RENERGEN LIMITED - Updated Trading Statement

Release Date: 25/05/2018 17:30
Code(s): REN
 
Wrap Text
Updated Trading Statement

RENERGEN LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2014/195093/06)
Share code: REN
ISIN: ZAE000202610
(“Renergen” or “the Company”)

UPDATED TRADING STATEMENT

Renergen has had a strong year and made significant progress on developing the Virginia
project. In particular, the project has developed from compressed natural gas to liquefied
natural gas, thus increasing the foot print for delivery of product and customer catchment area.
The total proven helium reserves have been defined at close to 6 billion cubic feet, and a
meaningful off-take agreement for natural gas has been secured with a blue-chip company for
use in its trucks. These developments were only possible through streamlining workstreams
and investing in the necessary manpower, skills and engineering required to bring the project
to where we are today.

As a result of streamlining efforts, the Company announced the impending write-down of the
Ivory Coast hydro project in our half-year results which will be reflected for the first time in our
full year results. Furthermore the increased expenditure required to develop the Virginia
project to its current status has also contributed, so despite the period showing increased
losses, overall the Company has made good progress on the main asset and is in a stronger
position now as a result.

Further to the trading statement released on SENS on 23 March 2018, as an updated trading
statement, shareholders are advised that for the year ended 28 February 2018, the loss per
share is expected to be between 102% and 122% more than the loss reported for the year
ending 28 February 2017 (“Comparative Period”) of 22.19 cents per share, at between 44.88
and 49.32 cents per share. Headline loss per share is expected to be between 60% and 80%
more than the headline loss per share reported for the Comparative Period of 22.20 cents per
share, at between 35.46 and 39.90 cents per share.

The information in this trading statement has neither been reviewed nor reported on by the
Company’s external auditors.

The results for the year ended 28 February 2018 are expected to be released on SENS on or
about 31 May 2018.

Johannesburg
25 May 2018

Designated Adviser
PSG Capital

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