REG - Kibo Energy PLC - Sale of 19.52% Shareholding in MAST

Kibo EnergyAnnouncement

01/10/2024 08:00

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RNS Number : 4142G  Kibo Energy PLC  01 October 2024

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: 01 October 2024

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

 

Sale of Company's 19.52% Shareholding in Mast Energy Developments PLC

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company announces that, further to its ongoing efforts to tidy up
the Company's balance sheet ahead of the Reverse Takeover as announced on 16
September 2024, it has signed an agreement with RiverFort Global Opportunities
PCC Limited ("RiverFort"), a 3.25% shareholder, to provide for partial
settlement of the current outstanding balance on an existing loan (the
"RiverFort Loan") of £462,871 (including  interest and fees pursuant to the
agreement) by sale of its remaining 19.52% interest in Mast Energy
Developments PLC  ("MED") to RiverFort (the "MED Share Sale"). This follows
the Corporate Restructuring, including revised arrangements with Riverfort, as
announced on 20 June 2024. Kibo's 19.52% Interest comprises 83,211,746 MED
shares (the "MED Shares") which are being sold to RiverFort for £120,074
being their market value on the London Stock Exchange calculated at £0.001443
per MED share calculated as the volume weighted average price per share on 27
September 2024.

 

The MED Share Sale will reduce the outstanding balance on the RiverFort Loan
to £342,797 (the "Remaining Balance"). The Remaining Balance including
accrued interest at 10% per annum will be payable on the earlier of the
Company's AIM suspension being lifted; completion of the reverse takeover of
the Company (the "RTO") announced by the Company on 16 September 2024; or 31
March 2025. The Remaining Balance may be paid, at the Company's sole election,
in a combination of cash or in shares at the price per share at the time of
the RTO (i.e. the relevant placing price).

 

The MED Shares are currently held by the Company's wholly owned subsidiary
Kibo Mining (Cyprus) Limited for which the Company has agreed a Sale &
Purchase Agreement for its disposal (less the MED Shares) to Aria Capital
Management Limited, conditional on shareholder approval being obtained at its
upcoming general meeting on 11 October 2024 (refer Company RNS announcements
of September 19 and 26 respectively).

 

Cobus van der Merwe, Interim CEO of Kibo said: "The Company is pleased that it
has successfully negotiated this partial settlement of the RiverFort Loan as
the MED Share Sale proceeds will also further help reduce the Company's debt
in preparation for its upcoming RTO.  I would like to thank RiverFort for
their co-operation in enabling this settlement".

 

As per MED's last reported accounts to 30 June 2024 published on 30 August
2024, the loss attributable to this 19.52% equity interest sold was £96,049
with net attributable revenue of £39,481. The Net Investment attributable to
MED in the Company's most recently notified Balance Sheet was carried at
£2,482,992 and therefore the Company expects to record a loss on disposal
which will be determined and disclosed in the next published accounts.

 

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:

 

 Cobus van der Merwe  info@kibo.energy (mailto:info@kibo.energy)  Kibo Energy PLC                        Chief Executive Officer
 James Biddle         +44 207 628 3396                            Beaumont Cornish Limited               Nominated Adviser

 Roland Cornish
 Claire Noyce         +44 20 3764 2341                            Hybridan LLP                           Joint Broker
 James Sheehan        +44 20 7048 9400                            Global Investment Strategy UK Limited  Joint Broker

 

Beaumont Cornish Limited ('Beaumont Cornish') is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Johannesburg

01 October 2024

Corporate and Designated Adviser

River Group

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