Kibo Energy suspension on AIM lifted as interim loss shrinks

(Alliance News) - Kibo Energy PLC on Tuesday returned to the London Stock Exchange's AIM after suspension as the cash shell recorded a narrowed loss following an "extensive" restructuring.

The Galway, Ireland-based company is a cash shell that formerly owned energy projects in Africa and the UK.

Kibo had said in its latest first half results it expects trading in its shares on AIM to resume with effect from Tuesday. Its shares were suspended due to delays in publishing its financial results.

For the first half of 2024, pretax loss was GBP636,228, narrowed from GBP1.8 million a year earlier.

Revenue was down 11% to GBP176,697 from GBP198,438, in part due to asset disposals.

For the first six months that ended June 30, Kibo significantly reduced its shareholding in Mast Energy Developments PLC. It also sold its interest in Kibo Energy Botswana Ltd in January to Aria Capital Management for GBP70,000.

Kibo made a profit from the disposal of non-current asset of GBP334,351, compared to none a year before.

Impairments of non-current assets amounted to GBP15,315, compared to impairment reversal of GBP4.1 million.

Kibo decided to implement an extensive restructuring and repositioning plan during the first half of 2024, which focused on transitioning Kibo to a broader-based energy company.

The restructuring plan saw the company overhaul its board, sell assets, and a part disposal and restructuring of its loan debt and agreement for part conversion of trade creditor debt to equity.

Shares in Kibo were unchanged at 0.013 pence each in London on Tuesday morning. In Johannesburg, shares remain suspended.

By Artwell Dlamini, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Kibo Energy