NASDAQ false 0001826600 0001826600 2023-08-10 2023-08-10

 

 

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): August 10, 2023

 

 

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 August 10, 2023, 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 second quarter 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 second quarter 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: August 10, 2023     By:  

/s/ Kevin A. Van Asdalan

    Name:   Kevin A. Van Asdalan
    Title:   Chief Financial Officer

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

(“Company”)

UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 30 June 2023

Dollar amounts presented herein are in United States Dollars

 

            Six Months
ended 30 June		      Six Months
ended 30 June		      Percentage  
SALIENT FEATURES           2023      2022      Change  

Revenue

    ($ ’000 )       72 409        100 055        (28 %) 

EBITDA

    ($ ’000 )       9 921        32 933        (70 %) 

Headline (loss)/earnings

    ($ ’000 )       (2 056 )       17 643        (112 %) 

Basic (loss)/earnings per share

      ($ )       (0.02 )       0.13        (115 %) 

Headline (loss)/earnings per common share

      ($ )       (0.01 )       0.13        (111 %) 

Net asset value per common share

      ($ )       1.61        1.45        11 % 

DECLARATION OF CASH DIVIDEND

The directors have resolved not to declare an interim dividend and to rather 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/(loss)

 

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

Net (loss)/income attributable to common shareholders

         (2 785 )          18 037  

Adjustments

            

Loss on disposal of plant and equipment

      37        35        17        14  

Impairment of plant and equipment

      726        694        92        75  

Impairment of intangible assets

      —          —          28        23  

Proceeds on insurance claims

      —          —          (313 )       (254 ) 

Gain on disposal of intangible assets

      —          —          (310 )       (251 ) 

Headline (loss)/earnings

         (2 056 )          17 644  

Basic and headline (loss)/earnings per common share (US Dollars)

            

(Loss)/earnings

         (0.02 )          0.13  

Headline (loss)/earnings

         (0.01 )          0.13  

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

         141 633           141 088  

Diluted (loss)/earnings per common share (US Dollars)

            

(Loss)/earnings

         (0.02 )          0.13  

Headline (loss)/earnings

         (0.01 )          0.13  

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

            
        141 633           142 220  

 

(1)

The common shares outstanding as of June 30, 2023 is as reported in the quarterly report on Form 10-Q for the fiscal second quarter 2023, filed with the Securities and Exchange Commission on August 9, 2023.

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 9 August 2023 , via the JSE link (https://senspdf.jse.co.za/documents/2023/jse/isse/MKRE/MKRQ2.pdf) or on the SEC’s website at

(https://www.sec.gov/ix?doc=/Archives/edgar/data/1826600/000095017023040687/mntk-20230630.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.

10 August 2023

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

v3.23.2
Document and Entity Information
Aug. 10, 2023
Cover [Abstract]  
Security Exchange Name NASDAQ
Amendment Flag false
Entity Central Index Key 0001826600
Document Type 8-K
Document Period End Date Aug. 10, 2023
Entity Registrant Name Montauk Renewables, Inc.
Entity Incorporation State Country Code DE
Entity File Number 1-39919
Entity Tax Identification Number 85-3189583
Entity Address, Address Line One 5313 Campbells Run Road
Entity Address, Address Line Two Suite 200
Entity Address, City or Town Pittsburgh
Entity Address, State or Province PA
Entity Address, Postal Zip Code 15205
City Area Code (412)
Local Phone Number 747-8700
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.01 par value per share
Trading Symbol MNTK
Entity Emerging Growth Company true
Entity Ex Transition Period false
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