Kibo Energy PLC Sloane acquires 100% interest in Mast Energy (2810V)
August 06 2020 - 3:00AM
UK Regulatory
TIDMKIBO
RNS Number : 2810V
Kibo Energy PLC
06 August 2020
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
Dated: 06 August 2020
Kibo Energy PLC
Sloane listing update - Sloane acquires 100% interest in Mast
Energy
Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset,
Africa focused, energy company, is pleased to provide a progress
update on the planned admission of its 100% owned UK subsidiary
Sloane Developments Ltd ('Sloane'), which will be renamed Mast
Energy Developments PLC ('MED'), to the Standard List of the London
Stock Exchange plc ('LSE').
Sloane has acquired from St Anderton on Vaal Limited ('St
Anderton') the remaining 40% interest in Mast Energy Developments
Ltd ('Mast Energy') in exchange for 36,917,076 new Ordinary Shares
in Sloane. Accordingly, Sloane will at completion of the share
exchange transaction own a 100% interest in Mast Energy alongside
its 100% interest in Bordersley Power Ltd as it seeks to develop a
portfolio of flexible power plants in the UK. St Anderton will at
completion hold 26.11% of Sloane, with Kibo holding the remaining
73.89%. Completion shall take place upon the satisfaction or waiver
of the following conditions precedent:
-- any required approvals or other consents being obtained from
the UK Listing Authority and Financial Conduct Authority with
regard to the listing of Sloane/MED on the Main Market of the LSE,
Standard segment; and
-- any approvals or other consents required by law or any regulatory authority.
Kibo CEO, Louis Coetzee, said, "Sloane's acquisition of St
Anderton's interest in Mast Energy takes us one step closer to the
listing of MED, formalising the new corporate and share structure.
With a 100% interest in two highly strategic assets MED is poised
to develop a portfolio of flexible power plants in the UK, which
Kibo will crucially continue to gain upside from, through our
majority interest in MED. We look forward to continuing to advance
this listing at pace so that MED can capitalise on the significant
growth opportunities available in the rapidly growing Reserve Power
market and we can realise value for all stakeholders."
MED is in the business of acquiring, developing, building and
operating small, multiple flexible power plants throughout the UK
producing safe and clean reserve power through natural gas. These
power plants then deliver electricity into the National Grid to
contribute to stable electricity provision and help prevent future
shortages, mitigating future blackout events.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ('MAR').
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo .energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate and Designated
Adviser on JSE
------------------- -------------------- -------------------------
Philip Adler +44 (0) 20 7392 ETX Capital Limited Joint Broker
1494
------------------- -------------------- -------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
/ Stephen Allen
------------------- -------------------- -------------------------
Charlotte Page +44 (0) 20 7236 St Brides Partners Investor and Media
/ Beth Melluish 1177 Ltd Relations Adviser
------------------- -------------------- -------------------------
Notes
Kibo Energy PLC is a multi-asset, Africa focused, 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 has a 60% interest in MAST Energy
Developments Limited ('MED'), a private UK registered company
targeting the development and operation of flexible power plants to
service the UK Reserve Power generation market.
Johannesburg
06 August 2020
Corporate and Designated Adviser
River Group
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END
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