The Companys intention is to use the capital to aim to nearly double its previous planting targets from each year from 2011 to 2014. The palm oil development company with operations in Liberia, this week announced its maiden results for the year ended 31 December 2010. interest in the Companys palm oil assets. The Company reported a loss of $4.4m on the year with a year end cash position of $6.8m. The Company listed on AIM in February 2010 raising 6.5m towards the development of sustainable oil plantations on its 169,000 hectare land position in Liberia. This was followed by further significant backing initially through a 5m subscription agreement with BioPalm Energy Ltd and subsequently by a US$60m joint venture with BioPalm under which BioPalm took a 50 per cent. Subsequent to the year end the Company and the joint venture achieved the milestone of the first sales of crude palm oil from its palm oil mill..
The shares are being placed at 50 pence per share, a discount of 6 per cent. IP Group, the developer of intellectual property based businesses, last week announced a proposed placing and open offer of 110 million new ordinary shares to raise gross proceeds of 55m. to the share price and their issue is fully underwritten. The funds are being raised for a number of reasons including to increase the Companys overall rate of investment into its portfolio, to enable the company to maintain or increase its stakes through subsequent financing rounds and to provide the company with the flexibility to lead subsequent investment rounds thereby decreasing its reliance on external capital.
Whilst the apps are powered and underpinned by Monitise’s Globe mobile banking technology platform, they have been specifically developed for Standard Chartered Bank’s Breeze brand and will allow users to view bank and credit card accounts, transfer funds to other banks in India, pay utility bills (offering over 100 billers around the country), locate the nearest SCB branch/ATM using an ATM Locator, and have access to a range of extra feature services such as choosing a cinema, locating seats and purchasing their tickets, as well as finding, booking and paying for airline tickets. Monitise, which provides end-to-end solutions that enable banks and their customers to undertake banking transactions via mobile phones, has launched its first mobile money service in India with a range of smart phone and Java apps. The application is compatible with more than 700 handsets and demonstrates continued growth into Asia, an important territory for Monitise.
The Company will dispose of its 80.13 per cent interest in SERL, which has an interest in three offshore wind farm sites off the coast of Scotland, in return for a cash consideration of 30.7m and the full recovery of its 8.1m investment in SERL. SeaEnergy announced that it has reached agreement to dispose of its entire interest in SeaEnergy Renewables Limited (SERL) to Repsol Nuevas Energias SA (Repsol) in a deal which values SERL, created just under three years ago, at an enterprise value of approximately 50m. SeaEnergy also separately announced that its subsidiary SeaEnergy Renewables Inch Cape Limited (SERICL) has signed an Agreement for Lease with The Crown Estate Commissioners which will lead to the development of around 905 megawatts of offshore wind generation capacity off the Angus Coast.
SeaEnergy Marine has been in development for 12 months as a result of the Company’s efforts to identify complementary opportunities which offer potential cash generation in the near term. SeaEnergy will now focus on its existing assets, in particular its offshore renewables marine services business. These installations are expected to result in strong and growing demand for construction and operations and maintenance service solutions. SeaEnergy has developed a vessel concept which it believes will address the challenges and therefore improve the delivery of offshore wind economics.. A proportion of the proceeds from the Disposal are intended to be applied to take SeaEnergy’s marine services business to the next stage. The Company believes that a significant opportunity exists as a result of the large numbers of offshore wind turbines expected to be installed in UK and European waters over the coming years.
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