REG - Kibo Energy PLC - Partial Settlement of Outstanding Shareholder Loan

Kibo EnergyAnnouncement

05/10/2023 07:00

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RNS Number : 7414O  Kibo Energy PLC  05 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: 5 October 2023

 

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

 

Partial Settlement of Outstanding Shareholder Loan Owing by Mast Energy
Developments PLC ('MED')

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO) ('Kibo' or the 'Company'), the
renewable energy focused development company, has today received 31,646,424
new MED Shares of £0.001 each ("the Settlement Shares") at a deemed issue
price of £0.01482 per share ("Settlement Share Price") from its subsidiary,
Mast Energy Developments PLC ("MED"), having mutually agreed the partial
settlement of £469,000  (the "Partial Settlement") of the total outstanding
amount owing to Kibo's wholly owned subsidiary, Kibo Mining (Cyprus) Limited
('Kibo Cyprus').

 

Following the Partial Settlement, the remaining outstanding shareholder loan
amount owed by MED is £762,535. The Settlement Share Price is the 20-day VWAP
for the period up to the closing price of the MED shares on the London Stock
Exchange on 2 October 2023.

 

Following the Partial Settlement, Kibo will hold 147,811,746 Ordinary Shares
representing a 56.02% interest in MED.

 

Kibo is working with its advisors and funders to assist MED in ensuring that
MED is sufficiently funded for their immediate capital requirements which
includes the possibility to potentially advance further funds in the near-term
to provide interim funding pending completion of the previously announced MED
joint venture. The Kibo board remain confident, alongside the MED board, that
the joint venture (as last updated on RNS 22 September 2023) can be concluded
as proposed despite the unforeseen delays arising from the exceptional events
confirmed in earlier announcements.

 

Louis Coetzee, CEO of Kibo Energy, says: "We are pleased to announce the
Partial Settlement of the MED Loan, which has been agreed on favourable terms
to both Kibo and MED whilst minimizing shareholder dilution in MED. The
favourable settlement terms with the extended pricing period not only
highlights Kibo's ongoing support of MED but also illustrates its firm belief
in MED's future success and anticipated conclusion of its previously announced
joint venture. We are committed to continuing to support MED and Kibo's other
investments."

 

**ENDS**

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

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

 

Notes

Kibo Energy PLC is a renewable energy focused development company with its
primary focus to advance its business as a significant diversified energy
developer of sustainable power solutions that integrate existing and emerging
Renewable Generation technology, Waste-to-Energy technology and Energy Storage
technology in southern and eastern Africa, and the United Kingdom.

 

Additionally, the Company has a majority 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

5 October 2023

Corporate and Designated Adviser River Group

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