Kibo Energy PLC Mast Energy Developments Plc IPO Update (1076N)
January 28 2021 - 1:00AM
UK Regulatory
TIDMKIBO
RNS Number : 1076N
Kibo Energy PLC
28 January 2021
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: 28 January 2021
Mast Energy Developments Plc: IPO Update: Approval of Pathfinder
Prospectus and Commencement of Roadshow and Fundraise
Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset,
Africa focused, energy company is pleased to announce, further to
the RNS dated 23 July 2020 that MAST Energy Developments Plc
("MED") has approved its pathfinder prospectus to seek admission
("Admission") of its ordinary shares to the Official List of the
London Stock Exchange plc ("London Stock Exchange" or "LSE") by way
of a Standard Listing and is commencing its roadshow this week to
raise c. GBP4.5 million with an initial target market
capitalisation of approximately c. GBP20 million. MED will remain a
Kibo subsidiary after listing with Kibo holding at least 55% of MED
on the day of Admission.
If shareholders have any queries / enquiries they can contact
Andrew Lianos at andrew.lianos@kibo.energy
Planned Admission
MED, currently a 100% subsidiary company of Kibo Energy Plc and
the 100% holding company of Sloane Developments Ltd ("Sloane"), is
seeking Admission to the Official List of the London Stock
Exchange. Admission will be accompanied by an Initial Public
Offering, which will seek to raise sufficient funds to acquire and
develop a portfolio of flexible power plants in the UK and become a
multi-asset operator in the rapidly growing Reserve Power market.
Kibo intends to maintain a strategic interest in MED post the
initial fundraise and Admission of at least 55% ensuring continued
upside from future developments.
Louis Coetzee, CEO of Kibo, said: "Completion of the pathfinder
prospectus and commencement of the roadshow brings the stated
objective of listing on the LSE closer. This at a time when
significant growth opportunities are available in the rapidly
growing Reserve Power market to realise value for all stakeholders,
as demand for Reserve Power in the UK increases."
"Following the LSE Admission of MED, MED and Sloane will be in a
position to develop its portfolio at scale and pace, as opposed to
a project-by-project basis and advance rapidly towards significant
revenue generation. Upon successful completion of the IPO, Sloane
will be in a position where it expects to have c.9MW in immediate
production and c.20 MW in production within the first six months
from listing and adding another c.20 MW in production over the next
6 months. The additional production capacity for the first c.20MW
will come from Bordesley and 2nd acquisition sites, as well as the
3rd acquisition, announced on 28 October 2020. The capacity for the
2(nd) c.20MW is expected to come from a significant project
pipeline, currently in an advanced stage of development".
"This is an exciting period for both MED, Sloane and Kibo and we
look forward to providing additional updates on further progress
made."
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo .energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
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Claire Noyce +44 (0) 20 3764 Hybridan LLP Broker
2341
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Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
/ Stephen Allen
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Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media Relations
/ Beth Melluish 1177 Ltd Adviser
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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.
Johannesburg
28 January 2021
Corporate and Designated Adviser
River Group
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END
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