Announcement • Feb 10
Africa Clean Energy Solutions Limited has withdrawn its Follow-on Equity Offering in the amount of $33.5 million. Africa Clean Energy Solutions Limited has withdrawn its Follow-on Equity Offering in the amount of $33.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,500,000
Price\Range: $1
Transaction Features: Subsequent Direct Listing Announcement • Nov 07
Africa Clean Energy Solutions Limited, Annual General Meeting, Dec 04, 2025 Africa Clean Energy Solutions Limited, Annual General Meeting, Dec 04, 2025, at 14:00 Arabian Standard Time. Location: intercontinental trust limited, level 3, alexander house, 35 cybercity, ebene 72201, Mauritius Announcement • Jun 19
Africa Clean Energy Solutions Limited has filed a Follow-on Equity Offering in the amount of $33.5 million. Africa Clean Energy Solutions Limited has filed a Follow-on Equity Offering in the amount of $33.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,500,000
Price\Range: $1
Transaction Features: Subsequent Direct Listing Announcement • May 17
Africa Clean Energy Solutions Limited has completed a Follow-on Equity Offering in the amount of $0.124 million. Africa Clean Energy Solutions Limited has completed a Follow-on Equity Offering in the amount of $0.124 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 147,619
Price\Range: $0.84
Transaction Features: Subsequent Direct Listing Announcement • Nov 21
Africa Clean Energy Solutions Limited, Annual General Meeting, Dec 17, 2024 Africa Clean Energy Solutions Limited, Annual General Meeting, Dec 17, 2024, at 14:00 Arabian Standard Time. Location: intercontinental trust limited, level 3, alexander house, 35 cybercity, ebene 72201, Mauritius New Risk • Nov 23
New major risk - Revenue and earnings growth Earnings have declined by 4.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$269k free cash flow). Negative equity (-US$804k). Earnings have declined by 4.6% per year over the past 5 years. Revenue is less than US$1m (US$588k revenue). Minor Risks Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Market cap is less than US$100m (US$23.9m market cap). Reported Earnings • Nov 15
First quarter 2024 earnings released: US$0.006 loss per share (vs US$0.008 loss in 1Q 2023) First quarter 2024 results: US$0.006 loss per share (improved from US$0.008 loss in 1Q 2023). Revenue: US$29.5k (up US$29.5k from 1Q 2023). Net loss: US$183.6k (loss narrowed 21% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Nov 11
Africa Clean Energy Solutions Limited, Annual General Meeting, Dec 08, 2023 Africa Clean Energy Solutions Limited, Annual General Meeting, Dec 08, 2023, at 12:00 Mauritius Standard Time. Location: Intercontinental Trust Limited, Level 3, Alexander House, 35 Cybercity Ebene Mauritius Agenda: To consider and adopt the audited consolidated financial statements, the auditors' report and the Annual Report for the financial year ended 30 June 2023; to re-elect the directors, each by way of a separate vote, who retire and offer themselves for re- election in accordance with section 12.4.2 of the Company's Constitution; to re-elect Melvyn Joseph Antonie (Executive Director and Chief Financial Officer) in accordance with section 138(6)(a) of the Companies Act 2001; to re-appoint BDO & Co as the independent auditor until the conclusion of the Company's next Annual Meeting; to authorise the Board of Directors (the "Board") to determine the remuneration of the independent auditor; and to authorise the Board to determine the fees of the non-executive directors for their services as directors of the Company; to authorise the Board to allot and issue up to 35,000,000 additional ordinary shares of the Company. New Risk • Oct 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$306k free cash flow). Negative equity (-US$592k). Earnings have declined by 6.3% per year over the past 5 years. Revenue is less than US$1m (US$614k revenue). Minor Risks Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Market cap is less than US$100m (US$23.9m market cap). Reported Earnings • Oct 15
Full year 2023 earnings released: US$0.011 loss per share (vs US$0.03 loss in FY 2022) Full year 2023 results: US$0.011 loss per share (improved from US$0.03 loss in FY 2022). Revenue: US$614.0k (up 130% from FY 2022). Net loss: US$331.0k (loss narrowed 62% from FY 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-executive Director Antoine King was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-executive Director Antoine King was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 05
Africa Clean Energy Solutions Limited, Annual General Meeting, Nov 27, 2020 Africa Clean Energy Solutions Limited, Annual General Meeting, Nov 27, 2020, at 11:00 Mauritius Standard Time. Location: Intercontinental Trust Limited, Level 3 Alexander House, 35 Cybercity Ebene Mauritius Agenda: To consider and adopt the auditors' report, the Annual Report and the audited consolidated financial statements for the financial year ended 30 June 2020; to re-elect the directors; to re-elect Melvyn Antonie Joseph in accordance with section 138(6)(a) of the Companies Act 2001 of Mauritius as Executive Director and Chief Operating Officer; to re-appoint BDO & Co as the independent auditor with Mrs. Rookaya Ghanty as the designated audit partner until the conclusion of the Company's next Annual Meeting; to authorise the Board to determine the remuneration of the independent auditor; to authorise the Board to do all such things and sign all such documentation as is necessary to give effect to the resolutions set out in this notice; and authority to disapply pre-emption rights in terms of the Companies Act 2001 and the Constitution; and to consider the other resolutions. 
