Announcement • Jul 26
Carbon Resilience Pte Limited cancelled the acquisition of Kibo Energy PLC (AIM:KIBO) in a reverse merger transaction. Carbon Resilience Pte Limited entered into a conditional sale and purchase agreement to acquire Kibo Energy PLC (AIM:KIBO) for approximately $140 million in a reverse merger transaction on October 8, 2025. The consideration consists of issue of 966 million new ordinary shares of equity of Kibo Energy PLC. The consideration is subject to adjustment based on the results of the Due Diligence investigation. The transaction is subject to approval by the shareholders of Kibo Energy PLC, completion of satisfactory mutual due diligence, board approvals, AIM and other relevant regulatory authority approvals including obtaining a waiver from Irish Takeover Panel, approval of offer by target shareholders and consummation of due diligence investigation. As of December 23, 2025, FSRAIL and Carbon Resilience have not provided sufficient due diligence documentation within the required time under the terms of the SPA (non-fulfilment of conditions precedent) to allow the SPA to become effective. Consequently, Kibo Energy PLC is now evaluating alternative opportunities and will update the market in due course.
James Biddle and Roland Cornish of Beaumont Cornish Limited acted as financial advisor to Kibo Energy PLC.
Carbon Resilience Pte Limited cancelled the acquisition of Kibo Energy PLC (AIM:KIBO) in a reverse merger transaction on July 24, 2026. Kibo Energy PLC was not been able to satisfy the conditions required to enter into binding heads of terms. Accordingly, that transaction will now not proceed. New Risk • May 22
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2024 fiscal period end). Shares are highly illiquid. Board Change • May 22
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Chairman Clive Charles Roberts was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 