Fees payable to the directors have been disclosed in the
Directors' Report.
An amount of GBP7,262 (2012: GBPnil) was paid to Menora Trading
Pte Limited ("Menora"), a company related to Chan Fook Meng in the
year to settle a loan of USD 12,000 received from them in 2012. In
the year, management fee of GBP18,628 (2012: GBP60,200) was charged
by Menora to Nova East Management Pte Limited. At the year end,
balance owed to Menora by the Group is GBP20,000 (2012:
GBP89,562).
On 17 October 2013, a warrant over 83,000,000 shares of the
Company were acquired by Shine Link Limited from an existing
warrant holder, for a price of 0.1p per warrant. The warrants are
exercisable at a price of 1p per warrant which expires on 31
December 2018. Shine Link Limited is a BVI company owned and
controlled by Chan Fook Meng.
26. CONTINGENT LIABILITIES
Other than the item disclosed in Note 20, the Company has no
contingent liabilities arising in respect of legal claims arising
from the ordinary course of business and it is not anticipated that
any material liabilities will arise from the contingent liabilities
other than those provided for.
27. POST BALANCE SHEET EVENTS
On 20 January 2014:
-- The Company made an investment in Enerstry Group Limited,
whose main operating subsidiary is South Korean company engaged in
the renewable Energy Industry, for equity costing GBP806 and a 0%
unsecured loan of USD806,480, to 18 January 2015. As part of the
acquisition arrangements, 51,600,000 new ordinary shares have been
issued to funding partners. This resulted in Nova being subscribed
to 23.7% of Enerstry Group Limited's Ordinary share capital The
Company also issued GBP30,000 0% unsecured convertible loan notes
repayable by 31 December 2018 to another investor, together with
1,500,000 warrants in the Company, exercisable at 1p for shares up
to 31 December 2018;
-- 6,500,000 warrants have been granted to suppliers of services
to the company, exercisable at a price of 1p per share up to 31
December 2018;
-- The Company has required both Upside Management (Offshore)
SAL and Consiliou Growth Fund SPC to subscribe for 25,800,000 new
ordinary shares of 1p each in the Ordinary Shares of the Company at
an issue price of 1p per new Ordinary Share, raising a total of
GBP516,000 for the Company. Under the terms of the Investment
Facility Agreements announced on 11 November 2013, upon the
issuance of the 25,800,000 new Ordinary Shares to each of the
Investors, Nova additionally issued 103,200,000 warrants
(exercisable into new Ordinary Shares at an exercise price of 1p
until 31 December 2018) to both Upside Management (Offshore) SAL
and Consiliou Growth Fund SPC.
-- Loan notes to the value of GBP38,250 were converted into
3,825,0000 new ordinary shares at par; and
-- 1,000,000 share options issued to a former employee have been cancelled;
On 21 January 2014:
-- Loan notes to the value of GBP18,000 were converted into
1,800,000 new ordinary shares and 3,500,000 warrants were exercised
into 3,500,000 ordinary shares, both at par; and
-- 15,000,000 warrants were granted to a supplier of services,
vesting 5,000,000 each on 15 January 2014, 2015 and 2016, assuming
the services were still being supplied on those dates.
-- On 22 January 2014, GBP30,000 convertible loan notes were
converted into 3,000,000 new ordinary shares.
On 27 February 2014:
-- The Company has acquired warrants over 34,000,000 ordinary
shares in the capital of Tricor Plc, for GBP2,000,000, exercisable
at 0.5p; Chan Fook Meng, Nazim Khan and Chris Morgan are directors
of Tricor Plc and Nova Resources Limited; and
-- Warrants over 200,000,000 ordinary shares in the Company were exercised at 1p per share.
28. ULTIMATE CONTROLLING PARTY
The directors consider that the ultimate controlling party is
Shine Link Limited, a British Virgin Islands registered company
owned by Chan Fook Meng.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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