27th Sep 2007 07:01
Maple Energy plc27 September 2007 Immediate Release 27 September 2007 MAPLE ENERGY PLC ("MAPLE" OR THE "COMPANY") 2007 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007 Maple Energy plc (AIM: MPLE), an integrated independent energy company withassets and operations in Peru, today announces its interim financial results forthe six months ended 30 June 2007. Maple was admitted to trading on the AIMmarket of the London Stock Exchange on July 13, 2007. Highlights • Cash Flow: EBITDA of US$4.6 million for the six months ending June 30, 2007. • New Capital: Private placement resulting in gross proceeds of US$10 million by the Fondo de Inversion en Infraestructura, Servicios Publicos y Recursos Naturales managed by AC Capitales SAFI S.A. in March, 2007 • Land Acquisition for Ethanol Project: Acquired 10,672 hectares of land on June 1, 2007 of which approximately 8,300 hectares are expected to be used for sugar cane planting, harvesting and milling. The land acquisition included a water reserve allocation of a sufficient quantity to grow the sugar cane in this specific area. • People: Additional key personnel hired to strengthen the Company's ability to perform and execute its work program scheduled for 2007 and 2008. Jack W. Hanks, Chairman of Maple, made the following comments: "The first half of 2007 set the stage for Maple's planned growth and includedseveral important milestones in the Company's development including the raisingof additional capital, land acquisition for the ethanol project and therecruitment of key personnel. We are now moving forward on the work programidentified in our Admission Document and are on track to deliver on our strategyfor growth and to create value for our shareholders." Review of the period The Company closed a US$10 million private placement with a local Peruvianinvestment fund managed by AC Capitales SAFI S.A. with the sale of shares in itssubsidiary The Maple Companies, Limited. Maple acquired the land and the necessary water allocation for the developmentof the Ethanol Project in Piura which includes plans to produce 30 milliongallons of ethanol per year and represents the first stage of the Company'sstrategy to establish Maple as one of Peru's leading ethanol producers. The field work for certain environmental studies was completed which isnecessary to implement the development drilling programs in Blocks 31-B and 31-Dand to drill the Santa Rosa prospect in Block 31-E. During the period, Maple recruited key technical and financial personnel. In July, 2007 the Company completed its successful listing on the AIM market ofthe London Stock Exchange and also closed on an equity investment by theInternational Finance Corporation, the private sector arm of the World BankGroup. Financial Review The gross margin for the six months ending June 30, 2007 was US$8.698 millionversus US$11.462 million for the six months ending June 30, 2006. The differenceof US $2.764 million was largely the result of a reduction in sales volumesversus the first six months of 2006, combined with an increase in the cost ofrefinery feedstock in 2007. Natural gasolines feedstock volumes declined byapproximately 200 barrels per day average between the two periods as a result ofthe normal production decline in the Aguaytia gas field. In addition, theaverage price of feedstock was higher in 2007 by approximately US$3.50 perbarrel, while average sales prices were relatively the same. General and administrative expenses for 2007 were lower than for 2006 by anamount of US$0.982 million due to a reduction in charges by The Maple GasCorporation and capitalizing certain costs related to the Ethanol Project. The period ending June 30, 2007 includes a non-cash charge of US$2.383 millionfor the amortization expense of intangible assets. This expense was not includedin the six month period ending June 30, 2006 because this relates to theincrease in fair market value of the consolidated assets recognized as a resultof the corporate restructuring in November, 2006. The share in the profit in Aguaytia Energy, LLC for six months ending June 30,2007 was US$1.105 million versus US$2.469 million for the six months ending June30, 2006. The difference of US$1.364 million corresponds to having taken intoincome an adjustment for negative goodwill of US$2.232 million recognized inMaple's March 2006 financial statements due to the acquisition of an additionalinterest in Aguaytia, offset by lower Aguaytia earnings in the first half of2006. Notes to Editors Maple Energy is focused on: (i) Executing its drilling and well work-over programs in Blocks 31-B, 31-D and 31-E, (ii) Exploration opportunities located in Block 31-E and the Aguaytia Deep Prospect in Block 31-C, (iii) Establishing itself as one of Peru's leading ethanol producers by successfully completing the Ethanol Project, and (iv) Pursuing strategic acquisition opportunities in Peru. Maple Energy continues to produce oil and natural gas from its properties,refines and markets products derived from crude oil and natural gasolines, andoperates the hydrocarbon assets of the Aguaytia Project. For further information please contact: Maple Energy plc +511 611 4000Raymond Cochard (Lima, Peru) Canaccord Adams Limited +44 (0)207 050 6500Clayton Bush Citigate Dewe Rogerson +44 (0)20 7638 9571Media enquiries: Martin JacksonAnalyst enquiries: Scott Fulton Maple Energy plc and Subsidiaries Consolidated Statements of Income (All amounts in thousands of U.S. dollars unless otherwise stated) Six months Six months period ended period ended Year ended June 30, 2007 June 30, 2006 2006 Sales 36,470 40,857 56,712Cost of sales (27,772) (29,395) (50,370) __________ __________ __________Gross profit 8,698 11,462 6,342 __________ __________ __________ Operating expensesGeneral and administrative expenses (4,234) (5,216) (3,132)Selling expenses (1,761) (1,933) (2,146)Amortization expense of intangible assets (2,383) - -Other, net (11) 88 -Workers' profit sharing - current (5) (392) (55)Workers' profit sharing - deferred 284 - 100 __________ __________ __________Total operating expenses (8,110) (7,453) (5,233) __________ __________ __________Operating income 588 4,009 1,109 __________ __________ __________ Other income (expenses), netShare of profit in Aguaytia Energy, LLC 4 1,105 2,469 365Finance income 85 108 213Finance costs (1,669) (1,242) (704) __________ __________ __________Total other income (expenses), net (479) 1,335 (126) __________ __________ __________ Income before income tax 109 5,344 983Income tax benefit (expense) - current (693) (1,604) (921)Income tax benefit (expense) - deferred 830 (5) 286 __________ __________ __________ Net income 246 3,735 348 __________ __________ __________ Attributable toEquity holders of the Parent 219 3,735 99Minority interest 27 - 249 __________ __________ __________ Net income 246 3,735 348 __________ __________ __________ Earning per share (in US cents) 0.450 7.688 0.716 Note: Earnings per share are based on the number of shares fully diluted at theapplicable date. Since the final step of the corporate restructuring took placein February, 2007, we have used the number of shares outstanding as of thisfinal step to calculate earnings per share for 2006 since the same ownershipgroup was in place at both June 30, 2006 and December 31, 2006, and there wereno changes in total ownership in the interim. Maple Energy plc and Subsidiaries Consolidated Balance Sheets (All amounts in thousands of U.S. dollars unless otherwise stated) Note 30 June 2007 30 June 2006 31 December 2006 AssetsNon - current assetsPlant and equipment, net 8,344 2,886 8,712Intangible assets 61,731 463 63,259Investment in associate 4 23,709 18,000 24,124Value added tax credit - 245 - _________ _________ _________ 93,784 21,594 96,095 _________ _________ _________Current assetsIncome tax credit 1,322 369 629Prepaid taxes and expenses 6 5,444 682 2,223Inventories 8,755 8,043 8,360Due from shareholders 5 2,568 2,930 1,118Trade and other receivables, net 3,216 3,591 1,983Cash and cash equivalents 7 8,456 2,068 2,301 _________ _________ _________ 29,761 17,683 16,614 _________ _________ _________Total assets 123,545 39,277 112,709 _________ _________ _________Shareholders' equity 8Equity attributable to the shareholders of theParentIssued capital 486 3,379 16Treasury shares - (125) -Additional capital 69,632 - 69,504Retained earnings (4,867) 10,993 (5,714) _________ _________ _________ 65,251 14,247 63,806Minority interest 8,056 - - _________ _________ _________Total shareholders' equity 73,307 14,247 63,806 _________ _________ _________LiabilitiesNon - current liabilitiesLong-term debt 4,617 6,637 6,739Other non-current liabilities 9 3,190 - 3,062Deferred income tax and workers' profit sharing 18,949 274 20,064liability _________ _________ _________ 26,756 6,911 29,865 _________ _________ _________Current liabilitiesTrade accounts payable 10,873 7,770 9,375Overdrafts and bank loans 10 8,137 5,170 -Other current liabilities 2,278 2,633 2,666Current portion of long-term debt 2,194 2,546 6,997 _________ _________ _________ 23,482 18,119 19,038 _________ _________ _________Total liabilities 50,238 25,030 48,903 _________ _________ _________Total liabilities and shareholders' equity 123,545 39,277 112,709 _________ _________ _________ Maple Energy plc and Subsidiaries Consolidated Statement of Changes in Shareholders' Equity (All amounts in thousands of U.S. dollars unless otherwise stated) Attributable to the equity holders of the Parent __________________________________________________________ Issued Additional Treasury Accumulated Minority Total capital capital shares results interests Total Equity Balance as 1 January 2006 3,060 - (125) 8,265 11,200 - 11,200Paid-in capital 319 - - - 319 - 319Declared dividends - - - (1,007) (1,007) - (1,007)Net income - - - 3,735 3,735 - 3,735 _________ _________ _________ _________ _________ _________ ________ Balance as at 30 June 2006 3,379 - (125) 10,993 14,247 - 14,247 Acquisition of Maple BVI 16 69,926 - - 69,942 - 69,942Dividends paid - - - (966) (966) - (966)Other net (see note 2) (2,909) (421) 125 (15,113) (2,561) - (2,561) _________ _________ _________ _________ _________ _________ ________Balance as at 1 January 2007 (see note 8b) 486 69,505 - (5,086) 64,905 - 64,905Other - 127 - - 127 - 127Net income - - - 219 219 27 246Minority interest - - - - - 8,029 8,029 _________ _________ _________ __________ __________ _________ ________ Balance as at 30 June 2007 486 69,632 - (4,867) 65,251 8,056 73,307 __________ __________ __________ __________ __________ __________ ________ Maple Energy plc and Subsidiaries Consolidated Statements of Cash Flows (All amounts in thousands of U.S. dollars unless otherwise stated) Six months Six months period ended period ended Year ended June 30, 2007 June 30, 2006 2006 Operating activitiesCollection from customers 35,938 40,266 56,715Payments to suppliers and third parties (30,434) (29,580) (51,482)Payments to employees (5,196) (5,682) (1,471)Income tax paid (1,386) (2,367) (1,210)Interest paid (907) (1,509) (540) _________ _________ _________Net cash provided by (used in) operating activities (1,985) 1,128 2,012 _________ _________ _________Investing activitiesExploration expenditures and other (1,372) (312) (417)Purchase of plant and equipment (1,023) (131) (89)Purchase of investment in associate - (3,338) -Interest received 86 87 213Dividends received 1,520 - 444 _________ _________ _________Net cash used in investing activities (789) (3,694) 151 _________ _________ _________Financing activitiesProceeds from bank loans 21,136 4,570 2,526Payments of bank loans (16,733) (3,242) (2,446)Proceeds from long-term debt - 3,449 -Payments of long-term debt (3,277) (1,279) (671)Capital contributions 9,254 319 -Increase of due from shareholders (1,451) (104) (20)Dividends paid - (987) (966)Change in restricted cash and in guarantee deposits (3,172) (374) (637) _________ _________ _________Net cash provided by financing activities 5,757 2,352 (2,214) _________ _________ _________Net increase (decrease) in cash and cash equivalents during the year 2,983 (214) (51)Cash from Maple BVI acquisition - - 1,584Cash and cash equivalents at beginning of year 1,663 1,661 130 _________ _________ _________ Cash and cash equivalents at end of period, note 7 4,646 1,447 1,663 _________ _________ _________Non-cash flow transactions:Assets acquired under lease contracts 87 141 166 Maple Energy plc and Subsidiaries Notes to the Consolidated Financial Statements As of June 30, 2007 and 2006(All amounts in thousands of U.S. dollars unless otherwise stated) 1. Corporate information Maple Energy plc (hereafter "Maple" or "the Company") is a public limitedcompany incorporated in the Republic of Ireland on 18 October 2006 to act as aholding company and to coordinate the policies and administration of itsSubsidiaries. The address of its registered office is 70 Sir John Rogerson'sQuay, Dublin 2, Ireland. On 30 November 2006, the organizational structure of the entities affiliated tothe Maple group was restructured by entering in a series of transactionscontemplated in an Omnibus Contribution and Exchange Agreement and Plan ofReorganization (hereafter, the Agreement). At the completion of thesetransactions, each final shareholder obtained an equity interest in The MapleCompanies, Limited. The purpose of this restructuring was, among other, toimplement a more efficient holding structure and to facilitate the futureraising of capital by Maple. On 7 February 2007, the Company entered into a Share Exchange Agreement with theshareholders of The Maple Companies, Limited, a company registered in theBritish Virgin Islands, whereby on 8 February 2007, the Company acquired1,619,731 ordinary shares in The Maple Companies, Limited (representing 100% ofits issued share capital), in exchange of 48,581,113 ordinary shares in theCompany. This business combination was accounted for using the pooling ofinterest method. On 20 March 2007, the Company entered into an Investment Agreement with TheMaple Companies, Limited and Fondo de Inversion en Infraestructura, ServiciosPublicos y Recursos Naturales ("ACC"), whereby The Maple Companies, Limitedissued 199,922 ordinary shares in itself to ACC as consideration for aninvestment of US$10 million in The Maple Companies, Limited by ACC. Maple, through its Peruvian subsidiaries, has signed License Contracts for theexploration and exploitation of hydrocarbons in blocks 31-B, 31-D and 31-E,located in the Peruvian jungle. In addition, Maple holds a direct votinginterest of 20.6% in Aguaytia Energy, LLC (hereafter "Aguaytia"), an entity thathas controlling interests in four companies which operate in the Peruvianhydrocarbon and electrical sectors. Notes to the Consolidated Financial Statements (continued) The consolidated financial statements include the financial statements of thefollowing subsidiaries: Equity participation as at 30 June 2007 Exploitation, refining and commercialization of hydrocarbons (Blocks 31-B and31-D)The Maple Gas Corporation del Peru, Ltd. (British Virgin Islands) 100% Exploration of hydrocarbons (Block 31-E)Maple Production del Peru Ltd. (British Virgin Islands) 100% Commercialization of natural gasoline and solventsAcer Comercial S.R.L. (Peru) 100% Production and Commercialization of Ethanol (development stage)Maple Etanol S.R.L. (Peru) 100% Holding companyThe Maple Companies, Limited 89.01% Also, Maple Energy has an interest of up to 45% in Agricola Cerro ColoradoS.A.C., an entity engaged in agricultural activities. This investment has beenfully written-off as at 30 June 2007. 2. Interim unaudited consolidated financial statements Maple will prepare its Annual Report and Accounts 2007 on the basis ofInternational Financial Reporting Standards (IFRS) as endorsed by the EuropeanCommission (EC). The financial information presented herein has been preparedin accordance with the accounting policies expected to be used in preparing theAnnual Report and Accounts 2007. The interim consolidated financial statements do not include all the informationand disclosures required in annual financial statements, and should be read inconjunction with the Annual Report and Accounts 2006, which are included in theAIM Admission Document. Prior to the group reorganization which occurred on 30 November 2006 (see note1), the companies comprising the group did not historically form a single, legalgroup of companies. As a result, for the purposes of this report, the Companyhas presented its historical financial information as at 30 June 2006 in theform of combined financial information, in order to show all of the group'spresent activity. In addition, since the corporate restructuring occurred in November, 2006, theconsolidated historical financial information for December 31, 2006 includes thefull year consolidated operating results for the year ending December, 2006 forThe Maple Companies, Limited and its pre-restructuring subsidiaries. Theoperating results for The Maple Gas Corporation del Peru Ltd., the productionand refining arm of the restructured entity, have only been included for theperiod after the restructuring, that is, for December, 2006. As a result, acomparison of June, 2007 interim results to the December, 2006 consolidatedresults is not meaningful. Notes to the Consolidated Financial Statements (continued) 3. Business acquisition On November 30, 2006, The Maple Companies, Limited acquired 100% of the votingshares of The Maple Gas Corporation del Peru Ltd. (hereafter, Maple BVI), anunlisted company based in the British Virgin Islands. Although The MapleCompanies, Limited and Maple BVI were companies under common control, The MapleCompanies, Limited used the purchase method of accounting to record the businessacquisition. Management considers that such transaction has substance from theperspective of The Maple Companies, Limited to facilitate the access of thegroup to the listing in the Alternative Investment Market in London (see note1). Maple BVI is involved in the exploration and exploitation of hydrocarbonsin the Peruvian jungle and acts as the holding company of the shares inAguaytia, through Maple Peru Holdings Corporation and The Maple Gas DevelopmentCorporation (MGDC). The provisional fair value of the identifiable assets and liabilities of MapleBVI as at the date of acquisition (30 November 2006) and the correspondingcarrying amounts before the acquisition were: Fair value Carrying recognized on acquisition value Plant and equipment, net 8,679 3,471Intangible assets, net 45,234 689Investment in associate 24,203 24,780Due from shareholders 1,075 1,075Prepaid taxes and expenses 1,291 1,291Inventories 7,212 6,530Receivables from related parties 7,155 7,155Trade and other receivables, net 4,516 4,516Cash and cash equivalents 1,584 1,584 _________ _________ 100,949 51,091 _________ _________ Long-term debt 9,446 9,446Deferred income tax and workers' profit sharing liability 20,488 544Trade accounts payable 9,605 9,605Overdrafts and bank loans 4,862 4,862Loans due to related parties 1,465 1,465Other liabilities 6,867 3,804 _________ _________ 52,733 29,726 _________ _________Net assets 48,216 21,365Goodwill arising on acquisition 18,315 - _________ _________ 66,531 21,365 _________ _________ Notes to the Consolidated Financial Statements (continued) The total cost of the combination was US$66,530,550. The consolidation comprisedan issue of 197,533 shares by The Maple Companies, Limited. Since there is nopublished price for the shares issued, The Maple Companies, Limited hasconsidered the interest in the fair value of the acquiree obtained as the fairvalue of the shares issued. There were no significant costs that Management candirectly attribute to the acquisition of Maple BVI. 4. Investment in associate Maple has a beneficial interest in 9,448 cash units and 18,640 non-cash units inAguaytia Energy, LLC, a limited liability company incorporated in the State ofDelaware, United States of America, representing an economic interest ofapproximately 14% (voting interest of 20.6%). During the first semester of 2007, Maple recognized a share of profit in thisassociate amounting to approximately US$1,105,000, compared to that recognizedduring the first semester of 2006 amounting to approximately US$2,469,000. Thedifference of US $1.364 million corresponds mainly to having taken into incomean adjustment for negative goodwill of US $2.232 million recognized in Maple'sMarch 2006 financial statements due to the acquisition of an additional interestin Aguaytia, offset by lower Aguaytia earnings in the first half of 2006. 5. Due from shareholders As part of the restructuring process mentioned in note 1, this account decreasedfrom US$2,930,000 as at 30 June 2006 to US$765,753 as at 31 December 2006. Onthe other hand, during the first semester of 2007, The Maple Companies, Limitedsigned Disbursements Agreements with its shareholders for an amount ofapproximately US$1,722,000, which will be recovered through a direct paymentfrom the dividend approved in the Maple Directors Resolution of 4 April 2007 orfrom any other dividends to be received by these shareholders from Maple. 6. Prepaid taxes and expenses As of June 30 2007 2006 AIM expenses, note 13 4,233 -Value added tax receivable 970 725Prepaid insurance 41 70Other prepayments 200 132 _________ _________ 5,444 927Less- Non-current portion - (245) _________ _________ 5,444 682 _________ _________ Notes to the Consolidated Financial Statements (continued) 7. Cash and cash equivalents As of June 30 2007 2006 Cash at banks and in hand 4,644 1,070Trust fund account 2 377 _________ _________Cash for the purpose of the consolidated statements of cash flows 4,646 1,447Guarantee deposits 3,610 421Restricted fund 200 200 _________ _________ Total Cash 8,456 2,068 _________ _________ As at 30 June 2007, guarantee deposits correspond to a cash to secure bankguarantee in favor of the Proyecto Especial Chira - Piura and/or GobiernoRegional Piura by US$3,202,939, equivalent to 10% of total investment commitmentin the Ethanol Project. This bank guarantee secures the compliance of theinvestment commitment with the Proyecto Especial Chira - Piura and/or GobiernoRegional Piura (by means of the contract signed between Maple Etanol S.R.L. andthe Proyecto Especial Chira - Piura and/or Gobierno Regional Piura on 5 January2007) and an annual donation to the Gobierno Regional Piura amounting toUS$500,000, and will be proportionally reduced as Maple Etanol S.R.L. carriesout the committed investment. The bank guarantee will be reduced to US$500,000once Maple Etanol S.R.L. finishes with the committed investment ofUS$32,029,391, and shall be kept at such amount until it complies with thecommitted donations (US$10 million in total). 8. Shareholders' equity (a) Capital stock - As at 30 June 2007, the authorized capital stock of the Company comprises200,000,000 authorized shares of which the Company has issued and outstanding48,581,130 ordinary shares, each having a par value of US$0.01. All outstandingshares of capital stock are validly issued and fully paid. Common shares of the Company have one vote each, are subject to redemption,purchase or acquisition, and have the same rights with regard to dividends anddistributions upon liquidation. Maple entered into two options whereby (i) a Peruvian investment fund holds theright to convert its equity interest in The Maple Companies, Limited (asubsidiary of Maple) into 5,997,600 ordinary shares of Maple on or before 20March 2037, and (ii) the IFC has the option to purchase up to 5,932,477 ordinaryshares on or before 30 July 2007 (see note 11). Notes to the Consolidated Financial Statements (continued) (b) Additional capital - It mainly corresponds to the difference between fair value of the net assetsacquired from Maple BVI on 30 November 2006 and the nominal value of the sharesof The Maple Companies, Limited issued on the restructuring. (c) Minority interest - Corresponds to the 10.989% ownership in the equity of The Maple Companies,Limited held by Fondo de Infraestructura, Servicios Publicos y RecursosNaturales, an investment fund organized under the laws of Peru (see note 1). (d) Share option plan - On 22 May 2007, Maple adopted an Employee Share Option Plan (the Plan). Theprincipal features of the Plan are as follows: - Limitations: The number of ordinary shares that can be issued under thePlan may not exceed 5% of the issued and outstanding ordinary share capital ofMaple on a fully diluted basis. The Plan will in any event terminate 10 yearsafter the date it was adopted by Maple. - Exercise of options: Options granted to participants will, unlessotherwise determined by the Directors in their discretion, vest in threeinstallments over a period of three years, each installment representing onethird of the total options granted. The exercise period was established fromMay 2008 to May 2011. - Exercise price: The price at which ordinary shares may be acquiredunder an option granted to a participant under the Plan is 120% of the price ofthe shares on admission to listing, or 1.008 pence equivalent to approximatelyUS$2.02 per share. The number of options under the Plan amounted to 2,728,888; from theimplementation of the plan, as at 30 June 2007, there was no material impact onthe accompanying financial statements. 9. Other non-current liabilities As part of the acquisition accounting of Maple BVI (see note 3), The MapleCompanies, Limited allocated a fair value to its tax contingencies ofUS$3,062,277, despite management considering this contingency to be notprobable. This fair value reflects the fact that an external investor wouldview the contingency as a potential risk which they would seek to take intoaccount when valuing the consideration to be offered for Maple BVI. The amountas at 30 June 2007 includes an update of the interests related. Notes to the Consolidated Financial Statements (continued) 10. Overdrafts and bank loans As of June 30 2007 2006 Overdrafts - 197Bank loans -Scotiabank Peru S.A.A. 2,500 2,400Banco de Credito del Peru 700 600Banco Financiero 3,487 1,248Banco de Comercio 1,200 600Other 250 125 ________ ________ 8,137 5,170 ________ ________ 11. Subsequent events Placing of shares in the AIM Market - On 13 July 2007, Maple completed its share offer by way of a placing of ordinaryshares with investors and its admission to trading in the Alternative InvestmentMarket (AIM) of the London Stock Exchange. The placing price was set at 84pence sterling per ordinary share. The placing comprises 32.6 million ordinary shares, representing approximately43% in the aggregate of the total issued ordinary share capital of Maple. Ofthe placing, 26.7 million subscription shares were sold by Maple and 5.9 millionsecondary shares were sold by certain shareholders. After the placing, thecapital stock of Maple is approximately 75.3 million ordinary shares. As at 30June 2007, Maple incurred in expenses of approximately US$4,233,000 in relationwith this placing, which are presented in the caption "Prepaid taxes andexpenses" of the consolidated balance sheet. IFC Equity Investment Agreement - In June 2007, Maple entered into an agreement with the International FinanceCorporation (IFC), pursuant to which the IFC, subject to receiving final IFCboard approval, will have the option to subscribe for up to 5,932,477 ordinaryshares at any time on or before 30 July 2007 at a subscription price ofUS$1.6856 per ordinary share. Maple intends to use the proceeds from the IFC share subscription to carry outcertain aspects of its work program for 2007-2008. In connection with thesubscription of ordinary shares by the IFC, Maple will be required to takecertain measures an implement and establish certain policies and procedures inaccordance with the social and environmental standard set forth by the IFC forthe companies in which it invests. The IFC investment was consummated on 26 July 2007, under the terms describedabove, resulting in IFC owning 7.3% of the ordinary shares of Maple for anamount of US$9,999,783. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MPLE.L