Wrap Text
Provisional condensed consolidated financial results for the year ended 28 February 2018
RENERGEN LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
Share code: REN ISIN: ZAE000202610
(“Renergen” or “the Company” or “the Group”)
Provisional condensed consolidated financial results for the year ended 28 February 2018
Key Features
Conclusion of South Africa’s first commercial Liquified Natural Gas (“LNG”) sales agreement with The South African Breweries (Pty) Ltd (“SAB”)
Positive record of decision granted to Tetra4’s Environmental Impact Assessment (“EIA”)
Enhanced design of proposed plant from Compressed Natural Gas (“CNG”) to LNG, thus increasing of natural gas liquefiers in 2018
Announcement of proven, recoverable helium reserves of over 6 billion cubic feet, or around 20% more than the United States’ stated Helium Reserve
The continued success of the pilot project with Megabus; the buses have now completed more than 1,000,000 incident free kilometres
Significant savings during trials on two dual-fuel European brand trucks; in advanced discussions with several large fleet operators
About Renergen
Renergen is an integrated alternative and renewable energy business that invests in early stage energy projects across Africa and emerging markets. Through
our investment in Tetra4, we are the company with the first onshore petroleum production right in South Africa, and the only one with an environmental
authorisation to commence full-scale production.
COMMENTARY
Operational overview
Renergen received a positive environmental authorisation or record of decision (“RoD”) on Tetra4’s Environmental Impact Assessment (“EIA”) by the Petroleum
Agency of South Africa (“PASA”) on 29 September 2017, a process which has taken over two years and involved multiple rounds of public participation.Tetra4
has also announced that it will become the first company to produce LNG in the country and among the first to sell LNG locally, resulting in significant financial
savings to the end-user. Gas in liquid form overcomes the challenges of size and weight of vessels to hold the gas as well as the high pressures associated with
the gas. Further to the announcement of the switch in business model from CNG to LNG, the Company has managed to secure its first off-take agreement with
SAB for a significant number of its trucks. This will help SAB in its quest to reduce carbon footprint by substituting clean LNG over diesel but will also help reduce
their cost of operation on the fleet side. We see this as the catalyst to convince other companies to become early adopters of this disruptive technology which is
growing rapidly in Europe and China.
“This agreement with SAB marks the second large scale South African trucking operation to use new age fuels. The use of LNG not only drastically reduces
carbon emissions but has the added advantage of improving the vehicle’s lifecycle maintenance and reduces the operator’s cost significantly. SAB remains a
pioneer in sustainability, and Renergen is proud to be associated with SAB in such a landmark agreement,” said Renergen CEO Stefano Marani.
MHA Petroleum Consultants LLC performed an evaluation of Tetra4 natural gas reserves. The Reserve Review performed by Venmyn Deloitte had previously
estimated the valuation of the Virginia Project at R6.6bn using 10% discount rate on 1P and 20% discount rate on 2P. MHA Petroleum Consultants report
using a blended 15% discount for 2P shows a new valuation of R8.4bn, or an increase of 27%. This increase is made up of numerous contributors, including
a more favourable oil price, a more formal evaluation of the helium reserves and USD/ZAR exchange rate. Helium reserves volumes are estimated to be
6.21 billion cubic feet on a discovered commercial basis, or 3P. The contingent resources, or 3C amount to 24.6 billion cubic feet, which now makes Tetra4’s
helium project important from a global perspective. These reserve estimates were signed off by a qualified reserves evaluator, Mr Jeffrey B. Aldrich, and are
based on assumptions including USD/ZAR of 12 and a gas sales price of ZAR 227/GJ.
Tetra4, which is the first and only South African company which holds a petroleum production licence, is now included as part of a small group of companies
that has the capacity to help South Africa become a net exporter of helium. Helium is important in the use of space exploration and high-level science and
plays an important role in the use of magnetic resonance imaging (MRI’s) and the manufacturing of semiconductors.
Côte d’Ivoire Hydro is a hydroelectric project managed by Mega Power Renewables (a subsidiary of Renergen) in Côte d’Ivoire (in the west of the African
continent) which reached a critical point where management had to take a decision on whether to continue to fund it or write off the investment to date. The
studies have shown that the tariff required to deliver reasonable investment returns to Renergen are above the norm, and Renergen would benefit more from
deploying that investment to developing Tetra4’s Evander gas field as well as bringing a second operation online. Management has decided not to continue
funding the Ivory Coast hydro-electric projects further and will concentrate exclusively on the South African natural gas market for the time being. Renergen
disposed of Mega Power Renewables on 23 February 2018.
Email investor queries to investorrelations@renergen.co.za.
Financial review
Total loss of the Group was R40.6 million (28 February 2017: R18.7 million) after taxation of R 2.4 million (28 February 2017: R6.2 million).
Major investing activities were:
• R9.6 million spent on plant, machinery and equipment on engineering of Tetra4’s Virginia operating plant expansion
• R2.8 million on a financial business system as well as integrated health, safety and environmental quality software system
The feasibility and pre-feasibility studies of the hydroelectric project in Cote d‘Ivoire, were funded by Renergen. Renergen has funded all costs incurred to
date in the form of a loan to Mega Power Renewables. The hydroelectric project of R12.2 million has been impaired as no economic benefits are expected
to be recovered.
Provisional Consolidated Statement of financial position
The statement of financial position of the Group as at 28 February 2018 are set out below:
Reviewed Audited
Figures in R'000 Notes 28 February 2018 28 February 2017
Assets
Non - Current Assets
Property Plant and Equipment 4 32,615 21,756
Intangible Assets # 3 65,838 76,555
Deferred tax asset 8,671 6,234
Restricted cash # 5 1,632 -
Total non-current assets 108,756 104,545
Current Assets
Trade and other receivables 2,459 8,933
Cash and cash equivalents 3,037 11,299
Total current assets 5,496 20,232
Total Assets 114,252 124,777
Equity and Liabilities
Equity
Stated capital 6 161,065 137,585
Accumulated loss (80,231) (42,551)
Foreign currency translation reserve - 3,389
Share based payment reserve 13 114 -
Equity attributable to parent 80,948 98,423
Non-controlling interest (12,285) (9,262)
Total Equity 68,663 89,161
Liabilities
Non-Current Liabilities
Other financial liabilities 30,545 27,013
Finance lease obligation 511 137
Provisions 3,100 3,100
Total non-current liabilities 34,156 30,250
Current Liabilities
Trade and other payables 11,167 5,284
Finance lease obligation* 266 *82
Total Current Liabilities 11 433 5 366
Total Liabilities 45,589 35,616
Total Equity and Liabilities 114,252 124,777
Net asset value per share (cents) 84.73 113.71
Tangible net asset value per share
(cents)# 3.49 8.13
*This amount was included as part of trade and other payables in the 2017 financial year.
# Refer to note 14
Provisional Consolidated Statement of profit or loss and other comprehensive income
The statement of profit or loss and other comprehensive income of the Group for the year ended 28 February 2018 are set out below:
Reviewed Audited
Figures in R'000 Notes 28 February 2018 28 February 2017
Revenue 9 2,885 1,722
Cost of sales 10 (3,483) (2,127)
Gross (Loss) (598) (405)
Other income 59 375
Share based payments 13 (114) -
Impairment loss (12,245) (3)
Operating expenses 11 (31,912) (22,986)
Profit on disposal of business 8 4,708 -
Operating loss (40,102) (23,019)
Interest Income 632 1,287
Imputed interest expense (3,532) (3,156)
Interest expense (35) (8)
Total loss before tax (43,037) (24,896)
Taxation 2,436 6,234
Total loss after tax (40,601) (18,662)
Other comprehensive income
Items that may be reclassified to profit or loss
Foreign currency translation reserve 1,348 3,389
Foreign currency translated to OCI (4,737) -
Total Comprehensive loss for the
period (43,990) (15,273)
Total loss attributable to:
Owners of the parent (37,680) (17,221)
Non-controlling interest (2,921) (1,441)
(40,601) (18,662)
Total comprehensive loss
attributable to:
Owners of the parent (41,069) (13,832)
Non- controlling interest (2,921) (1,441)
(43,990) (15,273)
Loss per share 12
Basic loss per share (cents) (47.10) (22.19)
Diluted loss per ordinary share (cents) (47.05) (22.19)
Provisional Consolidated Statement of Changes in Equity
The statement of changes in equity of the Group for the year ended 28 February 2018 is set out below:
Foreign Share based
Equity Non-
Stated Accumulated Currency payment Total
Figures in R'000 Attributable to Controlling
Capital Loss Translation reserve Equity
parent interest
Reserve
Balance at 01 March 2016
124,158 (25,330) - - 98,828 (7,923) 90,905
Share issue -
13,482 - - - 13,482 13,482
Share issue costs -
(55) - - - (55) (55)
Total loss
- (17,221) - - (17,221) (1 441) (18,662)
Other comprehensive
income - - 3,389 - 3,389 - 3,389
Non-controlling interest at
acquisition of Mega Power - - - - -
102 102
Renewables
Balance at 28 February
2017 137,585 (42,551) 3,389 - 98,423 (9,262) 89,161
-
-
Share issue 26,000 - 26,000 - 26,000
-
Share issue costs - - -
(2,520) (2,520) (2,520)
Share based payment
reserve - - -
114 114 - 114
Other comprehensive
- - -
income
1,348 - 1,348 1,348
Reclassification to OCI - - (4,737) - (4,737) - (4,737)
Non-controlling interest at
disposal – Mega Power
- - -
Renewables - - (102) (102)
Total loss
- (37,680) - - (37,680) (2,921) (40,601)
Balance at 28 February
-
2018 161,065 (80,231) 114 80,948 (12,285) 68,663
Notes 6 13
Provisional Consolidated Statement of Cash Flows
The statement of cash flow of the Group for the year ended 28 February 2018 are set out below:
Reviewed Audited
Figures in R'000 Notes 28 February 2018 28 February 2017
Cash flows from operating activities
Cash used in operations 7 (19,036) (24,414)
Interest Income 632 1,287
Interest expense (35) (8)
Net cash outflow from operating activities (18,439) (23,135)
Acquisition of property, plant and equipment (13,662) (16,469)
Acquisition of intangible assets (199) (4,260)
Proceeds on sale of property, plant and
equipment - 15
Net cash outflow from investing activities (13,861) (20,714)
Net proceeds on share issue 23,480 13,427
Finance lease capital re-payments (210) -
Finance lease proceeds 768 -
Net cash inflow from financing activities 24,038 13,427
Total cash movement for the period (8,262) (30,422)
Cash at the beginning of the period 11,299 41,721
Total cash at the end of the period 3,037 11,299
NOTES TO THE FINANCIAL STATEMENTS
The notes to the financial information as at 28 February 2018 are set out below:
1. Basis of preparation
The provisional consolidated financial statements for the year ended 28 February 2018 have been prepared and presented in accordance with the
requirements of the JSE Limited (“JSE Listings Requirements”) and the requirements of the South African Companies Act 71 of 2008, as amended.
The JSE Listings Requirements require summary reports to be prepared in accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting Standards (“IFRS”) and the SAICA Financial Reporting Guides issued by the Accounting
Practices Committee and Financial Pronouncements issued by Financial Reporting Standards Council and to also, as a minimum, contain the
information required by IAS 34 Interim Financial Reporting.
The accounting policies used in the preparation of the provisional consolidated financial statements are in terms of IFRS and are consistent with those
applied in the preparation of the audited consolidated financial statements of Renergen (the Group) for the year ended 28 February 2017.
The directors take full responsibility for the preparation of the provisional report. These provisional consolidated financial statements have been
prepared under the supervision of Ms FH Ravele CA(SA), the Group’s Chief Financial Officer.
Auditor’s opinion
Grant Thornton, the Group’s independent auditor, has reviewed the condensed provisional consolidated financial statements for the year ended 28
February 2018 and have issued a modified review report. The auditor’s report contained the following material uncertainty related to going concern
section:
Without qualifying our conclusion, we draw attention to the note 2 to the condensed consolidated financial statements which indicates that the Group
incurred a net loss of R40.6 million for the year ended 28 February 2018. The Group currently does not have adequate cash reserves to finance its
operations and business objectives for the next 12 months. As stated in Note 15, these events or conditions, along with other matters as set forth in
Note 16, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern.
The auditor's review conclusion does not necessarily cover all of the information contained in this announcement. Shareholders are therefore advised
that in order to obtain a full understanding of the nature of the reviewer’s work they should obtain a copy of that conclusion, together with the
accompanying financial information from the registered office of the Group.
2. Operating Segments
An operating segment is a component of the Group that engages in business activities which may earn revenues and incur expenses and whose
operating results are regularly reviewed by the Group’s chief operating decision maker (Renergen Limited’s Chief Executive Officer) to allocate
resources and assess performance and for which discrete financial information is available.
The Group has the following reportable segments:
• Corporate Head Office
Corporate head office is a segment where all investment decisions are made. Renergen Limited is an investment holding company focused
on investing in prospective green projects
• Tetra4 (Pty) Ltd
Tetra4 explores, develops and sells compressed natural gas to the South African market.
• Mega Power Renewables
Mega Power Renewables is in Côte d’Ivoire. This segment is managing the development of a hydro-electric project. Its functional currency is
Euros. Closing balances of assets and liabilities have been translated at the closing Euro/ZAR exchange rate as at year end. On 23 February
2018 Renergen decided to sell its investment in Mega Power Renewables, refer note 8 for details on the disposal.
Analysis of reportable segments as at 28 February 2018 is set out below:
Figures in R'000 Corporate Tetra4 Mega Power Total Consolidating Consolidated
28 February 2018 Head Office Renewables Adjustments
Revenue 8,600 2,885 - 11,485 (8,600) 2,885
External 2,885 - 2,885 - 2,885
Inter-segment 8,600 - - 8,600 (8,600) -
Loss for the period (11,392) (29,209) - (40,601) - (40,601))
Total Assets 744,363 104,993 266 849,622 (735,370) 114,252
Total liabilities 4,249 176,525 - 180,774 (135,185) 45,589
Comparatives
Figures in R'000 Corporate Head Tetra4 Mega Power Total Consolidating Consolidated
28 February 2017 Office Renewables Adjustments
Revenue 5,098 1,722 - 6,820 (5,098) 1,722
External - 1,722 - 1,722 1,722
Inter-segment 5,098 - - 5,098 (5,098) -
Loss for the period (565) (18,097) - (18,662) - (18,662)
Total Assets 729,533 103,710 11,108 844,351 (719,574) 124,777
Total liabilities 1,621 146,035 7,508 155,164 (119,548) 35,616
3. Intangible assets
Accumulated Accumulated
Figures in R’000 Cost Amortisation Impairment Carrying Value
28 February 2018
Exploration and development costs 9,250 (32) - 9,218
Molopo project mineral rights 56,579 - - 56,579
Domain 41 - - 41
Côte d’Ivoire Hydroelectric project 12,245 - (12,245) -
Total 78,115 (32) (12,245) 65,838
Comparatives
Accumulated Accumulated
Figures in R’000 Cost Amortisation Impairment Carrying Value
28 February 2017
Exploration and development costs 9,051 (13) - 9,038
Molopo project mineral rights 56,579 - - 56,579
Domain 41 - - 41
Côte d’Ivoire Hydroelectric project 10,897 - - 10,897
Total 76,568 (13) - 76,555
4. Property, Plant and Equipment
28 February 2018
Accumulated
Accumulated
Impairment
Figures in R’000 Cost Depreciation Carrying Value
Computer software 2,933 (231) (3) 2,699
Furniture and fixtures 751 (197) - 554
IT equipment 248 (123) - 125
Assets Under Construction 10,090 - - 10,090
Motor vehicles 2,086 (1,098) - 988
Office equipment 134 (63) - 71
Plant and machinery 20,335 (3,625) - 16,710
Leasehold improvements:
Furniture and fixtures 567 (77) - 490
Office Equipment 146 (35) - 111
Finance Lease -Motor vehicle 857 (80) - 777
Total 38,147 (5,529) (3) 32,615
Comparatives
28 February 2017
Accumulated Accumulated
Figures in R’000 Cost Depreciation Impairment Carrying Value
Computer software 95 (83) (3) 9
Furniture and fixtures 577 (90) - 487
IT equipment 163 (53) - 110
Assets Under Construction 506 - - 506
Motor vehicles 2,086 (771) - 1,315
Office equipment 134 (47) - 87
Plant and machinery 20,305 (1,640) - 18,665
Leasehold improvements:
Furniture and fixtures 300 (14) - 286
Office Equipment 110 (13) - 97
Finance Lease - Motor vehicle 210 (16) - 194
Total 24,486 (2,727) (3) 21,756
5. Restricted cash
Figures in R’000
Cash in demand deposit account 28 February 2018 28 February 2017
Environmental Rehabilitation guarantee 1,632 -
cash
1,632 -
The group has exploration rights over land in Evander (Mpumalanga) and in Virginia (Free state). The group has had to provide for its environmental
management program associated with the exploration activities for the rehabilitation and management of negative environmental impacts associated
with the exploration activities. The group has a rehabilitation provision of R3.1 million. The cash portion of this guarantee is invested in a call account
and has been ringfenced for the use towards environmental rehabilitation. Due to this restriction the use of the cash is restricted, and it is classified as
a non-current asset.
6. Stated Capital
Authorised 28 February 2018 28 February 2017
500 000 000 no par value shares 500,000 100,000
The shareholders approved an increase in authorized stated
capital from 100 million to 500 million on 29 September 2017.
Reconciliation of number of shares issued:
Opening balance 78,413 77,376
Issue of shares – ordinary shares 2,622 1,037
81,035 78,413
Reconciliation of issued stated
capital
Opening balance 137,585 124,158
Issue of shares – ordinary shares issued for cash 26,000 13,482
Share issue costs (2,520) (55)
Total issued stated capital 161,065 137,585
7. Cash used in operations
Figures in R’000 28 February 2018 28 February 2017
Loss before tax (43,037) (24,896)
Adjustments for:
Depreciation 2,803 1,828
Amortisation 19 13
Impairment 12,245 3
Interest income (632) (1,287)
Interest expense 35 8
Imputed interest expense 3,532 3,156
Share-based payment 114 -
Profit on sale of business – Mega Power Renewables (4,708) -
Loss on sale of assets - 15
Other Non – cash Items -
-
Allocation to restricted cash (1,632) -
Expected cash proceeds on disposal of Mega Power 135 -
Renewables
Changes in working capital
Trade and other receivables 6,473 (5,051)
Trade and other receivables on disposal of Mega Power (266) -
Renewables
Trade and other payables 5,883 1,797
Total cash used in operations (19,036) (24,414)
8. Sale of Business
In February 2018 Renergen disposed of their investment in Mega Power Renewables.
Figures in R’000 28 February 2018 28 February 2017
Trade and other receivables 266 -
Net asset value of Mega Power Renewables at disposal 266 -
Non - controlling Interest (102) -
Investment in Mega Power Renewables 164
-
Reclassification of Foreign Currency Translation Reserve to profit (4,737)
and loss
Cash proceeds from sale (135)
-
Profit on disposal of asset 4,708
-
9. Revenue
Revenue was generated from the sale of Compressed Natural Gas. (‘’CNG’’)
Figures in R’000 28 February 2018 28 February 2017
Sale of CNG 2,885 1,722
Management fees - -
Total 2,885 1,722
10. Cost of sales
Cost of sales are comprised as follows:
Production costs entails depreciation costs of plant and equipment used in the production process, machinery maintenance costs and labor costs.
Figures in R’000 28 February 2018 28 February 2017
Cost of Compressed Natural Gas purchased - (406)
Compressed Natural Gas Production costs (3,483) (1,721)
Total (3,483) (2,127)
11. Operating Expenses
Figures in R’000 28 February 2018 28 February 2017
Consulting and advisory fees 12,177 5,169
Depreciation* 803 1,022
Directors fees 1,339 1,276
Employee costs** 9,500 6,509
Operating lease 964 -
Other Operating costs 7,129 9,010
31,912 22,986
*Depreciation of plant and machinery amounting to R2 million (28 February 2017: R0,86 million), is included in cost of sales. The
operating plant became fully operational in September 2017, resulting in 5 months’ worth of depreciation being included in cost of sales.
**Employee costs relating to manufacturing is included in cost of sales
12. Loss per share
Figures in R’000 28 February 2018 28 February 2017
Basic loss
Loss from continuing operations attributable to equity owners of the (37,680) (17,221)
parent
Weighted average number of shares 80,002 77,611
Basic loss per share (cents) (47.10) (22.19)
Reconciliation of diluted loss
Basic loss (37,680) (17,221)
Diluted loss (37,680) (17,221)
Weighted average number of shares 80,002 77,611
Shares issuable on share-based payment 81 -
Diluted weighted average number of shares 80,083 77,611
Diluted loss per share (cents) (47.05) (22.19)
Reconciliation of basic loss to headline loss
Basic loss attributable to equity owners of parent (37,680) (17,221)
Profit on disposal of assets - (15)
Profit on disposal of business – Mega Power Renewables (4,708) -
Impairment of fixed assets - 3
Impairment of intangible assets 12,245 -
Tax effects on disposal of fixed assets - 4
Headline loss (30,143) (17,229)
Headline loss per share (cents) (37.68) (22.20)
Reconciliation of basic headline loss to diluted headline loss
Headline loss (30,143) (17,229)
Diluted headline loss (30,143) (17,229)
Diluted weighted average number of shares 80,083 77,611
Diluted headline loss per share (cents) (37.64) (22.20)
13. Share based payments
Renergen granted shares to senior management and executive directors after the approval of a
Bonus share scheme by shareholders on 29 September 2017. The Bonus Share Scheme did
not exist in the prior year.
The share-based payment arrangement is described below:
Bonus Share Plan
Grant date/Employees entitled Number of shares Vesting conditions
Shares granted to executive directors
Fulu Ravele 36 months of service from grant date (05
58,734 October 2017)
Shares granted to senior management
Robert Katzke 36 months of service from grant date (05
21,914 October 2017)
Total number of bonus shares granted 80,648
Fair value per share at grant date 10.22
Total fair value of shares granted (figure in Rand Thousands) 824
The estimated fair value of the shares at grant date of R10.22 was calculated based on 30-day
volume weighted average price.
Effect on Financial Statements
Figures in R’000Financial effect of share-based payment 28 February 2018 28 February 2017
transactions on Statement of Profit or Loss
Share-based payment expense included in loss 114 -
Financial effect of share-based payment transactions on
Statement of Financial Position 28 February 2018 28 February 2017
Increase in Share Based Payment equity reserves 114 -
14. Correction of error
The following errors were noted in the financial results for comparatives. These were not considered qualitatively material and thus comparatives
were not restated.
• Intangible assets as at 28 February 2017 of R76.6 million incorrectly included a ring- fenced cash reserves of R1.1 million Molopo Mineral
Rights. This amount should have been treated as restricted cash in non-current assets. The R1.1million has been included in the restricted
cash balance in 28 February 2018. cash reserves are administered by Lombard Insurance on behalf of the Company and are invested in
an-interest bearing account.
• Tangible net asset value per share was incorrectly calculated at 8.13 cents per share. This should have been 16.07 cents per share
15. Events after the reporting period
Additional stated capital of R10 million was raised in March 2018. Management continue to raise funding to facilitate the development of renewable
and alternative energy projects.
As per the SENS announcement dated 07 March 2018, MHA Petroleum Consultants released an independent Reserve and Resources Evaluation
Report on Tetra4’s gas reserves. The Report indicated that Tetra4’s Total Proven and probable gas reserves are valued at R8.4 billion compared to
R6.6 billion in 2017.
As per the SENS announcement dated 21 May 2018 Renergen and AB-INBEV, through their respective subsidiaries Tetra4 Proprietary Limited
(“Tetra4”) and The South African Breweries Proprietary Limited (“SAB”), concluded off-take agreements for the provision of natural gas by Tetra4 to
SAB to use in displacing diesel use in trucks (the “Agreement”).
The directors are not aware of any other material event which occurred after the reporting period and up to the date of this report.
16. Going concern
The Historical Financial Information has been prepared assuming the Group will continue as a going concern, which contemplates the realisation of
assets and satisfaction of liabilities in the normal course of business for the foreseeable future. The Group’s ability to achieve profitability is dependent
on the capital spends of proceeds raised in the capital raise. The Group intends to raise sufficient capital from its investor negotiations which took place
in May 2018 to finance its operations, business objectives and satisfaction of the Condition Precedent to the Industrial Development Corporation Loan
requiring a capital raise of R145 000 000. There is a material uncertainty in this capital raise, but Management is confident that the Company will be in
a position to draw under the loan by the end of the 2018/2019 financial year.
Johannesburg
31 May 2018
CORPORATE INFORMATION
Country of incorporation and domicile South Africa
Company and registration number 2014/195093/06
JSE Share code REN
JSE ISIN ZAE000202610
Registered office First Floor
1 Bompas Road
Dunkeld West
2196
Nature of the business and principal activities Energy company focused on alternative and renewable energy sectors in South Africa and
sub-Saharan Africa. The Company is listed on the JSE Alternative Exchange (“AltX”)
Directors Stefano Marani
Fulu Ravele
Nick Mitchell
Brett Kimber
Mbali Swana
Luigi Matteucci
Bane Maleke
Auditors Grant Thornton Johannesburg
Chartered Accountants (SA)
Registered Auditors
A South African member of Grant Thornton
International Limited
Company Secretary Acorim Proprietary Limited
Transfer secretaries Computershare Investor Services Proprietary Limited
Designated adviser PSG Capital
Date: 01/06/2018 07:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.