Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says all funding activities, including the company's proposed AIM-listed vehicle Ultimate Sustainable Energy, were placed on hold due to delays as a result of "difficulties" at its extraordinary general meeting. Early last month, Kibo reported that five of a total of eight resolutions failed to reach the minimum threshold of 75% of the vote at an EGM. These include equity securities allotment, amendment of the Memorandum of Association and amendment of the Articles of Association. It said back then 35% of shareholders voted against these resolutions.
On Thursday last week, Kibo said it sought funding to address a liquidity crunch. It said liquidity constraints resulted from the "significant" capital required to develop its projects.
Despite the funding freeze, Kibo Chief Executive Louis Coetzee says the company is "pleased" with the overall progress during the second quarter of 2023, adding that "we look forward to updating the market during the course of Q3 on a number of exciting initiatives currently underway on both operational as well as corporate level".
Current stock price in Johannesburg: ZAR0.02, unchanged on Monday
12-month change: down 60%
Current stock price in London: 0.055 pence, down 4.4%
12-month change: down 39%
By Artwell Dlamini, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Kibo Energy (KIBO)