Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says 35% of shareholders reject resolutions on allotted equity securities, memorandum of association, and the articles of association of the company at an annual general meeting held on Thursday. These motions do not reach the minimum threshold of 75%. Failure to win approval for the memorandum of association and the articles of association of the company means the company cannot be updated at the companies registration office to reflect the reduction in par value and the increase in the authorised capital. Says all other resolutions are approved as they exceeded the required threshold of 50%, with around 24% opposing the re-election of Non-Executive Director Ajay Saldanha.
Current stock price in Johannesburg: 2.00 rand cents
12-month change: down 50%
Current stock price in London: 0.040 pence
12-month change: down 76%
By Artwell Dlamini, Alliance News reporter
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Kibo Energy (KIBO)