8-K
NASDAQ false 0001826600 0001826600 2024-03-15 2024-03-15

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 15, 2024

 

 

Montauk Renewables, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   1-39919   85-3189583

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

5313 Campbells Run Road

Suite 200

Pittsburgh, PA 15205

(Address of principal executive offices) (ZIP Code)

Telephone: (412) 747-8700

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since Last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.01 par value per share   MNTK   The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 


Item 2.02

Results of Operations and Financial Condition.

On March 15, 2024, Montauk Renewables, Inc. filed a headline earnings per share (“HEPS”) report with the Johannesburg Stock Exchange (“JSE”), a self-regulatory organization in South Africa, that includes certain historical financial information for the fiscal year ended December 31, 2023. The HEPS report was prepared for the purpose of complying with the reporting requirements of the JSE. A copy of the HEPS report is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in this Item 2.02, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, unless such subsequent filing specifically references this Current Report on Form 8-K.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits

 

Exhibit
No.
  

Description

99.1    HEPS report, as filed with the JSE, for the fiscal year ended December 31, 2023
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    MONTAUK RENEWABLES, INC.
Dated: March 15, 2024     By:  

/s/ Kevin A. Van Asdalan

    Name:   Kevin A. Van Asdalan
    Title:   Chief Financial Officer
EX-99.1

Exhibit 99.1

MONTAUK RENEWABLES, INC.

Incorporated in the United States of America

Company number: 85-3189583

NASDAQ share code: MNTK

JSE share code: MKR

ISIN: US61218C1036

(“Montauk Renewables” or the “Company”)

AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 December 2023

Dollar amounts presented herein are in United States Dollars

 

SALIENT FEATURES           2023      2022     

Percentage

Change

 

Revenue

   ($ ’000)        174 904        205 559        (15 %) 

EBITDA

   ($ ’000)        45 277        65 734        (31 %) 

Headline earnings

   ($ ’000)        15 760        38 698        (59 %) 

Earnings per share

     ($)        0.11        0.25        (56 %) 

Headline earnings/per common share

     ($)        0.11        0.27        (59 %) 

Net asset value per common share

     ($)        1.74        1.58        10

DECLARATION OF CASH DIVIDEND

The directors have resolved not to declare a final dividend to focus financial resources on the continued development of the Company’s operations portfolio.

USE OF NON-GAAP MEASURES

This report was prepared for the purpose of complying with the reporting requirements of the Johannesburg Stock Exchange and includes certain non-GAAP measures, such as headline earnings and headline earnings per common share, and related reconciliations.

Reconciliation of headline earnings

 

     2023      2022  
     Gross $’000      Net $’000      Gross $’000      Net $’000  

Net income attributable to common shareholders

        14 948           35 194  

Adjustments

           

Loss on disposal of plant and equipment

     94        78        78        63  

Impairment of plant and equipment

     902        734        4 781        3 891  

Gain on disposal of intangible assets

           (311      (253

Proceeds on insurance claims

           (313      (255

Impairment of intangible assets

           71        58  

Headline earnings

        15 760           38 698  

Basic and headline earnings per common share (US Dollars)

           

Earnings

        0.11           0.25  

Headline earnings (2)

        0.11           0.27  

Weighted-average common shares outstanding (‘000)(1)

        141 728           141 239  

Diluted earnings per common share (US Dollars)

           

Earnings (2)

        0.11           0.25  

Headline earnings (2)

        0.11           0.27  

Weighted-average common shares outstanding for diluted earnings (‘000)(1)

        142 152           142 579  

 

(1)

The common share outstanding as of December 31, 2023 is as reported in the annual report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 14, 2024.

(2)

The December 31, 2023 and 2022 per share indicators were determined by applying International Financial Reporting Standards.


DIRECTORS’ STATEMENT

This short-form announcement is the responsibility of the Company’s Board of Directors and is a summary of the information in the detailed financial results announcement.

The financial information is only a summary and does not contain full details of the financial results. Any investment decisions by investors and/or shareholders should be based on information contained in the full announcement, accessible from 14 March 2024, via the JSE link (https://senspdf.jse.co.za/documents/2024/jse/isse/MKRE/YE23.pdf) or on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1826600/000095017024031587/0000950170-24-031587-index.htm. The full announcement is also available at the Company’s registered office, the offices of the sponsor and may be requested at info@montaukenergy.com free of charge to investors and/or shareholders, during office hours (09:00 - 17:00) from Mondays to Fridays.

15 March 2024

Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#,

MH Ahmed###, TG Govender*###, J Cunningham*# , Y Shaik* ###

*Non-executive; #United States of America; ### Republic of South Africa

Company secretary: J Ciroli

Registered office: 5313 Campbells Run Road, Suite 200, Pittsburgh, PA 15205

Website: https://ir.montaukrenewables.com/

Sponsor:

Investec Bank Limited