31 J l 2020
ReN | E e g | ig | ag eeme | ell i | 30% | ||||||
i | e e | i | he G | lb | a d Bea de e | ||||||
bi | e e g | jec | |||||||||
J | e 2020 | a | e l | ac i i ie | e | ||||||
Highligh | |||||||||||
ξ | ReN Ene g | Limi ed (ReN | E e g ) (ASX: RNE) ha | en e ed in o a Sec | i ie and A e Sale | ||||||
and P | cha e Ag eemen (SPA) | i h Re onance Wa e | Finance UK Limi ed (Re | a ce) fo he | |||||||
ale of i | 30% in e e | in he Go lb | n and Bea de e | bioene g p ojec | fo $500,000. | ||||||
ξ | Coope | Ba in p efe | ed me hod of abandonmen fo | he | o emaining geo he mal | ell | |||||
de e mined | i h p opo ed ac i i ie | o be di c ed | i h he So h A alian Depa | men fo | |||||||
Ene g | and Mining. |
- Ca h holding a 30 J ne 2020 of $2.45m o be boo ed b app o ima el $0.78m follo ing
comple ion of he ale of he 30% in e e | in he bioene g p ojec | o Re onance and eceip of | |
pa men d e o ReN | Ene g fo he | econd gene a o p ojec a | he Bea de e facili , in e e |
di ib ion and o he | e ice . |
ξ Appoin men of KPMG Co po a e Finance a | ad i o o a | i ReN | Ene g |
of po en ial me ge o ac i i ion oppo ni ie | financed | i h ReN | Ene g |
capi al. |
i h he iden ifica ion c ip and/o e e nal
Coinciding i h | he elea e of i J ne 2020 a e l ca h flo epo , ReN Ene g i plea ed o p o ide |
an pda e on i | ecen ac i i ie . |
ReN E e g Limi ed, Co po a e Ho e, King Ro 1, Le el 2, 52 McDo gall S ee , Mil on, QLD 4064 Phone: +61 7 3721 7500 Fa : +61 7 3721 7599 Email: info@ en ene g .com.a
ABN: 55 095 006 090
Sale | f ReN | E | e g | 30% i | e e | i | bi | e | e g | jec | Allia | ce | a | e | ||||||||||
ReN | Ene g | anno nce | ha i ha | en e ed in o a SPA | i h Re onance fo i | o ac | i e ReN | Ene g | 30% | |||||||||||||||
in e e | in he Go | lb | n and Bea de e | bioene g | p ojec | fo $500,000. | ||||||||||||||||||
D | ing he la | 12 mon h , d e o e | e nal fac o | a each | i e, he bioene g | p ojec | ha e | nde pe fo med, | ||||||||||||||||
e pe iencing | ed | ced ope a ing and p oce | ing ho | . A combina ion of d o | gh , b | hfi e , p oce ing plan | ||||||||||||||||||
inf a | c | e damage and mo e ecen l | he effec of COVID 19 ha | e l ed in lo | e | elec | ical demand and | |||||||||||||||||
effl | en | le el | fo | p oce | ing. | Thi | ha | led o | ed | ced bioga | p od | c ion and elec | ical gene a ion, and | |||||||||||
ed | ced | e en e fo | he Alliance. The e condi ion | a e e pec ed | o con in | e fo | he fo e eeable f | e. A | ||||||||||||||||
capi al con ib | ion i | al o needed | o mee ongoing ope a ional | e | i emen . | |||||||||||||||||||
A | a | e | l , ReN | Ene g | en e ed in o di c | ion | i h Re onance fo | he | ale of i | 30% in e e | in | he | ||||||||||||
p ojec | and ha | accep ed an offe | fo | $500,000. The SPA i | no | bjec | o an | condi ion | p eceden and i | |||||||||||||||
e pec ed | o comple e in ea l A g . | |||||||||||||||||||||||
ReN | Ene g | Chai man, Bo d Whi e | aid: | In | eaching o | deci ion | o en e | in o an ag eemen | i h | |||||||||||||||
Re onance, | he Boa d and Managemen | ha e e plo ed and con ide ed a n mbe | of al e na i e , incl ding | |||||||||||||||||||||
e aining o | in e e | and making he ag eed capi al con | ib | ion, offe ing | o p | cha e Re onance | in e e | |||||||||||||||||
and di e | ing pa | of | he in e e | o a 3 d pa | . Ha ing a | e | ed | he e al e na i e | and aking in o acco n | |||||||||||||||
ReN | Ene g | a ailable ca h, o | foc | on clo ing o | he Coope | Ba in | emedia ion ac i i ie | and ac i el | ||||||||||||||||
eeking o | ne | p ojec oppo | ni ie , he Boa d and I belie e ha | hi | an ac ion | ep e en | he be | op ion | ||||||||||||||||
o ad ance he in e e | of o | ha eholde . | ||||||||||||||||||||||
ReN | Ene g | CEO, G eg Wa | on | aid: A | a mino i | pa | ne | in | he bioene g | Alliance, | he | an ac ion | ||||||||||||
ep e en | he be | oppo | ni | fo ReN | Ene g | o off e | he e | i emen fo a ca h call and add o i | c | en | ||||||||||||||
ca h holding . The con ide a ion fo | he ale | ep e en | a m | l iple on FY2020 EBITDA fo | he bioene g | |||||||||||||||||||
p ojec | of mo e han 8 ime and place | ReN | Ene g | in a good financial po i ion o clo e o | i | emedia ion | ||||||||||||||||||
obliga ion | and p | e M&A ac i i | . The e m | of he ale al o encap | la e pa men | d e o ReN | Ene g | |||||||||||||||||
fo | he | econd gene a o | p ojec a | he Bea | de e | facili | , in e e | and o he | e | ice | of app o ima el | |||||||||||||
$283,000. In | o al hi | ill add $783,000 | o ReN | Ene g | ca h holding | befo e | an ac ion co . | |||||||||||||||||
The Boa d con ide | he | an ac ion o be in he be | in e e | of ReN | Ene g | ha eholde . |
C | e Ba i emedia i | |||||||||
P og e | i | con in | ing o a d he abandonmen of he | o emaining geo he mal | ell | and | ende | of he | ||
GRL3 geo he mal | enemen | loca ed in he So h A | alian Coope | Ba in. | Follo | ing engagemen | of | |||
Well afe P | L d in la e Feb | a | , p e-abandonmen field | o k o ga he | addi ional info ma ion f om he | ell | ||||
a | cond | c ed in la e Ap il/ea l | Ma . Combining hi da a i h he hi | o ical info ma ion ha | enabled | he | ||||
emedia ion | eam | o de e mine | he p efe ed me hod of abandonmen | fo bo h | ell . A mee ing | i h | he |
So h A | alian Depa | men fo Ene g and Mining (Reg la o ) o di c | he p opo ed ac i i ie ha | been | ||||||
ched led. Follo ing hi mee ing he ag eed ell p og am | ill be p epa ed and co | finali | ed. | |||||||
Pending | he a ailabili | of con ac o | , abandonmen of | he | ell i | planned fo la e Q3/ea l | Q4 2020. To | |||
da e, COVID-19 ha no | impac ed he | emedia ion o k | and i no | fo eca | o affec f | e ac i i ie | nle | |||
condi ion | change. |
Page 2 of 3
- a e
ReN | Ene g | ha $2.45m in ca h e e | e a 30 J ne 2020, | hich i | o be boo | ed b app o ima el | $0.78m | ||||||||
nde | he e m | of he SPA | i h Re onance. | ||||||||||||
ReN | Ene g | al o anno nce | he appoin men of KPMG Co po a e Finance a | financial ad i o | o a | i | he | ||||||||
Compan i h | he iden ifica ion of po en ial me ge o ac | i i ion oppo ni ie | financed | i h ReN | Ene g | ||||||||||
c ip and/o | e | e nal capi al. | |||||||||||||
ReN | Ene g | CEO, G eg Wa | on | aid: Follo | ing comple ion of he | a egic e ie | in Feb | a | 2020, ReN | ||||||
Ene g | ha | cce | f ll e e i | co | ba e. | Taking in o acco | n | he inc ea e in a ailable ca h f om | he | ||||||
ag eemen | i h Re onance, ReN | Ene g i | ell po i ioned o comple e he | o k | o allo | he | ende | of | |||||||
GRL3 in he Coope | Ba in and ac i el | eek ne me ge o | ac | i i ion oppo | ni ie . |
Thi ma ke anno ncemen ha been a ho i ed fo elea e o he ASX b he Boa d of Di ec o .
Fo mo e info ma ion plea e con ac :
G eg Wa
Chief E ec i e Office + 61 7 3721 7500
Page 3 of 3
R e 4.7B
A | 4C | |||
Q | ||||
L | R | 4.7B | ||
N | ||||
ReNu Energ Limited | ||||
ABN | Q | ( | ) | |
55 095 006 090 | 30 June 2020 | |||
C | C | Y | ||
$A 000 | (12 | ) | ||
$A 000 |
1. C
1.1 | Receipts from customers | 132 | 892 | |
1.2 | Pa ments for | |||
(a) | research and development | (210) | (369) | |
(b) | product manufacturing and operating | (48) | (395) | |
costs | ||||
(c) | advertising and marketing | - | - | |
(d) | leased assets | - | - | |
(e) | staff costs | (160) | (1,798) | |
(f) | administration and corporate costs | (140) | (894) | |
1.3 | Dividends received (see note 3) | - | - | |
1.4 | Interest received | 30 | 119 | |
1.5 | Interest and other costs of finance paid | - | (48) | |
1.6 | Income ta es paid | - | - | |
1.7 | Government grants and ta incentives | - | - |
1.8 Other (provide details if material)
(a) | e penditure on biogas EPC project | (87) | (791) | ||||
(b) | business development | - | (21) | ||||
(c) | GST received/(paid) | 10 | (6) | ||||
1.9 | N | / ( | ) | (474) | (3,311) | ||
N e: e e a e | f a | a | a ce | ||||
e | ac ed ca | ed | e a g | ||||
ac | e d | g e | a e |
ASX Listing Rules Appendi 4C (17/07/20) | Page 1 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
A | 4C | |
Q | L | R 4.7B |
2. | C | ||||
2.1 | Pa ments to acquire or for: | ||||
(a) | entities | - | - | ||
(b) | businesses | - | - | ||
(c) | propert , plant and equipment | - | (21) | ||
(d) | investments | - | - | ||
(e) | intellectual propert | - | - | ||
(f) | other non-current assets | - | - | ||
2.2 | Proceeds from disposal of: | ||||
(a) | entities | - | - | ||
(b) | businesses | - | 5,775 | ||
(c) | propert , plant and equipment | - | - | ||
(d) | investments | - | - | ||
(e) | intellectual propert | - | - | ||
(f) | other non-current assets | - | - | ||
2.3 | Cash flo s from loans to other entities | - | - | ||
2.4 | Dividends received (see note 3) | - | - | ||
2.5 | Other (provide details if material) | ||||
(a) | release of securit | deposits to cash | 10 | 277 | |
(b) | R&D ta incentives | - | 57 | ||
2.6 | N | / ( | ) | 10 | 6,088 |
3. C
- Proceeds from issues of equit securities (e cluding convertible debt securities)
- Proceeds from issue of convertible debt securities
--
- | - |
3.3 | Proceeds from e ercise of options | - | - | ||
3.4 | Transaction costs related to issues of | - | (5) | ||
equit | securities or convertible debt | ||||
securities | |||||
3.5 | Proceeds from borro | ings | - | - | |
3.6 | Repa ment of borro | ings | - | (1,433) | |
3.7 | Transaction costs related to loans and | - | (316) | ||
borro | ings | ||||
3.8 | Dividends paid | - | - | ||
3.9 | Other (provide details if material) | - | - | ||
3.10 | N | / ( | ) | - | (1,754) |
ASX Listing Rules Appendi 4C (17/07/20) | Page 2 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
A | 4C | |
Q | L | R 4.7B |
4. | N | / ( | ) |
4.1 Cash and cash equivalents at beginning of
period | 2,912 | 1,425 | ||||||
4.2 | Net cash from / (used in) operating | (474) | (3,311) | |||||
activities (item 1.9 above) | ||||||||
4.3 | Net cash from / (used in) investing activities | 10 | 6,088 | |||||
(item 2.6 above) | ||||||||
4.4 | Net cash from / (used in) financing activities | - | (1,754) | |||||
(item 3.10 above) | ||||||||
4.5 | Effect of movement in e change rates on | - | - | |||||
cash held | ||||||||
4.6 | C | 2,449 | 2,449 | |||||
5. | R | C | P | |||||
at the end of the quarter (as sho n in the | $A 000 | $A 000 | ||||||
consolidated statement of cash flo | s) to the | |||||||
related items in the accounts | ||||||||
5.1 | Bank balances | 2,449 | 2,912 | |||||
5.2 | Call deposits | - | - | |||||
5.3 | Bank overdrafts | - | - | |||||
5.4 | Other (provide details) | - | - | |||||
5.5 | C | ( | 4.6 | ) | 2,449 | 2,912 | ||
6. | P | C | $A'000 | |||||
6.1 | Aggregate amount of pa ments to related parties and their | 105 | ||||||
associates included in item 1 | ||||||||
6.2 | Aggregate amount of pa ments to related parties and their | - | ||||||
associates included in item 2 | ||||||||
N | e: f a | a | a e | e 6.1 6.2, | a e ac | e | c de a de c | f, a d a |
e | a a | f , c | a | e . |
Remuneration paid to directors and their associates
ASX Listing Rules Appendi 4C (17/07/20) | Page 3 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
A | 4C | ||||
Q | L | R | 4.7B | ||
7. | F | T | A |
N e: | e e | fac | c | de | a f | f f | a c | g | |
a a ge e | a a ab e | e e | . | ||||||
Add | e a | ece | a | f | a | de | a d g | f | e |
ce f f a ce a a ab e | e e | . |
7.1 Loan facilities
7.2 Credit standb arrangements
- Other (please specif )
- T
$A 000 | $A 000 |
- | - |
- | - |
- | - |
- | - |
7.5 | U | - | |
7.6 | Include in the bo belo | a description of each facilit | above, including the lender, interest |
rate, maturit date and | hether it is secured or unsecured. If an additional financing | ||
facilities have been entered into or are proposed to be entered into after quarter end, | |||
include a note providing details of those facilities as | ell. |
N/A
8. | E | $A 000 | |||||||||
8.1 | Net cash from / (used in) operating activities (item 1.9) | (474) | |||||||||
8.2 | Cash and cash equivalents at quarter end (item 4.6) | 2,449 | |||||||||
8.3 | Unused finance facilities available at quarter end (item 7.5) | - | |||||||||
8.4 | Total available funding (item 8.2 + item 8.3) | 2,449 | |||||||||
8.5 | E | 8.1) | ( | 8.4 | 5.2 | ||||||
N | e: f | e e | a e | ed | e | e e a g ca | f | e | 1.9, a | e e 8.5 a N/A . O e e, a | |
f g | e f | e e | a ed | a e | f f d | g a a ab e | be c | ded | e | 8.5. |
8.6 If item 8.5 is less than 2 quarters, please provide ans ers to the follo ing questions:
8.6.1 | Does the entit e pect that it ill continue to have the current level of net operating |
cash flo s for the time being and, if not, h not? | |
Ans | er: Not applicable |
8.6.2 Has the entit taken an steps, or does it propose to take an steps, to raise further
cash to fund its operations and, if so, | hat are those steps and ho | likel | does it | |||
believe that the | ill be successful? | |||||
Ans | er: Not applicable | |||||
8.6.3 | Does the entit | e pect to be able to continue its operations and to meet its business | ||||
objectives and, if so, on | hat basis? | |||||
Ans | er: Not applicable | |||||
N e: | e e e 8.5 e | a 2 a e | , a f e | 8.6.1, 8.6.2 a d 8.6.3 ab e | be a | e ed. |
ASX Listing Rules Appendi 4C (17/07/20) | Page 4 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
A | 4C | |
Q | L | R 4.7B |
C
1 | This statement has been prepared in accordance ith accounting standards and policies |
hich compl ith Listing Rule 19.11A. | |
2 | This statement gives a true and fair vie of the matters disclosed. |
Date: | 31 Jul | 2020 | ||||||||||||||||||
Authorised b : B | the Board | |||||||||||||||||||
(Name of bod | or officer authorising release | see note 4) | ||||||||||||||||||
N | ||||||||||||||||||||
1. | This quarterl | cash flo | report and the accompan ing activit | report provide a basis for informing the market about the | ||||||||||||||||
entit | s activities for the past quarter, ho | the | have been financed and the effect this has had on its cash position. An | |||||||||||||||||
entit | that | ishes to disclose additional information over and above the minimum required under the Listing Rules is | ||||||||||||||||||
encouraged to do so. | ||||||||||||||||||||
2. | If this quarterl | cash flo | report has been prepared in accordance | ith Australian Accounting Standards, the definitions | ||||||||||||||||
in, and provisions of, AASB 107: S a e | e | f Ca | F | appl to this report. If this quarterl | cash flo | report has been | ||||||||||||||
prepared | in accordance ith other accounting standards | agreed b ASX | pursuant to | Listing | Rule 19.11A, | the | ||||||||||||||
corresponding equivalent standard applies to this report. | ||||||||||||||||||||
3. | Dividends received ma | be classified either as cash flo | s from operating activities or cash flo | s from investing activities, | ||||||||||||||||
depending on the accounting polic of the entit . | ||||||||||||||||||||
4. | If this report has been authorised for release to the market b | our board of directors, | ou can insert here: B | the board . | ||||||||||||||||
If it has been authorised for release to the market b | a committee of | our board of directors, | ou can insert here: B | the | ||||||||||||||||
[ a | e f b a d c | ee | eg A d | a d R | C | ee] . If it has been authorised for release to the market b | a | |||||||||||||
disclosure committee, | ou can insert here: B | the Disclosure Committee . | ||||||||||||||||||
5. | If this report has been authorised for release to the market b | our board of directors and ou | ish to hold ourself out as | |||||||||||||||||
compl ing | ith recommendation 4.2 of the ASX Corporate Governance Council s C | a e G e a ce P | c e a d | |||||||||||||||||
Rec | e da | , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial | ||||||||||||||||||
records of the entit | have been properl | maintained, that this report complies | ith the appropriate accounting standards | |||||||||||||||||
and gives a true and fair vie | of the cash flo | s of the entit , and that their opinion has been formed on the basis of a | ||||||||||||||||||
sound s stem of risk management and internal control | hich is operating effectivel . |
ASX Listing Rules Appendi 4C (17/07/20) | Page 5 |
+ See chapter 19 of the ASX Listing Rules for defined terms. |
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ReNu Energy Ltd. published this content on 31 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2020 08:16:24 UTC