Kibo Energy PLC Mast Energy Developments Plc Admission to Trading (3416V)
April 14 2021 - 1:00AM
UK Regulatory
TIDMKIBO
RNS Number : 3416V
Kibo Energy PLC
14 April 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: 14 April 2021
Mast Energy Developments Plc - Admission to Trading
Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset,
Africa focused, energy company, is pleased to announce that the
ordinary shares of MAST Energy Developments Plc ("MED"), in which
Kibo holds a 55.42% interest, will today commence trading on the
Official List for listed securities of the London Stock Exchange
plc ('LSE') under the ticker MAST ('Admission').
More information on MED and access to the MED-prospectus is
available on the MED-website at https://med.energy/ and
https://med.energy/wp-content/uploads/2021/03/MAST-prospectus-IPO.pdf
respectively.
Louis Coetzee, CEO of Kibo Energy, commented:
"I am delighted with the strong support that MED has received
from key institutions and retail investors, which has valued this
business at GBP23 million on Admission. As MED's majority
shareholder, with an interest of 55.42%, this crystallises the
value of this component of our company and also provides us with
significant upside to the UK flexible energy industry. We believe
that MED is entering a period of high impact news flow and we look
forward to updating the market on this in due course."
MED Overview
As part of the Admission process MED has raised GBP5.54 million
through a placing of 47,150,000 Ordinary Shares (representing 25%
of MED issued share capital on Admission) at 12.5 pence per
Ordinary Share to institutional and retail investors, with a market
capitalisation of circa GBP23 million on Admission. On Admission,
MED will have 188,564,036 Ordinary Shares in issue.
MED was established 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; this is critical for
the renewable energy market, which needs natural gas as a back-up
source of energy given renewable supply can be intermittent.
To this end, MED has an initial portfolio of small-scale power
generation assets, which, on listing, will be in a position to
develop at scale and pace, as opposed to a project-by-project
basis, and will advance rapidly towards significant revenue
generation. On listing, MED expects to have c.9 MW in immediate
production capacity, c.20 MW in production capacity within the
first six months from listing, and another c.20 MW in production
capacity over the next six months. Various other "shovel ready"
sites have already been identified in the UK.
**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 CEO
PLC
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
---------------------------- ------------------- -----------------------------
Claire Noyce +44 (0) 20 3764 Hybridan LLP Broker
2341
---------------------------- ------------------- -----------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian NOMAD on AIM
/ Stephen Limited
Allen
---------------------------- ------------------- -----------------------------
Isabel de info@stbridespartners.co.uk St Brides Partners Financial PR
Salis / Charlie Ltd
Hollinshead
---------------------------- ------------------- -----------------------------
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
14 April 2021
Corporate and Designated Adviser
River Group
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