Sign In
Last checked at 
20 May 2020 15:55
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
Dated: 20 May 2020
Kibo Energy PLC ('Kibo' or the 'Company')
Clarification Statement
Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset, Africa focused, energy company, provides the following clarification statement regarding certain details announced in the RNS of 15 May 2020.
On careful assessment of all relevant facts concerning the vested interest of all key stakeholders, the Company confirms that it will be guided by the following criteria when making formal share conversion offers to individual members of the board and management of the Company in respect of fees and salaries in arrears (the 'Offer'), as described in paragraphs 6 and 7 of section 2.0 of the Circular (page 9), issued on 15 May 2020.
1. The conversion price per share will be the higher of the 10 day volume weighted average price following the first ten days of trading after the date of the EGM to be held on 8 June 2020 and the last placing price, being 0.45p (4.5p post consolidation) ("Issue Price"); and
2. Warrants will also be offered to convert at the Issue Price with a three-year term for exercise.
The board of the Company reserves its position to propose as an alternative to the Offer, a structured cash or deferred loan settlement in respect of the fees and salaries in arrears, should it decide that this alternative provides a better and more practical solution for the Company at the relevant time.
**ENDS**
For further information please visit www.kibo.energy or contact:
Louis Coetzee | info@kibo.energy | Kibo Energy PLC | Chief Executive Officer |
Andreas Lianos | +27 (0) 83 4408365 | River Group | Corporate and Designated Adviser on JSE |
Philip Adler | +44 (0) 20 7392 1494 | ETX Capital Limited | Joint Broker |
Bhavesh Patel / Stephen Allen | +44 20 3440 6800 | RFC Ambrian Limited | NOMAD on AIM |
Charlotte Page / Beth Melluish | +44 (0) 20 7236 1177 | St Brides Partners Ltd | Investor and Media Relations Adviser |
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.
Additionally, the Company has a 60% interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the UK Reserve Power generation market.
Johannesburg
20 May 2020
Corporate and Designated Adviser
River Group
Follow the stocks
