TIDMPAL
RNS Number : 8534E
Equatorial Palm Oil plc
15 April 2014
15 April 2014
EQUATORIAL PALM OIL PLC
("EPO" or the "Company")
Audited Results for the year ended 31 December 2013
Equatorial Palm Oil plc (AIM: PAL), the AIM listed palm oil
development and production company with operations in Liberia, West
Africa announces its audited annual results for the year ended 31
December 2013.
Financial Highlights:
-- Loss of US$8,201,000 (2012: US$3,814,000)
-- Cash held by EPO at year end was US$10,364,000 (2012: US$551,000)
Operational Highlights:
-- 926 hectares planted at Palm Bay Estate and 440 hectares planted at Butaw Estate
-- OSC the internationally accredited land clearing contractor ramping up operations
-- Final stages of negotiating the lease for land at the port of
Buchanan for storage and tank farm facility
-- Business plan lodged with the National Investment Commission
for furtherance of a concession at River Cess
Outlook:
-- LPD seeking to plant over 2,500 hectares at Palm Bay Estate
and over 1,500 hectares at Butaw Estate in 2014
-- Palms planted in 2011 on schedule for first harvesting in Q4 2014
Post reporting period:
-- JV Agreement signed with KLK Agro Plantations Pte Ltd ("KLK
Agro"), a wholly owned subsidiary of Kuala Lumpur Kepong Berhad
("KLK"), in relation to the operations and funding for its 50 per
cent. owned joint venture company Liberian Palm Developments
Limited ("LPD")
-- KLK appointed to manage and conduct LPDs operations
-- LPD has resumed full activities at Palm Bay and Butaw Estates
Notice of Annual General Meeting:
Notice is hereby given that the Annual General Meeting of the
Company will be held at the offices of SGH Martineau LLP, 5th
Floor, One America Square, Crosswall, London EC3N 2SG on Friday 9
May 2014 at 11.00 a.m.
For further information, please visit www.epoil.co.uk or
contact:
Equatorial Palm Oil plc +44 (0) 20 7493
Geoffrey Brown (Executive Director) 7671
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
James Harris / Andrew Emmott / James Bellman 3494
Mirabaud Securities LLP (Broker) +44 (0) 20 7484
Peter Krens 3510
CHAIRMAN'S STATEMENT
Introduction
2013 was a year of two halves for EPO. During the first half of
the year, the Company through its joint venture ("JV"), focussed on
the planting of new palms in Liberia, West Africa, and setting the
foundations for its large scale development. In the second half of
2013, the Company had to significantly scale back its operations as
a result of the limited available funds at that time, and began to
manage operations on a care and maintenance basis. This continued
until, in November 2013, the Company announced that KL - Kepong
International Ltd. ("KLK") had become the majority shareholder in
EPO and the 50:50 JV partner of Liberian Palm Developments Limited
("LPD"), the JV company that owns all the Liberian oil palm assets
associated with EPO.
Corporate and Funding Activities for Equatorial Palm Oil and
Liberian Palm Developments
KLK becoming the majority shareholder in EPO and the JV partner
in LPD was by far the most significant event of the year and one we
believe sets the Company in good stead to become one of the most
significant palm oil producers in West Africa.
KLK is one of the leading plantation companies in the world.
Formed over 100 years ago, it is listed on the main market of Bursa
Malaysia Securities Berhad with a market capitalisation of
approximately $7.78 billion (GBP4.84 billion). Through various
strategic acquisitions and sound management, KLK's plantation land
bank now stands at almost 300,000 hectares, of which 200,000
hectares has been planted with oil palm.
Subsequent to year end, on 11 April 2014, the Company announced
that it had entered into a joint venture agreement ("JVA") with KLK
Agro Plantations Pte Ltd ("KLK Agro"), a wholly owned subsidiary of
KLK, in relation to the operations and funding for its 50 per cent.
owned joint venture company LPD.
Under the terms of the JVA, KLK Agro and EPO (through its wholly
owned subsidiary Equatorial Biofuels (Guernsey) Limited ("EBGL"))
will each subscribe for US$7,500,000 of new equity in LPD. In
addition, KLK Agro has agreed to provide any further funding
required by LPD up to a maximum of US$20,500,000 (the "KLK Funding
Commitment") which may, at the discretion of KLK Agro, be provided
by way of debt or preferential equity finance which will incur
interest or preferential dividend (as appropriate) at USD LIBOR
plus a maximum of 500 basis points. LPD also has the option to
obtain financing from parties other than KLK irrespective of
whether or not the KLK Funding Commitment has been fully invested
in LPD and provided that the terms of such external financing are
better than that of KLK's Funding Commitment.
Under the JVA, it has been agreed that the Board of Directors of
LPD shall have four directors, with two from each of KLK Agro and
EBGL, and that KLK Agro shall be entitled to appoint the Chairman,
who will have the casting vote.
We greatly look forward to working with KLK to develop our
projects in Liberia with both the funding in place and additional
expertise that KLK are able to provide.
Background to the KLK Transaction
In December 2010, the Company entered into and announced a joint
venture with Biopalm Energy Limited ("Biopalm"), a subsidiary of
the SIVA Group. As agreed under the terms of the joint venture
agreement dated 10 December 2010 entered into between Biopalm and
EPO (the "JV Agreement"), EPO, in February 2011, transferred its
oil palm assets in Liberia together with $7.5 million to LPD and
Biopalm transferred $22.5 million to LPD. Under the JV Agreement,
Biopalm agreed to provide a guarantee against external funding
raised by LPD up to $30 million (the "External Funding"). It was
agreed that in the event that the External Funding is not arranged
within agreed timelines, Biopalm would contribute any amounts
required by LPD up to $30 million.
In July 2013, the Company issued a written notice to Biopalm
setting out that it was in material breach of its obligations under
the JV Agreement. Later that month, Biopalm procured a loan of
$400,000 to LPD as part of its obligations under the JV Agreement
("Biopalm Loan").
On 24 July 2013 and 29 July 2013, the Company announced equity
placings with certain existing and new institutional shareholders
raising approximately a further GBP2.48 million ($3.81 million),
the proceeds of which were used to loan funds to LPD to maintain
the plantations on a care and maintenance basis.
In November 2013, the Company entered into various agreements
relating to a loan and liability assignment arrangement with KLK
("the Agreements"). In addition, KLK entered into various
arrangements with Biopalm Energy Limited, including the proposed
acquisition of Biopalm's 50 per cent. shareholding in LPD and
Biopalm's 20.1 per cent. interest in the issued ordinary share
capital of EPO at a price of 5 pence per ordinary share.
Under the terms of the Agreements, KLK provided a loan of $2
million to LPD (the "KLK Loan"). In addition, for a consideration
of $2 million payable to the Company, EPO agreed to assign to KLK
$6 million of the outstanding liabilities due to EPO from LPD (the
"Assignment"); these funds were loaned to LPD by EPO, with the
total resultant liabilities owed to EPO by LPD amounting to
approximately $5.1 million.
In November 2013, EPO raised a further GBP7.69 million ($12.46
million) by way of a subscription for 153,817,648 new ordinary
shares by KL - Kepong International Ltd. ("KLKI"), a wholly owned
subsidiary of KLK, at a price of 5 pence per share (the
"Subscription").
Following completion of the Subscription, KLKI held shares
representing approximately 54.8 per cent. of EPO's enlarged issued
share capital, which triggered a mandatory offer under Rule 9.1 of
the City Code on Takeovers and Mergers to acquire all of the
Ordinary Shares in EPO not already owned by it, at a price of not
less than 5 pence per Ordinary Share.
On 23 December 2013, KLKI announced that it had received valid
acceptances in respect of EPO shares representing 8.40 per cent. of
the issued share capital of EPO, which resulted in KLKI's holding
increasing to approximately 63.18 per. cent of the issued share
capital of EPO where it now remains.
On 24 February 2014, the Company announced that full activities
had resumed at both Palm Bay and Butaw estates following the
receipt of funds from KLK, with land contractors having been
selected and which have now been operating since December 2013.
KLK's experienced personnel are supporting EPO management in the
operational running of the Liberian oil palm development
projects.
Board Changes
As a result of Biopalm selling its stake in EPO and LPD the
Company announced on 2 November 2013 that Mr Shankar Varadharajan,
a board appointee of the Siva Group, resigned from the Board of
EPO. In addition, the Company announced on 31 January 2014 that Mr
Joseph Jaoudi had resigned from the Board of EPO.
The Company also announced some key appointments of KLK
personnel as non-executive directors to the Board of EPO: Mr Lee Oi
Hian is the current Chief Executive Officer of KLK, having joined
the Board of KLK on 1 February 1985; Mr Teh Sar Moh Nee is the
current Regional Director (Peninsular Malaysia) of the KLK Group
and is responsible for all of KLK's plantations in Peninsular
Malaysia; Ms Yap Miow Kien is the current Company Secretary of KLK,
having joined in 2002. As a result of the appointment of the KLK
board appointees, Mr Anthony Samaha, a founding non-executive
director of the Company, retired from the Board on 24 February
2013.
On 11 April 2014, the Company announced that the founding
Executive Chairman, Mr Michael Frayne has become the Non-Executive
Chairman with Mr Geoffrey Brown continuing as the Executive
Director on the Board of EPO.
Liberian Palm Developments Limited - Operational Review
Palm Bay
2013 started out well with land preparation being the key focus
at Palm Bay. The land contractor at Palm Bay is Ore Search Civil
Liberia, a South African-based international earthmoving
contractor, who is an experienced earthmoving contractor with many
years of experience in West Africa. In addition to building an
accommodation camp for its workers, the contractor set up a
workshop to ensure that all its machinery is both serviced and
repaired in an expeditious manner so as to ensure minimum
downtime.
By June 2013, LPD had planted 926 hectares for the year and had
prepared a further 692 hectares ready for planting when funds
became limited and the Company began to operate on a care and
maintenance basis. If LPD had sufficient funding, it was on track
to plant 3,000 hectares in 2013. Nevertheless, the seedlings in the
nursery continued to be developed and all seedlings will be
available to plant out in 2014. LPD is looking to plant over 2,500
hectares at Palm Bay in 2014.
The production, from the oil palms planted by LPD in 2011, is
due to come on-stream in Q4 of 2014, when those palms will yield
sufficient fruit to begin harvest. This will mark a significant
milestone for LPD.
The workforce at Palm Bay Estate in 2013 was reduced as a result
of funding issues but is in the process of being ramped back up to
support the increased level of planting and development activity.
LPD is employing a small number of Indonesians on short term
contracts to teach the local workforce the key skills in the
management of an oil palm estate, including nursery work, field
work, GIS, harvesting and mill operations.
Palm Oil Mill
Our oil mill at Palm Bay was mothballed in June 2013. It can
readily be brought back into operation once the new production
comes on stream in Q4 2014. This mill is the only commercial scale
mill in Liberia. The capacity of the mill is currently 5MT of fresh
fruit bunches ("FFB") per hour, which will be increased to 10MT of
FFB per hour in 2015 to accommodate the new production from 2011
plantings.
As production continues to increase larger mills will be
installed at both Palm Bay and Butaw which will enable 60MT of FFB
to be processed per hour. In essence, a new 60MT mill will be
installed for every 10,000 ha of oil palms planted.
The importance of having a working mill for the purpose of
training staff cannot be underestimated. As our new production
comes on-stream and volumes ramp up, we have the comfort of knowing
that our Liberian staff will have been sufficiently trained to run
larger milling operations where the technology and know-how is the
same as that of our existing mill.
Port Access
LPD is in final negotiations with the National Port Authority of
Liberia ("NPA") regarding a lease for land at the Port of Buchanan.
This land has been identified as suitable to build a tank farm and
storage facility for oil palm products. Once the tank farm facility
has been built, LPD will use road tankers to transport its products
from Palm Bay estate to the Port of Buchanan. The products will be
stored in tanks of suitable size from where they will then be
transferred onto parcel tankers that can berth at the port.
The Port of Buchanan has been operating well for the last three
years and is also the place of export for iron ore, logs, and
rubber.
LPD has also entered into discussions with the NPA with regard
to securing land in the Port of Greenville, which is close to Butaw
estate, for the establishment of a tank farm and storage
facility.
Butaw Estate
Butaw Estate planted 440 hectares of oil palms for the year;
however in June 2013 all activities on the estate were put on a
care and maintenance basis due to funding issues. At that time an
additional 72 hectares was ready for planting and LPD had
sufficient planting material on hand to plant 2,000 hectares during
2013 were it not for the funding issues.
Butaw remains a very attractive place to grow oil palm and work
has begun on ramping up the planting rate in 2014 to enable LPD to
plant over 1,500 hectares.
Butaw estate is conveniently located 42 kilometres from the deep
water port of Greenville from which LPD intends to export its
products. The Port of Greenville is in the process of being
upgraded by the NPA and will allow ships to berth of a size
suitable for LPD's needs.
River Cess Expansion Area
With an expansion potential of up to 80,000 hectares and an
optimum location between our two existing concessions, River Cess
Expansion Area remains a key development for LPD. Detailed business
plans have been submitted to the National Investment Commission of
Liberia whereby a Joint Ministerial Committee will be formed by the
Liberian Government in order to draw up a concession agreement.
LPD has strong support from the local communities in River Cess
County for a concession to be granted to LPD. There is no industry
of any magnitude in River Cess County such that the development of
an oil palm industry will bring great benefits to the local
population whilst helping to reinvigorate the Liberian agricultural
industry.
Financial Review
The loss of the Group for the 12 months ended 31 December 2013
of $8,201,000 (2012: $3,814,000) was greater than expected due to a
one-off $3,828,000 write-down of the value of a loan to LPD as well
as other costs related to the successful completion of the KLK
transaction.
Revenue for the year of $36,000 (2012: $420,000) was in-line
with expectations but lower than in 2012 due to the expiry of the
Group's Management Services Agreement with LPD.
The Group's share of the operating loss of LPD for the 12 months
ended 31 December 2013 of $1,395,000 (2012: $1,880,000) was less
than expected due to the aforementioned care and maintenance basis
on which the operations were managed for part of the year.
Cash held by the Group as at 31 December 2013 was $10,364,000
(2012: $551,000). The increase in cash was primarily due to several
equity raisings conducted during the year.
At year end, the Group also held a loan receivable from LPD of
$5,150,000 (2012: $468,000).
Community Development
LPD intends to increase its workforce to 1,000 people and
currently provides training by a number of oil palm experts,
recruited from Indonesia and Malaysia. Over 40% of our workforce is
women.
In working towards reinvigorating the agricultural sector in
Liberia, LPD, together with the Liberian Government and other
plantation concession holders intend to develop Out Grower Schemes
designed to facilitate small land holders' ability to grow oil palm
and thereby increase self-sufficiency within local communities.
In addition, LPD continues to provide health clinics, schools,
housing, roads, infrastructure and clean drinking water to the
communities in and around the areas where we operate.
Sustainability is a long term objective for EPO. Having become a
member of the Roundtable on Sustainable Palm Oil ("RSPO") in 2007,
EPO has consistently adopted best practices and procedures to
ensure that the CPO produced from our new plantings will meet with
international sustainability standards, thereby enabling our CPO to
be labelled "sustainable" palm oil.
Personnel
Since the KLK investment in the Company, KLK have supported the
business with expertise from their operations in south-east Asia.
However the key personnel at LPD, led by Sashi Nambiar, the Head of
Country, remain in force with KLK lending support and expertise
where needed. The LPD senior management team have the oil palm
experience necessary to facilitate large-scale developments.
I would like to take this opportunity to thank all our staff for
their hard work and loyalty throughout what was a challenging year
for all concerned. It is to all our employees' great credit that
they remained with the Company and will now benefit from the
exciting times that now lie ahead. We know there is much to do in
the future, but we are confident in our ability to achieve our
objectives given the quality of our employees.
Outlook
The Company is in a very good position as at the end of the
period. We welcome KLK as a majority shareholder and JV partner.
EPO and LPD are now well funded and can proceed with its long-term
strategy of becoming a leading producer of palm oil in West
Africa.
The key to the real growth of our business is to consistently
plant 4,000 hectares and above year on year. I have the utmost
confidence in the senior management team of LPD to drive forward
this key objective and to deliver value and growth to
shareholders.
The palm oil market fundamentals continue to look positive, with
significant shortfalls in production at a time when demand is
expected to continue increasing.
Liberia continues to remain politically stable under democratic
rule and has proven to be a fast growing investment destination for
multi nationals.
I would like to thank our shareholders for their continued
support, and I look forward to updating you on our progress in the
year ahead.
Michael Frayne
Chairman
GROUP Statement OF COMPREHENSIVE INCOME
Year ended 31 December 2013
Note 2013 2012
$'000 $'000
Revenue 36 420
Administrative expenses (3,282) (2,316)
Share options expense (98) (38)
--------- -------------
Operating loss (3,344) (1,934)
Interest income 3 366 -
Write down of loan to joint venture 3 (3,828) -
Share of operating loss of joint
venture 2 (1,395) (1,880)
--------- -------------
Loss for the year before and after
taxation attributable to owners
of the parent (8,201) (3,814)
--------- -------------
Other comprehensive income
Exchange gains arising on translation
of foreign operations 541 106
--------- -------------
Total comprehensive income for
the year attributable to owners
of the parent (7,660) (3,708)
--------- -------------
Loss per share expressed in cents
per share
- Basic & diluted (4.4) (3.0) cents
cents
Group STATEMENT OF FINANCIAL POSITION
As at 31 December 2013
Registered Number 5555087
2013 2012
Note $'000 $'000
ASSETS
Non-current assets
Investment in joint venture 2 17,708 19,103
Receivables from joint venture 3 5,150 468
22,858 19,571
Current assets
Trade and other receivables 3 128 97
Cash & cash equivalents 10,364 551
---------- -----------
10,492 648
LIABILITIES
Current liabilities
Trade and other payables 394 183
394 183
Net current assets 10,098 465
NET ASSETS 32,956 20,036
---------- -----------
SHAREHOLDERS' EQUITY
Share capital 5,565 1,969
Share premium 46,562 30,402
Warrant and option reserve 1,810 1,466
Foreign exchange reserve 621 80
Retained loss (21,602) (13,881)
---------- -----------
Total equity 32,956 20,036
-------------------------------- ------- ---------- -----------
STATEMENT OF Cash FlowS
For the year to 31 December 2013
Group Group Company Company
2013 2012 2013 2012
$'000 $'000 $'000 $'000
---------------------------------- ---- --------- --------- --------- ---------
Cash flows from operating
activities
Loss for the year before
and after taxation (8,201) (3,814) (8,181) (3,806)
Decrease/(increase) in
receivables (31) 314 (31) 313
Increase in payables 211 8 211 8
Write down of loan to joint
venture 3,828 - 3,828 -
Share options expensed 98 38 98 38
Interest income (366) - (366) -
Operating expenses settled
in shares 375 - 375 -
Share of operating loss
of joint venture 1,395 1,880 1,395 1,880
Net cash outflow from operating
activities (2,691) (1,574) (2,671) (1,567)
Cash flows from investing
activities
Funds loaned to joint venture (9,045) (277) (9,045) (277)
Proceeds from assignment
of loan 2,000 - 2,000 -
Net cash outflow from investing
activities (7,045) (277) (7,045) (277)
Cash flows from financing
activities
Issue of ordinary share
capital 19,701 968 19,701 968
Share issue costs (693) - (693) -
Net cash inflow from financing
activities 19,008 968 19,008 968
Net (decrease)/increase
in cash and cash equivalents 9,272 (883) 9,292 (876)
Cash and cash equivalents
at beginning of period 551 1,329 551 1,329
Exchange gains/(losses)
on cash and cash equivalents 541 105 521 98
--------- --------- --------- ---------
Cash and cash equivalents
at end of period 10,364 551 10,364 551
---------------------------------------- --------- --------- --------- ---------
GROUP Statement of Changes IN EQUITY
For the period ended 31 December 2013
Called Share Foreign Warrant
up share premium exchange and option Retained Total
capital reserve reserve reserve earnings equity
GROUP $'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2012 1,914 29,489 (26) 2,092 (10,731) 22,738
Share capital issued 55 913 - - - 968
Exercise and expiry of
warrants and options - - - (664) 664 -
Share based payments - - - 38 - 38
Total comprehensive income
for the period - - 106 - (3,814) (3,708)
As at 31 December 2012
and 1 January 2013 1,969 30,402 80 1,466 (13,881) 20,036
Share capital issued 3,596 17,579 - - - 21,175
Cost of share issue including
warrants issued - (1,419) - 726 - (693)
Expiry of warrants - - - (480) 480 -
Share based payments - - - 98 - 98
Total comprehensive income
for the period - - 541 - (8,201) (7,660)
As at 31 December 2013 5,565 46,562 621 1,810 (21,602) 32,956
Notes to financial statements
For the period 1 January 2013 to 31 December 2013
1. Basis of preparation
These financial statements have been prepared under the
historical cost convention and in accordance with International
Financial Reporting Standards ("IFRS") as adopted by the European
Union and IFRIC interpretations and with those parts of the
Companies Act, 2006 applicable to companies reporting under
IFRS.
These financial statements have been prepared on a going concern
basis.
2. Investment in joint venture
The Company, through its investment in Equatorial Biofuels
(Guernsey) Limited, owns a 50% interest in LPD. The Group's
interest in LPD is as follows:
31 December 31 December
2013 2012
$'000 $'000
Interest in joint venture at beginning
of year 19,103 20,982
Share of losses of joint venture (1,395) (1,879)
Dividend received from Liberian Palm
Developments Limited - -
Interest in joint venture at end of
year 17,708 19,103
The Directors have decided to adopt the equity method for the
Group's interest in LPD. The results of LPD for the year to 31
December 2013 were as follows:
31 December 31 December
2013 2012
$'000 $'000
Non-current assets 40,155 31,693
Current assets 10,574 8,089
Current liabilities (15,313) (1,576)
TOTAL NET ASSETS 35,416 38,206
Group's share (50%) 17,708 19,103
Income 160 1,693
Expenses (2,949) (5,453)
Loss after tax (2,789) (3,760)
Group's share (50%) (1,395) (1,879)
3. Receivables
Group Group Company Company
2013 2012 2013 2012
$'000 $'000 $'000 $'000
---------------------- -------- -------- --------- ---------
Receivable due from
joint venture 5,150 468 5,150 468
Other receivables 128 97 128 97
5,278 565 5,278 565
---------------------- -------- -------- --------- ---------
The receivable due from the joint venture relates to a loan,
with a five year term, that will accrue interest at a rate of LIBOR
+ 4% or 8% per annum, whichever is higher. Interest will accrue on
the principal amount of the loan (including any accrued interest)
and is repayable in full at the end of the five year term or
earlier, at the discretion of LPD. Interest accrued for the year
amounted to $366,000 (2012: nil).
On 7 November 2013, the Company announced that, for a
consideration of $2 million payable to the Company, $6 million of
the value of the loan to LPD was assigned to Kuala Lumpur Kepong
Berhad ("KLK"). As such, a one-off $3,828,000 write down of the
value of the loan to LPD was recognised.
2013 2012
$'000 $'000
Receivable due form joint venture at
beginning of year 468 191
Funds loaned to joint venture 8,144 277
Interest income 366 -
Write down of loan to joint venture (3,828) -
Receivable due from joint venture at
end of year 5,150 468
4. Events After the Reporting Period
On 31 January 2014, the Company announced that Mr Joseph Jaoudi
had resigned from the Board of Directors.
On 24 February 2014, the Company announced further changes to
the Board of Directors. Mr Lee Oi Hian, Chief Executive of the KLK
Group, and Mr Teh Sar Moh Nee, the Regional Director (Peninsular
Malaysia) of the KLK Group, were appointed as Non-Executive
Directors, and Mr Anthony Samaha retired as a Director.
On 11 April 2014, the Company announced that it had entered into
a joint venture agreement ("JVA") with KLK Agro Plantations Pte Ltd
("KLK Agro"), a wholly owned subsidiary of KLK, in relation to the
operations and funding for its 50 per cent. owned joint venture
company LPD. Under the terms of the JVA, KLK Agro and EPO (through
its wholly owned subsidiary Equatorial Biofuels (Guernsey) Limited)
will each subscribe for US$7,500,000 of new equity in LPD.
In addition, KLK Agro has agreed to provide any further funding
required by LPD up to a maximum of US$20,500,000 (the "KLK Funding
Commitment") which may, at the discretion of KLK Agro, be provided
by way of debt or preferential equity finance which will incur
interest or preferential dividend (as appropriate) at USD LIBOR
plus a maximum of 500 basis points. LPD also has the option to
obtain financing from parties other than KLK irrespective of
whether or not the KLK Funding Commitment has been fully invested
in LPD and provided that the terms of such external financing are
better than that of KLK's Funding Commitment.
Further, on 11 April 2014, Ms Yap Miow Kien was appointed a
Director of the Company and she is currently the Company Secretary
of KLK, having joined in 2002.
Availability of accounts
The audited Annual Report and Financial Statements for the 12
months ended 31 December 2013 will shortly be sent to shareholders
and published at www.epoil.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GIGDSDDBBGSU
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