Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code:
635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 12 June 2024
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Announces Update to
Corporate Restructuring
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, announces an update to its
corporate restructuring and re-positioning announcement of 7 June
2024.
Based on the latest available information to the
Company and following consultation with various stakeholders and
advisors, the Board has decided to reconsider its strategic
direction and consequently the previously announced board changes.
Based on this consultation, the Company believes it's currently
unlikely to proceed with all the board changes as announced and is
working to agree the management team aligned with the Kibo recovery
strategy and plan in terms of their relevant experience and
expertise to transition Kibo to a broader based energy
company, including looking at opportunities in the Oil & Gas
Sector.
As a result of this review, the proposed Placing of
£500,000 at 0.015 pence as originally envisaged, will not proceed.
The Company will provide an update on the revised proposed board
composition and funding structure shortly.
**ENDS**
For further information please visit
www.kibo.energy or
contact:
Louis Coetzee
|
info@kibo.energy
|
Kibo Energy PLC
|
Chief Executive Officer
|
James Biddle Roland
Cornish
|
+44 207 628 3396
|
Beaumont Cornish Limited
|
Nominated Adviser
|
Claire Noyce
|
+44 20 3764 2341
|
Hybridan LLP
|
Joint Broker
|
James Sheehan
|
+44 20 7048
9400
|
Global Investment Strategy UK
Limited
|
Joint Broker
|
Beaumont Cornish Limited ('Beaumont Cornish') is the Company's
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
Johannesburg
12 June 2024
Corporate and Designated Adviser
River Group