REG - Kibo Energy PLC - Update to Placing and Board Changes

Kibo EnergyAnnouncement

05/07/2024 07:00

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RNS Number : 2458V  Kibo Energy PLC  05 July 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: 5 July 2024

 

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

 

Update to Placing and Admission of the Placing Shares

Board Changes

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, announces that further to its RNS announcement of 27 June
2024, it has now received the Tranche 1 placing proceeds of £150,000 and
accordingly issued and allotted 1,785,714,286 Placing Shares to Mr. Peter
Williams. The proceeds will now allow the Audit of the 2023 Accounts to
proceed. Furthermore, the Board changes as proposed in the announcement of 27
June 2024 have been partially completed.  Mr. Jacobus ("Cobus") Johannes van
der Merwe has been appointed to the Kibo board as an executive director and
interim CEO, and Mr. Louis Coetzee has retired from the board as director
& CEO. These Board changes are effective today with Mr. Clive Roberts to
be appointed to the Board in due course when regulatory approval is completed.

 

The Company would also like to thank Mr. Coetzee for his contribution to the
development of Kibo over the last 14 years and welcome his intention to
continue to offer his services to the Company on a consultancy basis to assist
the Board during this transitional period for the Company.

 

Cobus van der Merwe (Aged 43) is a qualified Chartered Accountant (South
Africa) and has held senior financial, managerial and executive level
positions for over 15 years in the investment management and energy, utilities
and resources sectors. He has significant experience servicing clients based
in the United Kingdom, Ireland and Africa with specific reference to the
Energy and Resources industries. Further to this, he has extensive experience
in managing bespoke investment portfolios for high net-worth individuals,
including capital raising and facilitating deal making. Cobus is a member of
the South African Institute of Chartered Accountants (SAICA), and also holds a
BCom degree in Accounting and a BCompt Honours degree in Accounting Science.
Prior to Mr. van der Merwe's appointment to the Kibo Board, he served as the
Company's Chief Financial Officer and as a member of the Company's Executive
Committee for the last two years.

 

The following details in relation to the appointment of Mr. Cobus van der
Merwe, BCom (Accounting), BCompt (Hons. Accounting Science), CA (SA), Age 43,
are disclosed in accordance with Schedule 2(g) of the AIM Rules:

 

Current Directorships & Former Directorships within last five years (all
are South African registered companies)

 

 Current Directorships                          Directorships within last five years
 LOGICLIQ (Pty) Limited                         None
 NEXTGEN FUELS (Pty) Limited
 ICON PARK (Pty) Limited
 SUSTINERI ENERGY (Pty) Limited
 NG National Broadband Solutions (Pty) Limited

 

Mr. Van der Merwe currently holds no interest in the securities of the
Company.

 

There are no further details to be disclosed pursuant to Schedule 2 paragraph
(g) of the AIM Rules.

 

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.

 

Total Voting Rights:

The Company will make application to the London Stock Exchange for admission
of the 1,785,714,286 Placing Shares to trading on AIM and it is expected that
admission will become effective following the resumption of trading in the
Company's Ordinary Shares on AIM following publication of the 2023 Accounts.
Following the issue of the Tranche 1 Placing Shares, the Company's total
issued share capital will consist of 6,146,662,050 Ordinary Shares of
EUR0.0001 each. This figure may then be used by shareholders in the Company as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change in their interest in, the
share capital of the Company pursuant to the FCA's Disclosure Guidance and
Transparency Rules.

 

**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                        Executive Officer
 James Biddle Roland Cornish  +44 207 628 3396                            Beaumont Cornish Limited               Nominated Adviser
 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

5 July 2024

Corporate and Designated Adviser

River Group

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