Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says five of a total of eight resolutions failed to reach the minimum threshold of 75% of the vote at an extraordinary general meeting held on Friday. These include equity securities allotment, amendment of the Memorandum of Association and amendment of the Articles of Association. Says 35% of shareholders voted against these resolutions.
Kibo says shareholders approved three resolutions, which carried as their vote exceeded the required threshold of 50%, with 64.84 approval received. These pertained to the authority to exercise all powers of the company to allot relevant securities, subdivide the share capital and authority to increase share capital.
Current stock price in Johannesburg: ZAR0.02, unchanged on Friday
12-month change: down 67%
Stock price close in London: 0.056 pence, down 1.1%
12-month change: down 60%
By Artwell Dlamini, Alliance News reporter
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Kibo Energy (KIBO)