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(PTG.L) Portland Gas PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 05-11-09 | RNS |
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RNS Number : 0685C Portland Gas plc 05 November 2009 5 November 2009 Portland Gas plc Director Shareholdings Portland Gas plc (the "Company") was informed today that Mr Jonathan Davie, a Non-executive Director of Portland Gas plc, has today transferred 20,400 ordinary shares from a family trust to his personal name at 116.75p each. Mr Davies' total beneficial shareholding in Portland Gas remains unchanged at 575,400 ordinary shares, representing 0.81% of the issued and voting share capital of the Company. Enquiries:
Portland Gas plc
Seymour Pierce Limited <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END
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| 05-11-09 | RNS |
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RNS Number : 0262C Portland Gas plc 05 November 2009 5 November 2009 For Immediate Release Portland Gas plc Issue of Equity £2.5m Placing Portland Gas Plc (AIM: PTG) ("the Company") is pleased to announce the placing of 2,500,000 new ordinary shares at 100p per share to raise £2.5 million before expenses. The shares were placed by Seymour Pierce Limited with existing institutional investors and the Company Directors. Following the placing, the Company will have 73,804,201 ordinary shares in issue. The Placing Shares will represent approximately 3.39 per cent. of the Company's Enlarged Share Capital. Two members of the Company's Board are participating in the placing as follows:
13,174 ordinary shares are held by Andrew's wife Walter's elder daughter is also taking 12,500 shares. Application has been made for the shares to be admitted to AIM and admission of the shares is expected to be on 12 November 2009. The net proceeds of the Placing receivable by the Company will be applied to fund essential ongoing activity on the Portland and Islandmagee projects, redeem the debenture issued to Hydrock and the funding of G&A expenditure. For further information please contact: Portland Gas plc
Craig Gouws, Chief Financial Officer PR - Watershed
Investor Relations - Buchanan Communications
Nominated Adviser and Broker - Seymour Pierce
Sarah Jacobs Richard Redmayne Notes to Editors: Background on Portland Gas plc Portland Gas' business is focused on the development of two gas storage projects in the United Kingdom at Portland, Dorset and at Islandmagee, County Antrim, Northern Ireland. The two projects could between them provide over 10% of the total UK and Ireland peak daily demand in the latter part of the next decade. The Company is also developing new projects in mainland Europe initially focussing on Germany and Spain. The Company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential in Europe over the coming decades. In order that the "Portland Gas" name can remain with the Portland Project where it is very well established in Dorset, the Directors intend to seek approval at the next Annual General Meeting of the Company, scheduled for December 2009, to change the name of Portland Gas plc to "Infrastrata plc". The Portland Project company, Portland Gas Holdings Limited, would then be renamed to "Portland Gas Limited". Further information is available on the Company's website www.portland-gas.com. <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END
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| 05-11-09 | RNS |
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RNS Number : 0178C Portland Gas plc 05 November 2009
Portland Gas plc European Investment Bank places the Portland Gas Storage Project under appraisal The Directors of Portland Gas plc (AIM: PTG) ("the Company") are pleased to announce that the European Investment Bank ("EIB") has confirmed that it has listed the Portland Gas Storage Project in its pipeline of projects under appraisal. The EIB supports projects which contribute to energy diversification and security at EU level. The pipeline of projects under appraisal by the EIB are listed on the website http://www.eib.org/projects/pipeline/index.htm. Commenting on the news, Andrew Hindle, CEO of Portland Gas plc said: "We are delighted that the Portland Project, which will support energy security of supply and the efficient functioning of the gas market, has received this under appraisal status from the EIB." For further information please contact: Portland Gas plc
Craig Gouws, Chief Financial Officer PR - Watershed
Investor Relations - Buchanan Communications
Nominated Advisor and Broker - Seymour Pierce
Sarah Jacobs Richard Redmayne
Background on Portland Gas plc Portland Gas' business is focused on the development of two gas storage projects in the United Kingdom at Portland, Dorset and at Islandmagee, County Antrim, Northern Ireland. The two projects could between them provide over 10% of the total UK and Ireland peak daily demand in the latter part of the next decade. The Company is also developing new projects in mainland Europe initially focussing on Germany and Spain. The Company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential in Europe over the coming decades. In order that the "Portland Gas" name can remain with the Portland Project where it is very well established in Dorset, the Directors intend to seek approval at the next Annual General Meeting of the Company, scheduled for December 2009, to change the name of Portland Gas plc to "Infrastrata plc". The Portland Project company, Portland Gas Holdings Limited, would then be renamed to "Portland Gas Limited". Portland Project At a projected 1,000 million cubic metres ("mcm") or 35 billion cubic feet ("bcf") of working gas, the facility would be the largest onshore gas storage facility in the UK. Planning permission was granted by Dorset County Council in May 2008 and Pipeline Construction Authorisation was granted by the BERR (now known as the Department of Energy and Climate Change) in July 2008. The gas storage facility is designed to inject or withdraw gas at 20mcm per day. The current estimate of total development cost for the project is £456m. The project will use brine compensation technology and will not require cushion gas. In October 2009 a Co-operation Group ("Group") was established consisting of five companies who have each expressed an interest in possibly acquiring a working interest in the Portland Project, together with Infrastrata UK Limited (the subsidiary of Portland Gas plc that currently owns Portland Gas Holdings Limited ("PGL")). The Group will work together to conduct a feasibility study in respect of the Project. PGL's legal advisor, Field Fisher Waterhouse LLP, will draw up a Shareholders' Agreement and a separate Capacity Agreement. In parallel, PGL's project finance advisor, BNP Paribas, will work on the development of the financing structure. Further information is available on the Company's website www.portland-gas.com. This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3417B
Portland Gas plc
26 October 2009
26 October 2009 For Immediate Release
PRESS RELEASE
Final results for the year ended 31 July 2009
Portland Gas plc (AIM: PTG) ("the Company" or "Portland Gas") the independent gas storage Company is pleased to announce final results for the year ended 31 July 2009.
Operational highlights
* Portland Project funding process launched
* * BNP Paribas appointed as the project company debt finance advisors
* Field Fisher Waterhouse LLP appointed as the project company solicitors
* Co-operation group established after year end comprising 5 companies which have expressed an interest in the Project
* Pre-start planning conditions discharged for the Portland Project
* Initial site works on the Portland Project wellpad area commenced
* Good progress made with the Islandmagee Project
* * Successful two-day public exhibition held
* Planning application submission target of year end 2009
* The Company has continued to pursue and evaluate international gas storage opportunities
Financial highlights
* Loss for period of £1,281,002 (2008; £1,569,621)
* Loss per share of 1.82p (2008; 2.33p)
* Cash and cash equivalents as at 31 July 2009 of £3,066,502 (2008; £9,276,964)
* Capitalised expenditure on gas storage projects during the year of £5,729,823 (2008; £7,360,442)
Chief Executive's Report
The Portland Gas group has during this time of economic uncertainty focused on the Portland Project funding, however it has also been able to progress its other gas storage projects. It is now well recognised that a significant programme of gas storage development is required in the United Kingdom and Ireland to secure energy supplies for the future. The two projects initiated by the Group in the United Kingdom could between them provide approximately 42 million cubic metres of gas on a cold winter day (this is approximately 10% of the total United Kingdom and Ireland peak daily demand).
Portland Project
The first funding process for the Portland Project was halted owing to the 'credit crunch' in November 2008. There followed a period of consultation with interested parties on a bi-lateral basis until July 2009 when a new process was formally launched. During this intermediate period, BNP Paribas was appointed as project finance advisors and Field Fisher Waterhouse LLP as new legal advisors to the project company.
Following the discharge of the pre-start planning conditions, on 31 July 2009 site work commenced at Upper Osprey on Portland.
The first task is to undertake initial works on the wellpad area from which drilling down to the salt sequence deep below Portland can take place, the first stage in creating 14 caverns providing storage for 1,000 million cubic metres of gas. These preliminary works are being performed by Hydrock, a leading national provider of consultancy and specialist contracting services for construction, infrastructure and the environment. Engineering design work is being undertaken by CB&I who have global experience in the engineering, procurement and construction of major energy infrastructure projects. The Company has reached agreement with Hydrock to undertake works to a value of £300,000. These works are being funded by a redeemable debenture created on the 7 July 2009 and granted to Hydrock. Under the terms of the debenture the Company may redeem the instrument until 31st January 2010 beyond which it is converted into 369,595 ordinary shares.
The gas storage facilities will be constructed in a number of stages, starting initially with drilling and construction of the facilities required to construct the caverns, followed by construction of the gas facilities and pipelines. The project will take approximately seven years to complete.
After the year-end, a Co-operation Group was established following a successful first phase of the funding process. The Group consists of five companies who have each expressed an interest in possibly acquiring a working interest in the Portland Project, together with Infrastrata UK Limited (formerly Portland Gas A Limited). The Group will work together to conduct a feasibility study in respect of the Project. The Project's legal advisor, Field Fisher Waterhouse LLP, will draw up a Shareholders' Agreement and a separate Capacity Agreement. In parallel, the Project's project finance advisor, BNP Paribas, will work on the development of the financing structure.
On the 14 July 2009 the Company agreed to place 919,474 new ordinary shares of 10p each at 81.17p per share with Portland Port Limited to settle an existing liability relating to the East Weares estate lease. These shares were issued after year end.
Islandmagee Project
The Project, a joint venture with a subsidiary of Northern Ireland Energy Holdings Limited, is designed to store 500 million cubic metres of natural gas. During 2009, technical experts developed a design for the storage caverns and surface facilities and further progress was made on the Environmental Impact Assessment.
In June 2009 a successful two-day public exhibition to present information and gather feedback on the project was held. Further consultations with stakeholders are planned for the end of October 2009 and a target date of year end 2009 has been set for submission of the planning application.
Storage asset portfolio development
The Group made progress with its plans for new gas storage projects in Germany and Spain. In Germany, a review of the geology and infrastructure has resulted in activity being focused on a salt dome in northern Germany. In Spain, a local subsidiary Portland Gas ESP S.L. was formed to develop the Group's Spanish gas storage plans.
Outlook
The 2009/10 financial year will again be an active time for the business. The Group looks forward to the introduction of investors in the Portland Project and to continuing the development and construction of the Upper Osprey site. Islandmagee Storage Limited (the project company for the Northern Ireland Project re-named during the year from Portland Gas NI Limited) plans to complete the Environmental Impact Assessment and submit the Project planning application before the end of the 2009 calendar year. In addition the Group will continue in its stated objective of developing an international gas storage business.
Portland Gas plc
Consolidated income statement
For the year ended 31 July 2009
_________________________________________________________________________< /fipP>
Note 2009 2008
£ £
Continuing operations
Revenue - -
Cost of sales - -
Gross profit/(loss) - -
Administrative expenses (1,454,441) (1,767,017)
Operating loss (1,454,441) (1,767,017)
Investment revenues 173,439 197,396
Loss before taxation (1,281,002) (1,569,621)
Taxation - -
Loss for the year (1,281,002) (1,569,621)
Basic and diluted loss per share 1 1.82p 2.33p
Portland Gas plc
Consolidated balance sheet
As at 31 July 2009
_________________________________________________________________________ __
2009 2008
£ £
Non-current assets
Plant and equipment 20,346,503 15,195,167
Intangible assets 1,821,551 1,263,659
Total non-current assets 22,168,054 16,458,826
Current assets
Trade and other receivables 149,356 305,520
Available for sale financial assets 12,500 12,500
Cash and cash equivalents 3,066,502 9,276,964
Total current assets 3,228,358 9,594,984
Current liabilities
Trade and other payables (925,202) (1,408,848)
Net current assets 2,303,156 8,186,136
Non-current liabilities
Obligations under contractual and operating (2,185,741) (1,963,519)
lease agreements due after one year
Net assets 22,285,469 22,681,443
Shareholders' funds
Share capital 7,038,473 7,038,473
Share premium 8,576,705 8,576,705
Merger reserve 8,988,112 8,988,112
Shares to be issued 746,337 -
Share based payment reserve 177,189 38,498
Retained earnings (3,241,347) (1,960,345)
22,285,469 22,681,443
Portland Gas plc
Consolidated statement of changes in equity
For the year ended 31 July 2009
_________________________________________________________________________ ____
Share Share premium Merger reserve Shares to be issued Share based payment Retained earnings Total equity
capital reserve
£ £ £ £ £ £ £
Balance at 31 July 2007 117,782 - 11,650,514 - - (390,724) 11,377,572
Loss for the year - - - - - (1,569,621) (1,569,621)
Total recognised income and - - - - - (1,569,621) (1,569,621)
expenses for the year
Issue of equity share capital 40,000 - 3,960,000 - - - 4,000,000
(pre- demerger)
6,622,402 - (6,622,402) - - - -
Portland Gas plc
capitalisation
258,289 8,576,705 - - - - 8,834,994
Issue of equity share capital
(post-demerger)
- - - - 38,498 - 38,498
Share based payments
Balance at 31 July 2008 7,038,473 8,576,705 8,988,112 - 38,498 (1,960,345) 22,681,443
Loss for the year - - - - - (1,281,002) (1,281,002)
Total recognised income and - - - - - (1,281,002) (1,281,002)
expenses for the year
Commitment to issue shares - - - 746,337 - - 746,337
- - - - 138,691 - 138,691
Share based payments
Balance at 31 July 2009 7,038,473 8,576,705 8,988,112 746,337 177,189 (3,241,347) 22,285,469
Portland Gas plc
Consolidated cash flow statement
For the year ended 31 July 2009
_________________________________________________________________________ __
Note 2009 2008
£ £
Net cash (used in) operating activities 2 (1,175,444)
(1,275,246)
Investing activities
Interest received 173,439 197,396
Purchase of intangible assets (530,729) (5,645,493)
Purchase of plant and equipment (4,678,611) (63,887)
Purchase of financial assets - (12,500)
Proceeds on disposal of plant and equipment 883 -
Net cash (used in) investing activities (5,035,018) (5,524,484)
Financing activities
Proceeds on issue of ordinary shares - 12,639,999
Net cash generated from financing activities - 12,639,999
Net (decrease)/increase in cash and cash (6,210,462) 5,840,269
equivalents
Cash and cash equivalents at beginning of 9,276,964 3,436,695
year
Cash and cash equivalents at end of year 3,066,502 9,276,964
Cash and cash equivalents consist of:
Cash in hand and at bank 3,066,502 9,276,964
£3,066,502 £9,276,964
Significant non-cash transaction
The above excludes the settlement of a liability of £746,337, where the supplier agreed to accept 919,474 new 10p ordinary shares in settlement; the shares were issued after year end.
Portland Gas plc
Notes to the financial statements
For the year ended 31 July 2009
_________________________________________________________________________ ____
1. Loss per share 2009 2008
p p
Basic loss per share 1.82 2.33
The calculation of basic loss per share is based upon a loss of
£1,281,002 (2008; £1,569,621) divided by the weighted average
number of ordinary shares in issue of 70,384,727 (2008;
67,381,698).
In accordance with IAS 33, diluted earnings per share
calculations are not presented as assumed conversion of
outstanding share options would be anti-dilutive, as such the
diluted earnings per share is equal to the basic loss per share.
2. Cash (used in) operations 2009 2008
Group £ £
Operating loss for the year (1,454,441) (1,767,017)
Depreciation 21,880 19,342
Profit on disposal of plant & equipment 367 -
Decrease in trade and other receivables 156,164 22,816
(Decrease)/Increase in trade and other (38,105) 216,121
payables
Share option expense 138,691 38,498
Shares issued in lieu of bonus - 194,994
Cash (used in) operations (1,175,444) (1,275,246)
3. Basis of preparation
The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 31 July 2009 or 31 July
2008.
The financial information has been extracted from the statutory accounts of the Company for the years ended 31 July 2009 and 31 July 2008. The auditors
reported on those accounts; their reports were unqualified and did not contain a statement under either Section 498 (2) or Section 498 (3) of the
Companies Act 2006 or Section 237 (2) or Section 237 (3) of the Companies Act 1985 respectively and did not include references to any matters to which
the auditor drew attention by way of emphasis.
The statutory accounts for the year ended 31 July 2008 have been delivered to the Register of Companies; those for the year ended 31 July 2009 were
approved by the board on 23 October 2009 and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
4. Approval
The preliminary announcement was approved by the Board on 23 October 2009.
For further information please contact:
Portland Gas plc
Andrew Hindle, Chief Executive Officer 020 8332 1200
Craig Gouws, Chief Financial Officer
PR - Watershed
Sara Hudston 01308 420785
Investor Relations - Buchanan Communications
Ben Willey 020 7466 5000
Nominated Advisor and Broker - Seymour Pierce
Jonathan Wright 020 7107 8000
Sarah Jacobs
Richard Redmayne
Notes to Editors:
Background on Portland Gas
Portland Gas' business is focused on the development of two gas storage projects in the United Kingdom at Portland, Dorset and at Islandmagee, County Antrim, Northern Ireland. The two projects could between them provide over 10% of the total UK and Ireland peak daily demand in the latter part of the next decade. The Company is also developing new projects in mainland Europe initially focusing on Germany and Spain. The Company is one of only a few in Europe focused specifically on gas storage development, a sector with significant growth potential in Europe over the coming decades. In order that the "Portland Gas" name can remain with the Portland Project where it is very well established in Dorset, the Directors intend to seek approval at the next Annual General Meeting of the Company, scheduled for December 2009, to change the name of Portland Gas plc to "Infrastrata plc". The project company, Portland Gas Holdings Limited, would then be renamed to "Portland Gas Limited".
Further information is available on the Company's website www.portland-gas.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAEESAFXNFAE
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| Date/Time | Subject | Author | ||
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| Fri 09:26 | ||||
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Yes; but how long does an appraisal take?
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| Fri 08:40 | ||||
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| Thu 22:58 | ||||
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May say that breakout soon with the funding all but secured.
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| Thu 16:57 | ||||
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Some positive news re the above,today.
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They have not been approved or issued by Interactive Investor Trading Limited.
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