Annual Report to Shareholders
Perth, Oct 26, 2018 AEST (ABN Newswire) - Mission NewEnergy Limited (
ASX:MBT) (MNELF:OTCMKTS) provides the Company's Annual Report to shareholders.
Chairman's/CEO's Overview
Dear Valued Shareholders, on behalf of the Board of Directors, I present to you Mission NewEnergy's Annual Report for 2018.
On 5 December 2016, the Company announced that it had entered into a Heads of Agreement to acquire the business operations of the AUS Group, a leading manufacturer of building materials products in Australia. The shares traded on the Australian Securities Exchange (ASX) were placed into voluntary suspension at that time. This transaction was anticipated to be completed via a reverse takeover, commonly known as an RTO and required AUS Group to complete a number of transaction condition precedents, including completing a pre-RTO funding round to meet immediate growth working capital requirements. On 19 January 2018 the Company terminated the agreement with AUS Group because they had been unable to fulfill the conditions precedent to complete the transaction.
The Company believes that it is a good candidate to undertake an RTO with an entity that meets the ASX compliance rules and continues to work with potential entities to complete an RTO.
The Group owns 100% of M2 Capital Sdn Bhd, a Malaysian subsidiary, which owns a 20% stake in FGV Green Energy Sdn Bhd (FGVGE), a refinery joint venture company. This asset is carried at a NIL value by the Group as the project has stalled.
Therefore, the Company is focused on maximizing shareholder value through a positive return from:
- Undertaking an RTO with a suitable operating entity, and/or
- looking for new business opportunities.
The Company continues to constantly evaluate the opportunities and challenges presenting themselves in order to act in the best interest of stakeholders.
To view the full report, please visit:
http://abnnewswire.net/lnk/025V6694
About Mission NewEnergy Limited
Mission NewEnergy Ltd (ASX:MBT) (OTCMKTS:MNELF) is an Australian Securities Exchange ("ASX") listed company.
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