REG - Kibo Energy PLC - Change of Holding in Mast Energy Developments PLC

Kibo EnergyAnnouncement

26/10/2023 07:00

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RNS Number : 3230R  Kibo Energy PLC  26 October 2023

Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

LEI code: 635400WTCRIZB6TVGZ23

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

('Kibo' or 'the Company')

 

Dated: 26 October 2023

 

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

 

Change of Holding in Mast Energy Developments PLC

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, announces that further to its RNS announcement of 5
October 2023 on receipt of 31,646,424 shares (the "Settlement Shares") from
Mast Energy Development PLC ("MED"), in lieu of cash for partial settlement of
£469,000 of the total remaining outstanding loan amount owing to Kibo's
wholly owned subsidiary, Kibo Mining (Cyprus) Limited, the Company has decided
to realize a portion of said share payment in cash. To this effect the Company
has now realized in cash net proceeds of £259,845 through the sale of
20,250,000 of said Settlement Shares.

 

As a result of this recent disposal of its MED shares, the Company's
beneficial holding in MED now stands at 48.35% (total holding of 127,561,746
shares) and a TR1 Notification has been sent to MED notifying it of this
change in holding.

 

The proceeds from the sale of the Settlement Shares will be used for Kibo's
on-going working capital requirements of which it will receive £173,230 of
the total proceeds of £259,845, with the balance going towards funding its
group companies and to reduce the outstanding balance on the Company's
reprofiled bridge loan facility with RiverFort Global Opportunities PCC Ltd
(refer Kibo RNS announcements of 11 and 26 April 2023).

 

Louis Coetzee, CEO of Kibo Energy, says: "After careful consideration of all
funding options available to the Company it was decided that the best funding
option under current circumstances, would be to realize cash for our on-going
business requirements from the recent partial share settlement of our
outstanding loan with MED, whilst still maintaining a major equity interest in
the company. Retaining a significant investment in MED remains a strategic
component of our business strategy which we see as a source of significant
on-going value creation for Kibo and boosted by MED's recent announcement of
the signing of a joint venture agreement with Proventure Holdings (UK) Ltd for
the funding and development of its reserve power projects. "

 

**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 (http://www.kibo.energy/)
or contact:

 

 Louis Coetzee                 info@kibo.energy (mailto:info@kibo.energy)                                Kibo Energy PLC             Chief Executive Officer
 Andreas Lianos                +357 99 53 1107                                                           River Group                 JSE Corporate and Designated Adviser
 Claire Noyce                  +44 (0) 20 3764 2341                                                      Hybridan LLP                Joint Broker
 Damon Heath                   +44 207 186 9952                                                          Shard Capital Partners LLP  Joint Broker
 James Biddle Roland Cornish   +44 207 628 3396                                                          Beaumont Cornish Limited    Nominated Adviser
 Zainab Slemang van Rijmenant  zainab@lifacommunications.co.za (mailto:zainab@lifacommunications.comza)  Lifa Communications         Investor and Media Relations Consultant

 

Johannesburg

26 October 2023

Corporate and Designated Adviser

River Group

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