Kibo Energy PLC Completed Acquisition of 60% Interest in MED (3890D)
October 09 2018 - 2:10AM
UK Regulatory
TIDMKIBO
RNS Number : 3890D
Kibo Energy PLC
09 October 2018
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
Dated: 09 October 2018
Kibo Energy PLC ('Kibo' or the 'Company')
Completed Acquisition of 60% Interest in UK Power Project
Development Company
Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset,
Africa focused, energy company, is pleased to announce that,
further to the RNS dated 15 August 2018, it has completed the
acquisition ("the Acquisition") of a 60% equity interest in Mast
Energy Developments ("MED"), a private UK registered company
targeting the development and operation of flexible power plants to
service the Reserve Power generation market.
MED's business strategy is to acquire and develop a portfolio of
small-scale power generation assets. Various "shovel ready" sites
have already been identified in the UK, capable of sustaining gas
fired power generators and ancillary structures from 20MW upwards.
They have full planning permission and permitting in place, long
term lease agreements, grid & gas connection offers and
positive feasibility studies, pertaining to technical and
commercial viability. The full summary terms of the Acquisition are
described in the RNS announcement dated 15 August 2018.
As part of the Acquisition consideration, the Company will issue
5,714,286 new ordinary shares at a deemed price of 5.25 pence each
in the Company ("Consideration Shares") to the existing MED
shareholders ('the Sellers'). The Application has been made for the
Consideration Shares, which will rank pari passu with the existing
ordinary shares in the Company, to be admitted to trading on the
AIM market of the London Stock Exchange ("Admission"). It is
expected that Admission will occur at 8:00 am on or around 19
October 2018.
Following Admission, the Company will have 640,031,069 Ordinary
Shares in issue, of which none are held in Treasury. Therefore, the
total number of Ordinary Shares in the Company with voting rights
will be 640,031,069 This figure may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Louis Coetzee, CEO of Kibo Energy, said: "This acquisition
provides Kibo with the realistic possibility of near-term revenue
generating assets and enables us to combine our knowledge of the
power generation market both in mature and emerging markets. There
is a distinct short-term revenue generating potential in the UK,
which is positive for Kibo and importantly all early stage
royalties payable to the sellers will be reinvested in Kibo
ordinary equity."
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy.com Kibo Energy PLC Chief Executive Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate and Designated
Adviser on JSE
--------------------- ----------------------- -------------------------
Ben Tadd / +44 (0) 20 3700 SVS Securities Limited Joint Broker
Tom Curran 0093
--------------------- ----------------------- -------------------------
Jon Belliss +44 (0) 20 7399 Novum Securities Joint Broker
9400 Ltd
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Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
--------------------- ----------------------- -------------------------
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
/ Gaby Jenner 1177 Ltd Relations Adviser
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Notes to editors
Kibo Energy PLC is a multi-asset, Africa focussed, energy
company positioned to address the acute power deficit, which is one
of the primary impediments to economic development in Sub-Saharan
Africa. To this end, it is the Company's objective to become a
leading independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Additionally, the Company will benefit from its robust and
experienced international blue-chip partnership network across its
project portfolio, which includes: SEPCO III (China), General
Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting
(South Africa); ABSA / Barclays Africa; and Hogan Lovells
International LLP.
Johannesburg
09 October 2018
Corporate and Designated Adviser
River Group
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contact rns@lseg.com or visit www.rns.com.
END
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