Clean Invest Africa plc

("CIA" or the "Company")

Final Audited Results to 30 September 2018

4 March 2019

Clean Invest Africa plc, the NEX Exchange Growth Market (“NEX”) quoted investment company, focused on delivering an attractive return through acquiring stakes in clean energy companies, remediation/restoration technologies, waste-to-energy technologies and other clean energy related projects throughout Africa is pleased to announce that it has today filed at Companies House its Annual Report and Financial Statements for the period ended 30 September 2018. A copy will be available shortly on the Company website at www.cleaninvestafrica.com.

The financial results for the period since incorporation on 18 September 2017 to 30 September 2018 show a loss after taxation of £204,078.

The directors do not recommend a payment of a dividend for the year to 30 September 2018.

Since admission to NEX in November 2017 the Company has furthered its investment strategy through its initial US$500,000 investment in February 2018 whereby it acquired a 2.5% equity stake in CoalTech Limited ("CoalTech") and Coal Agglomeration South Africa (Pty) Ltd ("CASA").

During the year the Board was strengthened with the appointment of Paul Ryan as a non-Executive Director.

As announced to the market on 17 December 2018, the Company has further advanced its investment strategy through the execution of a binding Sales and Purchase Agreement ("SPA") to acquire the remaining 97.5% of CoalTech and the remaining 97.5% of CASA, that the Company does not already own.

The SPA values the 97.5% interests at approximately £24.6m and values the entire CoalTech and CASA business at approximately £25.2m, based on the Company’s closing bid price on 14 December 2018.

In view of the size of the acquisition relative to the Company and voting control of the Company, NEX determined that the acquisition constitutes a reverse takeover under the NEX Exchange Rules and is therefore conditional, amongst other things, on the approval of Shareholders. Relevant and necessary documentation is being finalised, and subject to regulatory approval, concluding this process in the near term is a priority for the Company.

Noel Lyons Director of CIA commented “Our first year since listing has proved to be very fruitful and successful. I am delighted that we have also strengthened the Board with the addition of Paul Ryan in October 2018. My fellow directors and I believe that the very substantial investment in CoalTech and CASA will prove transformational and potentially highly value accretive for the Company and directly follows through on our investment strategy. We intend to continue to seek complimentary and accretive investments in accordance with our Investment Strategy once this extremely significant acquisition has been completed and the Company’s shares are re-admitted to trading. The Board expresses its thanks to shareholders for their continued support in what is a very exciting time for the Company.”

The directors of the Company accept responsibility for the contents of this announcement.

Contacts:   
Clean Invest Africa plc
info@cleaninvestafrica.com   
Noel Lyons, Director

Peterhouse Capital Limited
Tel: 0207 469 0930
Guy Miller/Mark Anwyl
 

Income Statement

for the period ended 30 September 2018

                                              GBP

Continuing operations

Revenue                                         -

Administrative expenses                 (204,415)

Operating loss                          (204,415)

Finance income                                337

Loss before income tax                  (204,078)

Income tax                                      -

Loss for the period                     (204,078)

Earnings per share expressed

in pence per share:

Basic and diluted                          (0.15)

The Company was incorporated on 18 September 2017; therefore, no comparative figures are presented

Statement of Other Comprehensive Income

for the period ended 30 September 2018

                                                GBP

Loss for the period                       (204,078)

Other comprehensive income                        -

Total comprehensive income for the period (204,078)

Statement of Financial Position
As at 30 September 2018

                                                  30 September 2018
                                                                GBP

Non-current assets

Investments                                                 358,362

Current assets

Trade and other receivables                                   5,080

Cash and cash equivalents                                    68,602

Total current assets                                         73,682

Total assets                                                432,044

Current liabilities

Trade and other payables                                     22,622

Total current liabilities                                    22,622

Net current assets                                           51,060

NET ASSETS                                                  409,422

Equity attributable to the owners of the Company

Share capital                                               402,750

Share premium                                               210,750

Retained earnings                                         (204,078)

TOTAL EQUITY                                                409,422

The Company was incorporated on 18 September 2017; therefore, no comparative figures are presented.

The financial statements were approved by the Board of Directors on 1 March 2019 and were

signed on its behalf by:

S T Preece
Director

Statement of Changes in Equity
for the period ended 30 September 2018

                              Share    Share  Retained Earnings    Total
                             Capital  Premium                      Equity

                                 GBP      GBP               GBP       GBP

Balance at 18 September 2017       -        -                 -         -

Issue of share capital       402,750  236,250                 -   639,000

Cost of shares issued              - (25,500)                 -  (25,500)

Total comprehensive income         -        -         (204,078) (204,078)

Balance at 30 September 2018 402,750  210,750         (204,078)   409,422

Statement of Cash Flows
for the period ended 30 September 2018

                                                        2018
                                                         GBP

Operating activities

Loss before income tax                             (204,078)

Increase in trade and other receivables              (5,080)

Increase in trade and other payables                  22,622

Net cash used in operating activities              (186,536)

Investing activities

Purchase of investments                            (358,362)

Net cash used in investing activities              (358,362)

Financing activities

Proceeds from issue of shares                        639,000

Issue costs                                         (25,500)

Net cash from financing activities                   613,500

Increase in cash and cash equivalents                 68,602

Cash and cash equivalents at beginning of period           -

Cash and cash equivalents at end of period            68,602

The Company was incorporated on 18 September 2017; therefore, no comparative figures are presented.