AI assistant
VOLT GROUP LIMITED — Capital/Financing Update 2011
Apr 17, 2011
66016_rns_2011-04-17_67846d40-54de-4758-8914-7ef0f188803f.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [271 x 103] intentionally omitted <==
15[th] April 2011
The Company Announcements Platform ASX Ltd Sydney NSW 2000
PROGRESS REPORT ON WORKS PROGRAM
Enerji Limited (“Enerji” or “the Company” ) ( ASX: ERJ ) is pleased to provide a detailed progress report pursuant to the conditions of the waiver by the Australian Securities Exchange (“ASX”) in relation to ASX Listing Rule 7.3.2.
As required by condition 1.6 of the waiver, Enerji Ltd provides the following information in the attached Schedule 1:
A detailed report on the progress in relation to our Works Program and assets expenditure, and the extent to which the company has applied funds pursuant to the issue of Bonds towards the Works Program obtained
About Enerji
Enerji (ASX: ERJ) is a Perth-based emerging green power utility focused on commercialising the Opcon Powerbox - which converts waste heat into green electricity - in Australia.
Enerji has exclusive sales and distribution rights for the Opcon Powerbox in Australia and options for Malaysia, Thailand, Singapore and Sub-Saharan Africa.
The Opcon Powerbox represents a significant commercial opportunity in Australia through application to industrial, mining and power generation operations.
Enerji plans to maximise this opportunity and generate shareholder returns through revenue from long term energy off-take agreements.
Designed and manufactured in Sweden by Stockholm Stock Exchange listed Opcon AB, Opcon Powerboxes have been commercialised in Europe by Opcon and are used by numerous industries to lower fuel costs and carbon outputs.
==> picture [127 x 53] intentionally omitted <==
Suite A5, 431–435 Roberts Road, Subiaco WA 6008 Telephone: +618 9287 4000 Facsimile: +618 6380 2495
SCHEDULE 1
The table below provides information on the schedule for the Company’s Works Program
| **Opcon Powerbox ** | Works Commencement | **Works Completion ** |
|---|---|---|
| 1 | March 2011 | November 2011 |
| 2 | May2011 | December 2011 |
| 3 | July2011 | February2012 |
| 4 | August2011 | March 2012 |
| 5 | September 2011 | April 2012 |
| 6 | October 2011 | May2012 |
| 7 | November 2011 | June2012 |
| 8 | December 2011 | July2012 |
| 9 | February2012 | August2012 |
The table below provides a forecast of expenditure on Opcon Powerboxes and installation for the 15 months following the EGM. Subject to ongoing review by the Company, it is anticipated that funds obtained under the Bond Subscription Agreement shall be applied in the manner described in the table below. The table illustrates the intended drawdown of Bonds over the 15 months to continue payments for Opcon Powerboxes and replenish working capital used for previous Opcon Powerbox payments. Opcon Powerbox expenditure and installation (OPE) Working Capital replenishment (WCR)
| Feb-11 | Mar-11 | Apr-11 | May-11 | Jun-11 | Jul-11 | Aug-11 | ||
|---|---|---|---|---|---|---|---|---|
| PLAN | OPE | 767,045 | - | - | 1,062,955 | - | 230,114 | - |
| WCR (1,740,234) | - | - | - | 769,886 | - | - | - | |
| COMPLETED | Drawdown Finance Costs |
1,000,000 170,000 |
250,000 12,500 |
|||||
| OPE WCR (1,740,234) |
793,669 36,331 |
45,000 192,500 |
||||||
| Sep-11 | Oct-11 | Nov-11 | Dec-11 | Jan-12 | Feb-12 | Mar-12 | ||
| PLAN | OPE | 607,955 | 460,227 | 460,227 | 987,689 | 527,462 | 303,030 | 910,985 |
| WCR (1,740,234) | 392,045 | - | 79,546 | 12,311 | 169,508 | - | 89,015 | |
| Apr-12 | May-12 | TOTALS | ||||||
| PLAN | OPE | 606,060 | 542,750 | 7,466,499 | ||||
| WCR (1,740,234) | - | - | 1,512,311 |