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    EEL   ZAE000248258

EFORA ENERGY LIMITED

(EEL)
  Report
End-of-day quote Johannesburg Stock Exchange  -  2020-10-11
0.1200 ZAR   -.--%
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Efora Energy : Quarterly Update Announcement

04/13/2022 | 01:35am EST

EFORA ENERGY LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

JSE Share Code: EEL

ISIN: ZAE000248258

("Efora" or "the Company")

QUARTERLY UPDATE ANNOUNCEMENT

Shareholders of the Company ("Shareholders") are referred to the ongoing suspension in trading of the Company's shares on the Johannesburg Stock Exchange ("JSE") which came into effect on 9 October 2020 pursuant to the delay in publication of the results for the year ended 29 February 2020 ("2020 Results"). The 2020 Results were published on 1 July 2021 but trading in the Company's shares remains suspended due to the subsequent delay in publication of the results for the yearended 28 February 2021 ("2021 Results") brought upon by the business rescue proceedings at Afric Oil Proprietary Limited ("Afric Oil"), a former 71.13% indirectly owned subsidiary of the Company. The purpose of this announcement is to provide an update on the current state of affairs of the Company and the progress made to date in working towards achieving the reinstatement of trade in the Company's shares.

Business rescue proceedings at Afric Oil

Shareholders are referred to the various announcements issued on the Stock Exchange News Service ("SENS") regarding the business rescue proceedings at Afric Oil, the last of which was published on 8 February 2022. This announcement contained an update regarding the disposal by the Company of Afric Oil to Royale Energy Limited ("Royale") which came into effect on 1 March 2022. The Company received R10 000 000 for the disposal of its interest in Afric Oil.

Amounts due from Transnational Corporation of Nigeria Limited ("Transcorp")

Transcorp made the last payment of US$1 250 000 in December 2021 pursuant to the settlement agreement concluded in November 2020 and has now discharged in full its indebtedness to the Company. Amounts due from Encha Group Limited ("Encha") Efora has concluded a settlement agreement with Encha pursuant to which Encha will pay R40 000 000 in full and final settlement of all amounts owed to Efora. This amount has been received by Norton Rose Fulbright (Efora's counsel on record) in accordance with the provisions of the settlement agreement and for onward remittance to Efora, accordingly. Efora has, in total, recovered R45 750 000 from Encha of which R5 750 000 was received in July and August 2020. The original debt owing to the Company by Encha was in the amount of R75 000 000 excluding interest. This settlement brings to an end a protracted legal process that commenced in 2016.

Progress regarding the 2021 Results

Afric Oil was a key entity in the Group and the finalisation of its results for the year ended 28 February 2021 was impacted by the business rescue proceedings which also posed challenges regarding the commencement of the annual audit of the company for the year then ended. Royale, the new owner of Afric Oil has appointed a new auditor who has now commenced the annual audit for the year ended 28 February 2021. The Afric Oil audit is expected to be completed on or about 31 May 2022. We will provide further updates regarding our expectation of when we can publish the outstanding 2021 Results.

Johannesburg

12 April 2022

Sponsor

PSG Capital

For further information please contact:

Efora Energy Limited

Darrin Arendse

+27 (0)10 591 2260

Date: 12-04-2022 03:30:00

Supplied by www.sharenet.co.za

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.

Disclaimer

Efora Energy Limited published this content on 12 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2022 05:34:06 UTC.


ę Publicnow 2022
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Financials
Sales 2020 1 957 M - -
Net income 2020 -20,6 M - -
Net Debt 2020 138 M - -
P/E ratio 2020 -7,51x
Yield 2020 -
Capitalization 132 M 7,70 M -
EV / Sales 2019 0,17x
EV / Sales 2020 0,15x
Nbr of Employees 104
Free-Float 10,1%
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Income Statement Evolution
Managers and Directors
Darrin G. Arendse Chief Executive Officer
Thabang Monametsi Group Chief Financial Officer & Financial Director
Vuyo Ngonyama Chairman
Sebenzile Patrick Mngconkola Lead Independent Non-Executive Director
Zanele Radebe Independent Non-Executive Director
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