|
Mustang Energy PLC - London-based special purpose acquisition company - Reports higher annual loss in 2021. Pretax loss widens to £902,624 from £231,901 in 2020. ‘The single most significant cash cost to the business is directors' remuneration,’ Mustang Energy explains. Firm pays £152,988 in 2021 to Managing Director Dean Gallegos, up from £55,000 in 2020. Mustang Energy increased monthly payment to Gallegos to £10,000 from £5,000 per month after 22% acquisition of VRFB Holdings Ltd in April 2021. Company started paying additional £6,500 in directors' fees every month after acquisition. Finance costs stand at £601,891 versus none in 2020. Most of finance cost is interest on loan notes of £491,631.
Records no revenue in 2021. Says 2022 revenue depends on the performance of Enerox GmbH, an Austrian-based vanadium redox flow battery manufacturer. Mustang Energy owns a 22% interest in VRFB Holdings Ltd, which owns a 50% interest in Enerox Holdings Ltd. Firm proposes no dividend, unchanged from 2020.
Mustang Energy shares are currently suspended.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
