RE:RE:LGC Capital - QBA.V financials came out March. 1st
The followings are some of the highlights quoted from the quarterly financial report released in March 1, 2017. Please go to see this report at Sedar.com. ----------------------------------------------------------------------- Outlook: The Company has invested significant capital in establishing the necessary infrastructure and support teams to build a strong foundation and presence for growing the business in Cuba. The Company has invested considerable working capital in associated companies and joint ventures backed by management with a wealth of experience and contacts in Cuba. The Company sees these investments well positioned for significant growth going forward. ------------------------------------------------------------------ Leni Gas Cuba has significant shareholdings and interests in established businesses operating in the Cuban travel, events, events management, TV and film production support, sport, import & export, energy and oil and gas exploration sectors. Leni Gas Cubas current investments are as follows: (1) 40% of the In Cloud 9/Travelwelcome Group (iC9), a bespoke Cuban travel, events management, TV and film production assistance group. (2) 12.95% interest in Melbana Energy Limited (Melbana), an Australian-listed Cuban oil and gas explorer which holds the highly-prospective onshore Block 9 east of Havana. The Company is Melbanas largest single shareholder. The Companys interest in Melbana was 14.76% as at September 30, 2016. (3) 14% of Petro Australis Limited (Petro Australis), an Australian un-listed Cuban oil and gas explorer which has certain back-in rights to 40% of Melbanas Block 9 and is undertaking other oil and gas activities in Cuba. (4) 50% interest in an imports and exports joint venture with Groombridge Trading Corporation, a Cuban-centric trading company. (5) 50% interest in the Rushmans Lenigas Cuba Joint Venture for sport. (6) 10.14% interest in The Cuba Mountain Coffee Company Ltd, a venture aiming to market Cuban coffee. (7) Joint venture with Commercial Funded Solar Ltd to assess the potential of installing and operating renewable energy and hybrid power solutions (solar power, energy storage and integrated power management systems) in Cuba. --------------------------------------------------------------------------------------- The quarter ended December 31, 2016 and subsequent, has been a very active time for the Company, with highlights being: (1) iC9 has seen strong growth and influx of new business into 2017 with increased business from groups, and the private jet and private yacht sectors. iC9 had revenues for the quarter of $309,000, a significant increase of 18.8% over the corresponding period in 2015 of $260,000; (2) Melbana, reported positive updates from their onshore Block 9 oil activities in Cuba, new oil assessments from their shallow water off-shore Beehive oil project off Western Australia and positive developments on their Tassie Shoals LNG/Methonal Project offshore northern Australia. Notwithstanding the positive developments, the share price of Melbana declined from A$0.032 as at September 30, 2016 to A$0.019 as at December 31, 2016 resulting in a downwards revaluation of the Companys interest in Melbana of $1,895,505. The closing share price as at December 31, 2016 of A$0.019 still represents a 90% increase over the Companys entry price of A$0.01 per share; (3) in October 2016, Rushmans, the Companys 50/50 partner with respect to Cuban Sport, was granted the rights by RTVC, the Commercial Enterprise of Cuban Radio and Television, to co-produce and distribute the Cuban baseball series worldwide. The deal is for four seasons, covering the Olympic cycle as Cubas leading players compete for their clubs and for places on the National team at Tokyo 2020; (4) Cuba Mountain Coffee Company (CMC) announced it has now agreed the contract terms with the Cuban Government owned Asdrubel Lopez, the main processor of coffee in Guantanamo province, which is designed to improve the quality and quantity of coffee production in the region and give CMC the rights to market, sell and take a share of proceeds for the top grades of coffee produced from the 17 highest and best microregions. The project is scheduled to begin this year with the first coffee exported at the end of the year.