of approximately 137% to the Company's current cash at bank per share and at a discount of 27% to 0.15p, the closing mid market price of the Company's shares when the placing price was fixed. The Placing Shares represent approximately 70% of the Company's enlarged issued share capital. Application will be made for the admission of the Placing Shares to trading on AIM and it is expected that dealings in the new shares will commence at 8.00 a.m. on Friday, 4 September 2009. The Placing Shares will, when issued, rank pari passu in all respects with the existing Ordinary Shares, including the right to receive dividends and other distributions declared following Admission. No application will be made for the Warrants to be admitted to trading on AIM. Changes in directors' share interests following the Placing are as below:
The total number of shares in issue and therefore the total number of voting rights following completion of the Placing will be 937,731,770. Award of Share Options Damian Conboy, Director, and Greg Kuenzel, Company Secretary, have respectively been granted options to subscribe for 15,000,000 and 5,000,000 Ordinary Shares in the Company at an exercise price of 0.5p per share, valid for 2 years from the date of admission of the Placing Shares to trading on AIM. Holdings in Company As a result of the Placing, in addition to the changes to directors' interests, there have been the following changes in the notifiable interests in the Company:
nln: no longer notifiable as below 3% Contacts
For further information on the Company visit www.alectoenergy.com or contact:
James Reeve This information is provided by RNS The company news service from the London Stock Exchange END
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| 19-08-09 | RNS |
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RNS Number : 7036X Alecto Energy PLC 19 August 2009 Alecto Energy plc ('Alecto' or the 'Company') Board appointments Revised investing policy Board appointments As part of the Company's strategy to refocus on its investing policy following the termination of the various agreements entered into between the Company and CSIRO in relation to the commercialisation of CSIRO's hydrogen micro fuel cell technology, the Company is pleased to announce the following Board appointments. Mr Martin Thomas has stood down as non-executive chairman and has been replaced by Mr Malcolm James. The Board would like to take this opportunity to thank Martin for his involvement with the Company and wish him all the best in his future endeavours. Malcolm James is a business graduate of RMIT University in Melbourne, Australia with over 25 years' experience in merchant banking, engineering, manufacturing and financing. Over the last 15 years he has played an active role in identifying, exploring, financing and developing a number of significant natural resource projects in Australia, the former Soviet Union, the Middle East, Africa and Asia. To date he has been involved in raising in excess of AUD $3 billion in debt and equity capital. Mr James is the Chairman of Australian Stock Exchange-listed Peninsula Minerals Limited. Mr Damian Conboy has been appointed to the Board of the Company as executive director. Damian Antony Conboy (age 38) holds a Bachelor of Commerce from the University of Western Australia. He began his career at Potter Warburg stockbrokers in Perth, Western Australia. Following a move to the UK in 1999, he was involved in several business ventures, finance and other business development roles. More recently, he has worked as Managing Director of Exchange Minerals Limited (of which he is also a director), a boutique corporate finance company with offices in London, Dubai, Perth and Belgium, providing project development and capital-raising advice to several companies including Greenland Minerals & Energy Limited. Mr Conboy is also a director of Strait Oil & Gas (UK) Limited, a company with oil and gas projects in Georgia. His past directorships in the last 5 years were My Body Talks Limited, Octagonal Limited and First Avenue International Limited. In August 1999, Mr Conboy was barred by the Australian Securities and Investments Commission ("ASIC") from acting as a representative of a securities dealer or an investment adviser in Australia for a period of two years. ASIC found that Mr Conboy did not perform his duties efficiently, honestly and fairly and was not a fit and proper person to be a representative. There are no further disclosures to be made in relation to Mr Conboy pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies. Revised Investing Policy The Company has revised its investing policy in accordance with the transitional provisions of AIM Notice 33. These revisions are not considered by the Board to amount to a material change in the overall objective and risk profile of the existing investing strategy. The Company's investing policy is to make investments in the energy sector, which may include exploration, development or production projects in oil and gas, coal, uranium and renewable energy. Alecto will primarily focus on investment and acquisition opportunities in Southern Africa, the former Soviet Union, Latin America, Southern Africa, Australasia and South East Asia. Alecto's interest in a proposed investment may range from a minority position to 100 per cent. ownership. The proposed investments may be a direct interest in an energy project or an indirect interest through partnerships, joint ventures or either quoted or unquoted companies. The Directors collectively have considerable experience in investing, both in structuring and executing deals and in raising funds. The Directors will use this experience to identify and investigate investment opportunities, and to negotiate acquisitions. Wherever necessary the Company will engage suitably qualified technical personnel to carry out specialist due diligence prior to making an acquisition or an investment. The Directors may offer new Ordinary Shares by way of consideration as well as cash, thereby helping to preserve the Company's cash for working capital and as a reserve against unforeseen contingencies including by way of example, and without limit, delays in collecting accounts receivable, unexpected changes in the economic environment and unforeseen operational problems. The Company may, in appropriate circumstances, issue debt securities or otherwise borrow money to complete an investment. There are no borrowing limits in the Articles of Association of the Company. There are no restrictions in the type of investment that the Company might make nor on the type of opportunity that may be considered other than set out in this paragraph. As the Ordinary Shares are traded on AIM this provides a facility for shareholders to realise their investment in the Company. In addition, the Directors may consider from time to time other means of facilitating returns to Shareholders including dividends, share repurchases, demergers, and schemes of arrangements or liquidation. Chairman's Statement Alecto Energy Chairman Malcolm James said, "I'd like to take this opportunity to thank Martin for his involvement with the Company and wish him all the best in his future endeavours. I am pleased to welcome Damian as a director of the Company and believe that his experience in project development will be of great assistance to Alecto as we pursue our investing policy."
For further information on the Company, visit: www.alectoenergy.com or contact: Alecto Energy plc Damian Conboy / Greg Kuenzel Tel: +44 20 7182 1748
Allenby Capital Limited
This information is provided by RNS The company news service from the London Stock Exchange END
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| Date/Time | Subject | Author | ||
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| 27-10-09 | ||||
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nmmmmmmmmmmm
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| 27-10-09 | ||||
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This stock is BULLISH in short-term; and NEUTRAL in mid-long term.
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| 27-10-09 | ||||
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I'll have a think on this one.
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| 26-10-09 | ||||
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I think something must be brewing or a share correction in the market
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