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Pin to quick picksKibo Energy Share News (KIBO)

Share Price Information for Kibo Energy (KIBO)

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Kibo Energy secures loan after terminating reverse takeover attempt

Tue, 03rd Dec 2024 10:26

(Alliance News) - Kibo Energy PLC on Tuesday said it has terminated its bid to acquire a portfolio of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for EUR400 million, citing time constraints.

The failed deal was structured as a reverse takeover of the projects by the Galway, Ireland-based company.

On Tuesday, Kibo said it had ended the term sheet for the proposed reverse takeover, that was first announce in September, by mutual agreement with ESTGI.

Kibo said it had taken this decision as it believes that it does not have sufficient time to secure all relevant information in a timely manner necessary to complete the takeover by December 31.

Its shares are suspended both in London and Johannesburg in September. The deadline is imposed by the listing rules of the AIM market in London.

Kibo now will focus on completing and publishing its audited accounts for 2023 and half-year results for 2024. which are well advanced, it said. It expects to release results on or before December 31.

This should then enable its suspension from trading on AIM to be lifted, it said. Following resumption of trading, the company will seek an alternative project portfolio to buy.

Providing the funding it needs to do so, Aria Capital Management Ltd, the financier for failed reverse takeover, has provided a GBP500,000 lending facility to Kibo at a 3% interest rate.

By Artwell Dlamini, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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26 Apr 2024 08:30

IN BRIEF: Kibo unit Mast Energy passes satisfactory performance test

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11 Apr 2024 15:57

Kibo Energy reports positive progress at MED subsidiary

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11 Apr 2024 08:28

IN BRIEF: Mast Energy finishes phase one work at Pyebridge plant in UK

Mast Energy Developments PLC - developer of reserve power generation plants - Says phase one work programme at its 9-megawatt Pyebridge flexible power generation plant in Derbyshire, England is completed ahead of schedule. Plans to start second phase work programme shortly. Says the phase two will be performed in separate consecutive tranches and is expected to take around six to eight weeks per generator set. Notes the cost of the second phase will be funded under the new funding agreement it recently announced. Mast Energy signed an initial funding facility up to GBP4.0 million with RiverFort Global Opportunities PCC Ltd, earmarked for Pyebridge.

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28 Feb 2024 13:32

Kibo Energy subsidiary MED strikes new funding partnership

(Sharecast News) - Kibo Energy announced on Wednesday that its flexible power specialist subsidiary Mast Energy Developments (MED) had struck a strategic funding partnership with RiverFort Global Opportunities PCC (RiverFort), along with a substantial funding agreement, a new capacity market contract, and the termination of the Proventure joint venture agreement.

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28 Feb 2024 10:44

IN BRIEF: Kibo unit Mast Energy inks new GBP4 million funding deal

Mast Energy Developments PLC - London-based subsidiary of Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK - Signs a funding agreement, with an initial funding facility up to GBP4.0 million, with RiverFort Global Opportunities PCC Ltd. RiverFort owns around 12% stake in in Kibo and Mast. Says initial funding will be used to lift its Pyebridge 9-megawatt flexible power generation asset out of care and maintenance. Says further funding of up to GBP4 million will be used to fund Pyebridge's overhaul work programme in order to achieve full generation.

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IN BRIEF: Kibo Energy makes "advancements" in green energy projects

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says it has recently made "advancements" in developing sustainable energy solutions, though progress has been limited given constraints around funding. Back early in July, it said all funding activities were placed on hold due to delays as a result of "difficulties" at its extraordinary general meeting. A month earlier, Kibo had reported that five of a total of eight resolutions failed to reach the minimum threshold of 75% of the vote at an EGM.

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IN BRIEF: Kibo Energy pays part of loan via shares; director retires

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Joint-venture partner Proventure misses Mast Energy payment again

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