Kibo Energy PLC Clarification Statement (5266N)
May 20 2020 - 10:55AM
UK Regulatory
TIDMKIBO
RNS Number : 5266N
Kibo Energy PLC
20 May 2020
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: 20 May 2020
Kibo Energy PLC ('Kibo' or the 'Company')
Clarification Statement
Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset,
Africa focused, energy company, provides the following
clarification statement regarding certain details announced in the
RNS of 15 May 2020.
On careful assessment of all relevant facts concerning the
vested interest of all key stakeholders, the Company confirms that
it will be guided by the following criteria when making formal
share conversion offers to individual members of the board and
management of the Company in respect of fees and salaries in
arrears (the 'Offer'), as described in paragraphs 6 and 7 of
section 2.0 of the Circular (page 9), issued on 15 May 2020.
1. The conversion price per share will be the higher of the 10
day volume weighted average price following the first ten days of
trading after the date of the EGM to be held on 8 June 2020 and the
last placing price, being 0.45p (4.5p post consolidation) ("Issue
Price"); and
2. Warrants will also be offered to convert at the Issue Price
with a three-year term for exercise.
The board of the Company reserves its position to propose as an
alternative to the Offer, a structured cash or deferred loan
settlement in respect of the fees and salaries in arrears, should
it decide that this alternative provides a better and more
practical solution for the Company at the relevant time.
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo .energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate and Designated
Adviser on JSE
------------------- -------------------- -------------------------
Philip Adler +44 (0) 20 7392 ETX Capital Limited Joint Broker
1494
------------------- -------------------- -------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
/ Stephen Allen
------------------- -------------------- -------------------------
Charlotte Page +44 (0) 20 7236 St Brides Partners Investor and Media
/ 1177 Ltd Relations Adviser
Beth Melluish
------------------- -------------------- -------------------------
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company
positioned to address the acute power deficit, which is one of the
primary impediments to economic development in Sub-Saharan Africa.
To this end, it is the Company's objective to become a leading
independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Additionally, the Company has a 60% 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
20 May 2020
Corporate and Designated Adviser
River Group
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPPUQCAUPUGCU
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