AUS
NZ
UK
CA
USA
IND
On 7 December 2018, Planet Gas Limited (ASX:PGS) which is into the business of exploring, of oil and gas properties have announced that its shareholders have approved the sale of its subsidiary unit Planet Gas USA, Inc. In this regard, the shareholders have given their approval on 6 December 2018. There were around 136,968,853 shareholders who voted in favor of the sale of this subsidiary unit.
It is expected that the acquisition of Planet Gas USA will soon be going to happen. This unit will be sold to High Peak Royalties Ltd (ASX:HPR).
Early this morning, there was a further update received from the High Peak Royalties Ltd that their directors have completed the subscription of the shares as approved by their members in the annual general meeting of HPR that was held on 29 November 2018.
The directors have completed the full subscription worth $1.25 million which indicates that the directors of HPR have full confidence in the strategies of HPR. This subscription is also proof that the company has funding capabilities as well.
The company is a consistent negative performer since its inception. Since its inception, the performance of the company is -84.82%. Since last five years, the performance of the company is -77.78%. Since last one year, the performance of the company remains -20%.
For the period ended half year, the company made a net loss of $348,279. The balance sheet of the company seems to be in a poor condition. The company holds a huge net liability worth $1,629,427 which is proof that the company is not able to clear its long-term obligations. The company holds a total current asset of $57,338 and a total current liabilities of $5,248,754 which indicates that the position of the company is not healthy to meet the short-term obligations as well as the net working capital. The company also reported a deficiency in the shareholderâs equity.
The net cash inflow from the operating activities of the company is $70,537. Here, the main source of cash inflow was through the cash receipts in the course of operations. The other source of cash inflow was received in the form of interest. Simultaneously, there were cash outflows as well in the form of payment made in due course of operations as well as interest paid.
The net cash flows from the financing activities of the company was $195,567. Here, the main source of cash outflow was due to the repayment of borrowings. After the transaction gets completed, Planet Gas Limited will get free from all the Indebtedness of Planet Gas, USA which it owes to Macquarie Bank Limited as per the loan facility agreement which is around US$2.75 million.
By the end of the period, the net cash and cash equivalent available with the company was $18,010. At present, the trading of PGS shares on ASX is in suspended status.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
