Annual report pursuant to Section 13 and 15(d)

Loans and Borrowings (Tables)

v3.22.4
Loans and Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
As of December 31,
  2022 2021
  $’000 $’000
Non-current liabilities
Loan notes 310,466  200,000 
Unamortized fair value adjustment, discount, and debt issuance costs (32,438) (31,399)
278,028  168,601 
Current liabilities
Convertible loan notes —  — 
Other —  185 
—  185 
Changes in Loans and Borrowings, Net of Current Position from Financing Activities
Albacore Notes VNV Loan Notes Unsecured Bonds Convertible Loan Notes Other Loans and Borrowings Total Loans and Borrowings
$’000 $’000 $’000 $’000 $’000 $’000
Balance at January 1, 2021
 — — — 70,000 357 70,357
Changes from financing cash flows
Proceeds from issuance of notes and warrants 191,000 15,000 64,563 — — 270,563
Payment of debt issuance costs (3,429) — (1,375) — — (4,804)
Repayment of cash loan — (7,000) (75,000) — — (82,000)
Total changes from financing cash flows 187,571 8,000 (11,812) — — 183,759
Other changes
Fair value of warrants issued (16,930) — — — — (16,930)
Unpaid debt issuance costs (2,801) — (171) — — (2,972)
Amortization of fair value adjustment, discount, and debt issuance costs 761 — 3,983 — — 4,744
Convertible loan notes converted — — — (70,000) — (70,000)
Non-cash conversion of loan notes to bonds — (8,000) 8,000 — — —
Other loans and borrowings activity, net — — — — (172) (172)
Total other changes (18,970) (8,000) 11,812 (70,000) (172) (85,330)
Balance at December 31, 2021
 168,601 — — — 185 168,786
Balance at January 1, 2022
 168,601 — — — 185 168,786
Changes from financing cash flows
Proceeds from issuance of notes and warrants 100,000 — — — — 100,000
Payment of debt issuance costs (4,256) — — — — (4,256)
Repayment of cash loan — — — — — —
Total changes from financing cash flows 95,744 — — — — 95,744
Other changes
Fair value of warrants issued (3,418) — — — — (3,418)
Unpaid debt issuance costs — — — — — —
Amortization of fair value adjustment, discount, and debt issuance costs 6,635 — — — — 6,635
Issuance of notes upon conversion of interest 10,466 — — — — 10,466
Non-cash conversion of loan notes to bonds — — — — — —
Other loans and borrowings activity, net — — — — (185) (185)
Total other changes 13,683 — — — (185) 13,498
Balance at December 31, 2022
 278,028 — — — — 278,028