REG - Kibo Energy PLC - Appointment of NOMAD & Director and General Update

Kibo EnergyAnnouncement

11/01/2023 07:00

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RNS Number : 3059M  Kibo Energy PLC  11 January 2023

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: 7am, 11 January 2023

 

Kibo Energy PLC ('Kibo' or the 'Company')

 

Kibo Appoints Beaumont Cornish Limited as Nominated Adviser (NOMAD)

and Ajay Saldanha as New Non-Executive Director

Resumption of trading on AIM and Update on Repayment of Bridge loan facility

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable-energy-focused
development company, is pleased to announce the appointment of Beaumont
Cornish Limited ('BCL') as the Company's London Stock Exchange AIM Market
('AIM') Nominated Adviser ('NOMAD') with immediate effect. Accordingly, the
Company expects trading in the Ordinary Shares on AIM to resume with effect
from 7.30am today.

 

BCL is an independently owned leading adviser across all London Stock Exchange
('LSE') markets. It is furthermore a Sponsor approved by the Financial Conduct
Authority ('FCA'), a Nominated Adviser approved by the LSE, a member of the
LSE and a member of the Aquis Stock Exchange.

 

The Company is furthermore pleased to welcome Ajay Saldanha as an independent
non-executive director to its Board of Directors with immediate effect.

 

Ajay Dominic Saldanha (aged 47) is an experienced banking and investment
professional with more than 20 years of experience in the power, energy and
utilities sector. He has dealt extensively with asset owners, developers and
investors in the low-carbon and energy efficiency space. Ajay was Partner and
Head of Energy M&A at KPMG until 2017 and prior to that, at Lehman
Brothers (& Nomura) since 2001. During his investment banking and advisory
tenure, Ajay has led acquisitions and financing of more than $60bn, related to
assets in the UK, Europe, Asia and sub-Saharan Africa. Ajay is also a
qualified chemical plant engineer from the University of Mumbai and obtained
his MBA from the Indian Institute of Management, Ahmedabad.

 

Other than as disclosed above, there are no further disclosures to be made in
accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules
for Companies.

 

With regard to the bridge loan facility (the "Facility") announced to the
market in RNS dated 16 February 2022, the Company has subsequently agreed with
the Institutional Investor to extend the repayment date of said Facility to
the 28 April 2023. As part of this agreement, the Company has provided the
Institutional Investor with the right to trade shares held by it in Mast
Energy Developments Plc up to the value of £250,000, the proceeds of which
would be set off against the total amount owed under the Facility, being
approximately £1.1m. The Company is in discussions as to the ongoing
arrangements beyond that date and will update the Market accordingly in due
course, as it will regarding the approximate £660,000 Convertible Instrument
due to present and past Directors and management due for repayment on 28
February 2023 along with general funding discussions ongoing to meet its near
and medium term funding needs.

 

Furthermore, the Company will provide a general strategy update, including
expected timing for the potential USE spinout as announced on 29 September
2022, shortly.

 

This announcement contains inside information as stipulated under the Market
Abuse Regulations (EU) no. 596/2014.

 

**ENDS**

 

For further information please visit www.kibo.energy (http://www.kibo.energy)
or contact:

 

 Louis Coetzee                 info@kibo.energy (mailto:info@kibo.energy)  Kibo Energy PLC             Chief Executive Officer
 James Biddle                  +44 (0) 207 628 3396                        Beaumont Cornish Limited    Nominated Adviser

 Roland Cornish
 Claire Noyce                  +44 (0) 20 3764 2341                        Hybridan LLP                Joint Broker
 Damon Heath                   +44 207 186 9952                            Shard Capital Partners LLP  Joint Broker
 Zainab Slemang van Rijmenant  zainab@lifacommunications.com               Lifa Communications         Investor and Media Relations Consultant

 

Johannesburg

11 January 2023

Designated Adviser

River Group

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