Kiland Limited
ASX code: KIL
ABN 19 091 247 166
Quarterly Activities Report and Appendix 4C
For the quarter ended
31 March 2022
Commentary page 1
Highlights
Since last Appendix 4C Quarterly Report
➢ Appointment of AAGIM as Property Manager
➢ Return of Forestry Development Fund Grant
➢ Entitlement Offer
➢ Pontoon sale completed
Appointment of property manager for agricultural estate
Following a public tender process, Kiland Limited ("Kiland", "Company") appointed AAGIM Investment Management Pty Ltd ("AAGIM") as Property Manager for its Kangaroo Island agricultural estate in January 2022.
Kiland's wholly owned subsidiary Kangaroo Island Land Assets Limited, which holds or will hold all of Kiland's agricultural properties, entered into the Property Management Agreement with AAGIM.
During the first phase of the contract AAGIM will develop a Master Plan for Kangaroo Island Land Assets Limited to be approved by Kiland. The Master Plan includes a multi-year operational plan and detailed funding requirements. During the quarter approximately $3m of reversion plant and equipment was acquired and Kiland expects reversion works to commence by July 2022.
Return of Forestry Development Fund Grant
Kiland announced it had secured a $5 million Forestry Development Fund grant from the Australian Commonwealth Government on 22 December 2020. The grant was to support development of a biomass pellet mill on Kangaroo Island.
The change in Kiland's strategy to revert its estate to an agricultural enterprise does not include the development of the pellet mill. Given this, the Australian Commonwealth Government informed the Company that its application no longer aligned with the requirements of the grant program and the $2.6m funds received were to be repaid. Kiland repaid the $2.6 million to the Australian Commonwealth Government in April 2022.
Entitlement Offer
On 29 March 2022, Kiland announced the launch of a $32.4 million fully underwritten 7 for 11 accelerated non-renounceable entitlement offer at $1.10 per share (the Entitlement Offer), to fund the reversion of Kiland's estate from forestry to agriculture.
The Entitlement Offer was split into an Institutional and Retail component. The Institutional Entitlement Offer was successfully completed on 30 March 2022 and new shares were issued on 4 April 2022 raising $24.7 million. The Retail Entitlement Offer is expected to raise approximately $7.7 million.
Pontoon sale completed
After the quarter end, on 26 April 2022, the Company's wholly owned subsidiary KI Seaport Pty Ltd completed the sale of its pontoon asset for cash proceeds of $6.2 million less costs. In addition to normal transaction costs Kiland incurred approximately A$0.35 million to comply with the requirement by the Vietnamese authorities that the Company relocate the pontoon in order to receive export clearance.
The carrying value of the pontoon asset was AUD$5.8 million at 31 December 2021.
Payments to Related Parties
During the quarter ended 31 March 2022, the Company paid $215,294 to related parties of the entity. This amount consisted of executive and non-executive Directors' fees of $98,778 and payments to other key management personnel and their related parties of $116,516.
Covid-19
As reported previously, while the Company acknowledges the trauma created by Covid-19 to the regional community of Kangaroo Island and national economy, neither the restrictions imposed by State and Federal governments nor the virus itself has adversely affected Company employees or operations. The Company continues to monitor government directives and health advice and updates its protocols and procedures accordingly.
Securities on issue
At quarter end and as at the date of this report, the securities on issue included:
Ordinary Shares on issue
Number of Ordinary Fully paid Shares | |
As at 31 March 2022 | 46,275,226 |
Institutional element of the Entitlement Offer | 22,497,165 |
At the date of this report | 68,772,391 |
Appendix 4C
Appendix 4C, as required by Listing Rule 4.7B, for the quarter ending 31 March 2022 is attached to this report.
Cash and cash equivalents
The cash and cash equivalents at 31 March 2022 amounted to $12,462,782.
Loan facilities
At 31 March 2022, the Company had no loan facilities.
Signed on authority of the Board of Kiland Limited
Ms Vicky Allinson
Company Secretary Date: 29 April 2022
Appendix 4C
Quarterly cash flow report for entities subject to Listing Rule 4.7B
+Rule 4.7B
Name of entity KILAND LIMITEDABN 19 091 247 166
Quarter ended ("current quarter")
31 MARCH 2022
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| 310 - (327) - - (239) (619) - 4 - - - - (537) | 1,210 - (2,956) - - (1,186) (1,047) - 18 - - 1,443 - (660) |
(1,408) | (3,178) |
2.
Cash flows from investing activities
2.1
Payments to acquire:
(a) entities
(b) businesses
- -- -
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| (3,368) - - - - - - - - - - - - | (4,232) - - - - - 30 - - - - - - |
(3,368) | (4,202) | |
| - - - - - - - - - | - - - (75) - - - - (12,818) |
- | (12,893) |
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Kiland Ltd. published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 03:51:05 UTC.