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    979   BMG4088X1074

GREEN ENERGY GROUP LIMITED

(979)
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Green Energy : SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO THE 2018/19 ANNUAL REPORT AND THE 2019 INTERIM REPORT

09/10/2020 | 05:05am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

GREEN ENERGY GROUP LIMITED

綠 色 能 源 科 技 集 團 有 限 公 司 *

(incorporated in Bermuda with limited liability)

(Stock Code: 979)

SUPPLEMENTAL ANNOUNCEMENT

IN RELATION TO

THE 2018/19 ANNUAL REPORT AND THE 2019 INTERIM REPORT

References are made to (i) the annual report of Green Energy Group Limited (the "Company", together with its subsidiaries, the "Group") for the eighteen months ended 30 June 2019 (the "2018/19 Annual Report") and (ii) the interim report of the Company for the six months ended 31 December 2019 (the "2019 Interim Report"). Unless otherwise stated, capitalised terms used herein shall have the same meanings as defined in the 2018/19 Annual Report and the 2019 Interim Report.

The board of directors of the Company (the "Board") would like to provide additional information in relation to (i) the use of net proceeds from a placing of new shares under general mandate (the "Placing") announced by the Company on 5 July 2019 and the completion of the Placing took place on 24 July 2019 and (ii) the other expenses recorded by the Company from its continuing operations (the "Other Expenses") for the eighteen months ended 30 June 2019.

NET PROCEEDS FROM THE PLACING

Reference is made to the paragraph headed "Fund Raising Activities in The Past Twelve Months" of the 2018/19 Annual Report and the 2019 Interim Report on the detailed usage of the net proceeds from the Placing of HK$22.5 million.

  • For identification purposes only

1

Set out below is a breakdown of the planned use and actual use of the net proceeds from the completion of the Placing up to the final results announcement of the Company dated 30 September 2019 and 31 December 2019.

Further development of the existing plastic recycling business of the Group

Actual use of net

Unused net

proceeds up to

proceeds as at

the final results

the final results

Expected

announcement of

announcement of

timeline for

the Company

the Company

Actual use of net

Unused net

utilization of

Planned use

dated 30

dated 30

proceeds up to

proceeds as at

the unused

of net proceeds

September 2019

September 2019 31 December 2019

31 December 2019

net proceeds

(HK$ million)

(HK$ million)

(HK$ million)

(HK$ million)

(HK$ million)

10.0

2.5

7.5

10.0

0.0

-

Future expansion of the existing

8.0

0.0

8.0

0.0

8.0

On or before

renewable energy business of the

30 June 2021

Group and future business

opportunities to be identified by

the Company

Additional general working capital

4.5

2.0

2.5

4.5

0.0

-

of the Group

Total

22.5

4.5

18.0

14.5

8.0

As at the date of this announcement, the Directors are not aware of any material change to the expected timeline for the application of the net proceeds as aforesaid and the planned use of the net proceeds as previously disclosed. The remaining proceeds is expected to be used in accordance with the intended purposes as stated above. Further announcement will be made by the Company in relation to the use of the remaining proceeds as and when appropriate.

OTHER EXPENSES

Reference is made to the 2018/19 Annual Report, the Company recorded Other Expenses of approximately HK$20.2 million for the eighteen months ended 30 June 2019.

2

Set out below is the breakdown of the Other Expenses for the eighteen months ended 30 June 2019:

For the eighteen months

ended 30 June 2019

HK$'000

Legal and professional fee

6,931

Office rental and overheads

2,639

Repair and maintenance and wastage treatment

2,860

Travel and entertainment

869

Bank charges

113

Utilities expenses

3,445

Auditor's remuneration

770

Administrative expenses

1,623

Other expenses

938

Total

20,188

The Company confirmed that, the supplementary information provided in this announcement does not affect other information contained in the 2018/19 Annual Report and the 2019 Interim Report and, save as disclosed above, the content of the 2018/19 Annual Report and the 2019 Interim Report remains unchanged.

By order of the Board

Green Energy Group Limited

Wong Sai Hung

Director

Hong Kong, 10 September 2020

As at the date of this announcement, the Company has three executive Directors, namely Mr. Luo Xian Ping, Mr. Wong Sai Hung and Mr. Ho Wai Hung, and three independent non-executive Directors, namely, Mr. Tam Chun Wa, Mr. Sze Cheung Pang and Mr. Lau Ka Wing.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Green Energy Group Limited published this content on 10 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 September 2020 09:04:10 UTC


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Financials
Sales 2020 114 M 14,6 M 14,6 M
Net income 2020 -26,3 M -3,38 M -3,38 M
Net cash 2020 69,3 M 8,90 M 8,90 M
P/E ratio 2020 -10,6x
Yield 2020 -
Capitalization 312 M 40,2 M 40,2 M
EV / Sales 2019 1,64x
EV / Sales 2020 1,88x
Nbr of Employees 30
Free-Float 63,5%
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Sai Hung Wong Chairman
Chun Wa Tam Independent Non-Executive Director
Cheung Pang Sze Independent Non-Executive Director
Ka Wing Lau Independent Non-Executive Director
Xian Ping Luo Director
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