FNK.AQSE

Fenikso Limited
Fenikso Limited - Interim Results
30th September 2024, 06:00
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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.

 

30th 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 27th September 2024 and signed on its behalf.

Thomas Richardson

Chairman

 

For further information, please visit https://feniksoplc.com or contact:

 

Fenikso Limited

Thomas Richardson, Chairman

info@feniksoplc.com

First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)

Brian Stockbridge

+44 20 3855 5551

 

 

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 shares                                    

11

1,496

-

1,507

Total transactions with owners

11

1,496

-

1,507

Balance at 30 June 2022

38

265,500

(230,788)

34,750

Loss for the period                                       

-

-

(14,453)

(14,453)

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 period                                       

-

-

385

385

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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