Tillkännagivande • 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. Tillkännagivande • Dec 04
A diverse portfolio of renewable energy projects across Europe and Africa of ESGTI AG has terminated the acquisition of Kibo Energy PLC (AIM:KIBO) from Whilst Peter Williams and others. A diverse portfolio of renewable energy projects across Europe and Africa of ESGTI AG has signed a binding term sheet to acquire Kibo Energy PLC (AIM:KIBO) from Whilst Peter Williams and others for €400 million in a reverse merger transaction on September 16, 2024. The Proposed Acquisition will constitute a reverse takeover ("RTO") under the AIM Rules for Companies (the "AIM Rules") as, inter alia, the consideration for the Proposed Acquisition is substantially larger than the Company's current market capitalization and therefore, in accordance with Rule 14 of the AIM Rules, will require application to be made for the enlarged share capital to be readmitted to AIM ("Admission"), the publication of an AIM admission document ("Admission Document") and approval by the shareholders of the Company at a general meeting. Under the terms of agreement, the assets to be acquired under the Proposed Acquisition (the "Transaction Assets") comprise 36 development projects spanning 15 countries from early stage to under construction with a target of 20 Gigawatts (GW) generation capacity within 6 years. The Term Sheet envisages a consideration for the Transaction Assets of €400 million which remains subject to due diligence i.e., the RTO is expected to be accompanied by a share consolidation of the share capital of the Company in the ratio of 1 share for every 5,000 shares held. The Company's 19.52% shareholding in Mast Energy Developments PLC ("MED") currently held through KMCL will not be included in the KMCL Disposal. As consideration for the KMCL Disposal, the Arranger (being the acquirer) is assuming the Historic Payroll Liabilities. The settlement of this historical payroll debt will significantly reduce the existing debt on the Group's balance sheet. Whilst Peter Williams, the Company's 28.32% shareholder, holds a position within the greater Aria Capital Management Group, Aria Capital Management is not a Related Party of the Company under the AIM Rules for Companies. The Company, Vendor and Arranger are committed to completing the RTO during which time the Company will remain suspended on AIM. The Company and Arranger are working together to secure the Pre-RTO funding to cover its working capital costs including making further creditor settlements and the costs of engaging advisers and meeting other transactional costs associated with acquiring the Transaction Assets and completing the RTO. The placement that will accompany the reverse takeover will aim to raise €30 million.
The Term Sheet is subject to standard conditions precedent including, inter alia, completion of satisfactory mutual due diligence by all parties, board and shareholder approvals, AIM & other relevant regulatory authorities including obtaining waiver from Irish Takeover Panel where required, and approvals by Kibo Shareholders for the RTO at a General Meeting. An additional condition precedent to the signing of the Term Sheet is the disposal of the Company's wholly owned Cyprus subsidiary Kibo Mining (Cyprus) Limited ("KMCL") (the "KMCL Disposal") to the Arranger for which a conditional Sale & Purchase Agreement had been agreed with the Arranger and is expected to be signed within the next 5 business days. The KMCL Disposal is subject to Shareholder approval to be obtained at a General Meeting of the Company, as required under AIM Rule 15. Additionally, the Kibo board, on approval by Shareholders of the KMCL Disposal, would consider the Company to be an AIM Rule 15 cash shell. The transaction is expected that it will be closer to end of 2024. On October 11, 2024 Kibo Energy PLC shareholders have approved its proposed acquisition. Kibo asked its shareholders to vote on the deal at an extraordinary general meeting on Friday. Kibo shares are suspended both in London and Johannesburg.
The Proposed Acquisition is being arranged by Aria Capital Management Limited, a global asset management company. James Biddle and Roland Cornish of Beaumont Cornish Limited acted as financial advisor to Kibo Energy PLC.
A diverse portfolio of renewable energy projects across Europe and Africa of ESGTI AG has terminated the acquisition of Kibo Energy PLC (AIM:KIBO) from Whilst Peter Williams and others on December 2, 2024. Kibo Energy terminated the Term Sheet for the proposed Reverse Takeover as does not now have sufficient time to secure all relevant information in a timely manner necessary to complete the RTO particularly. Tillkännagivande • Sep 20
Absolute Return Investment Advisers Ltd. has now signed the Sale & Purchase Agreement to acquire Kibo Mining Cyprus Limited from Kibo Energy PLC (AIM:KIBO). Absolute Return Investment Advisers Ltd. has now signed the Sale & Purchase Agreement to acquire Kibo Mining Cyprus Limited from Kibo Energy PLC (AIM:KIBO) on September 19, 2024. Completion of the Sale & Purchase Agreement is only conditional on receiving Shareholder approval for the KMCY Disposal from Kibo Energy PLC. James Biddle and Roland Cornish of Beaumont Cornish Limited acted as financial advisor to Kibo Energy PLC in the transaction. Tillkännagivande • Sep 18
A diverse portfolio of renewable energy projects across Europe and Africa of ESGTI AG has signed a binding term sheet to acquire Kibo Energy PLC (AIM:KIBO) from Whilst Peter Williams and others for €400 million in a reverse merger transaction. A diverse portfolio of renewable energy projects across Europe and Africa of ESGTI AG has signed a binding term sheet to acquire Kibo Energy PLC (AIM:KIBO) from Whilst Peter Williams and others for €400 million in a reverse merger transaction on September 16, 2024. The Proposed Acquisition will constitute a reverse takeover ("RTO") under the AIM Rules for Companies (the "AIM Rules") as, inter alia, the consideration for the Proposed Acquisition is substantially larger than the Company's current market capitalization and therefore, in accordance with Rule 14 of the AIM Rules, will require application to be made for the enlarged share capital to be readmitted to AIM ("Admission"), the publication of an AIM admission document ("Admission Document") and approval by the shareholders of the Company at a general meeting. Under the terms of agreement, the assets to be acquired under the Proposed Acquisition (the "Transaction Assets") comprise 36 development projects spanning 15 countries from early stage to under construction with a target of 20 Gigawatts (GW) generation capacity within 6 years. The Term Sheet envisages a consideration for the Transaction Assets of €400 million which remains subject to due diligence i.e., the RTO is expected to be accompanied by a share consolidation of the share capital of the Company in the ratio of 1 share for every 5,000 shares held. The Company's 19.52% shareholding in Mast Energy Developments PLC ("MED") currently held through KMCL will not be included in the KMCL Disposal. As consideration for the KMCL Disposal, the Arranger (being the acquirer) is assuming the Historic Payroll Liabilities. The settlement of this historical payroll debt will significantly reduce the existing debt on the Group's balance sheet. Whilst Peter Williams, the Company's 28.32% shareholder, holds a position within the greater Aria Capital Management Group, Aria Capital Management is not a Related Party of the Company under the AIM Rules for Companies. The Company, Vendor and Arranger are committed to completing the RTO during which time the Company will remain suspended on AIM. The Company and Arranger are working together to secure the Pre-RTO funding to cover its working capital costs including making further creditor settlements and the costs of engaging advisers and meeting other transactional costs associated with acquiring the Transaction Assets and completing the RTO. The placement that will accompany the reverse takeover will aim to raise €30 million.
The Term Sheet is subject to standard conditions precedent including, inter alia, completion of satisfactory mutual due diligence by all parties, board and shareholder approvals, AIM & other relevant regulatory authorities including obtaining waiver from Irish Takeover Panel where required, and approvals by Kibo Shareholders for the RTO at a General Meeting. An additional condition precedent to the signing of the Term Sheet is the disposal of the Company's wholly owned Cyprus subsidiary Kibo Mining (Cyprus) Limited ("KMCL") (the "KMCL Disposal") to the Arranger for which a conditional Sale & Purchase Agreement had been agreed with the Arranger and is expected to be signed within the next 5 business days. The KMCL Disposal is subject to Shareholder approval to be obtained at a General Meeting of the Company, as required under AIM Rule 15. Additionally, the Kibo board, on approval by Shareholders of the KMCL Disposal, would consider the Company to be an AIM Rule 15 cash shell. The transaction is expected that it will be closer to end of 2024.
The Proposed Acquisition is being arranged by Aria Capital Management Limited, a global asset management company. James Biddle and Roland Cornish of Beaumont Cornish Limited acted as financial advisor to Kibo Energy PLC. Tillkännagivande • Jul 18
Kibo Energy plc Appoints Clive Roberts as Director and Non-Executive Chairman, Effective July 18, 2024 Kibo Energy PLC announced that further to its announcement of July 5, 2024, Mr. Clive Roberts has now been appointed to the Kibo board as a director and non-executive Chairman effective July 18, 2024. Clive Charles Herbert Roberts (Aged 61) had a 30-year career in investment banking, including 22 years at ABN AMRO Hoare Govett, and has spent the last 10 years investing in startups and AIM companies. He has helped raise many millions of investment funds for multiple companies and his market experience will be extremely valuable to KIBO going forward. New Risk • Jul 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 63% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Market cap is less than US$10m (€877.9k market cap, or US$957.0k). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (UK£930k revenue, or US$1.2m). Tillkännagivande • Jun 09
Louis Coetzee Steps Down as Chief Executive Officer of Kibo Energy PLC Kibo Energy PLC announced that Louis Coetzee, the Company's Chief Executive Officer will step down as CEO following Corporate Restructuring and Repositioning. Officer will step down as CEO and Director. Further involvement of Louis Coetzee with the Kibo Board is to be finalized. Tillkännagivande • Jun 08
Louis Coetzee, Interim Chairman Steps Down as Director of Kibo Energy PLC Kibo Energy PLC announced that Louis Coetzee, the Company's interim Chairman will step down as Director following Corporate Restructuring and Repositioning. New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor 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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (€1.89m market cap, or US$2.01m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (43% increase in shares outstanding). Revenue is less than US$5m (UK£930k revenue, or US$1.2m). Tillkännagivande • Jan 11
Kibo Energy PLC Announces Board Changes Kibo Energy PLC announces that Mr. Ajay Saldanha is retiring as a non-executive director of the Company with effect from 10 January 2024. Mr. Saldanha's retirement is because of his increased work commitments outside of Kibo and therefore his inability to continue to make the time commitment that his role as a non-executive director of Kibo requires. The Company is in the process of identifying a replacement independent non-executive director and will announce once the preferred candidate is identified. Additionally, the Company announced that its current Chief Financial Officer, Mr. Jacobus (Cobus) van der Merwe, has, subject to the completion of regulatory checks, agreed to join the board. Mr. van der Merwe will continue as a member of the executive management team of the Company in his new position as Financial Director. Mr. van der Merwe is a qualified Chartered Accountant (South Africa) and has held senior financial, managerial and executive level positions for over 15 years in the investment management and energy, utilities and resources sectors. He has significant experience servicing clients based in the United Kingdom, Ireland and Africa with specific reference to the Energy and Resources industries. Further to this, he has extensive experience in managing bespoke investment portfolios for high net-worth individuals, including capital raising and facilitating deal making. Cobus is a member of the South African Institute of Chartered Accountants (SAICA), and also hold a BCom degree in Accounting and a BCompt Honours degree in Accounting Science. Tillkännagivande • Nov 15
Kibo Energy PLC, Annual General Meeting, Dec 07, 2023 Kibo Energy PLC, Annual General Meeting, Dec 07, 2023, at 12:00 Coordinated Universal Time. Location: The Grand Canal Hotel, Grand Canal Street Upper Dublin 04 Ireland Agenda: To receive, consider and adopt the financial statements for the year ended 31 December 2022 together with the Directors and Auditors Reports thereon; to authorise the Directors to fix the remuneration of the Auditors; to re-elect Mr. Noel O'Keeffe as a Director of the Company who retires by rotation in accordance with Regulation 89 of the Articles of Association of the Company and being eligible, offers himself for re-election; to re-elect Mr. Ajay Saldanha who was appointed as a Director of the Company within the year and who retires in accordance with Regulation 92 of the Articles of Association of the Company and being eligible, offers himself for re-election; and to consider other matters. Tillkännagivande • Oct 05
Shumba Energy (Pty) Ltd entered into a definitive agreement to acquire 35% stake in Kibo Energy Botswana (Pty) Ltd from Kibo Energy PLC (AIM:KIBO) for $0.38 million. Shumba Energy (Pty) Ltd entered into a definitive agreement to acquire 35% stake in Kibo Energy Botswana (Pty) Ltd from Kibo Energy PLC (AIM:KIBO) for $0.38 million on October 4, 2023. The purchase consideration will be paid through the share of Shumba Energy Ltd which is listed in the Botswana Stock Exchange calculated on the basis of the volume-weighted average price of shares in Shumba as traded over 30 (thirty) trading days prior to the issue date, and rounded up or down to the nearest number of whole shares. James Biddle and Roland Cornish of Beaumont Cornish Limited acted as financial advisor to Kibo Energy PLC (AIM:KIBO). Reported Earnings • Oct 05
First half 2023 earnings released: EPS: UK£0 (vs UK£0.001 loss in 1H 2022) First half 2023 results: EPS: UK£0 (improved from UK£0.001 loss in 1H 2022). Revenue: UK£198.4k (down 35% from 1H 2022). Net loss: UK£1.49m (loss narrowed 9.2% from 1H 2022). Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. New Risk • Jun 30
New major risk - Revenue and earnings growth Earnings have declined by 43% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.0m free cash flow). Earnings have declined by 43% per year over the past 5 years. Market cap is less than US$10m (€2.51m market cap, or US$2.74m). Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Revenue is less than US$5m (UK£1.0m revenue, or US$1.3m). Tillkännagivande • Jan 18
Kibo Announces Optimization Improvement Decision to First South African Waste-To-Energy Project Kibo Energy PLC announced the Company's decision to potentially introduce an additional revenue stream to its 2.7 MW plastic-to-syngas power plant (the 'Project'), which sits within the 65%-owned Sustineri Energy (Pty) Ltd, following the Company's previous announcement dated 14 February 2022. This potential new revenue stream involves the production of synthetic oil from non-recyclable plastic waste in addition to the production of electricity from syngas, which promises significant added benefits to the Project. It is expected that the addition of synthetic oil production could significantly increase the Project's profitability and provides the Company with the opportunity to potentially generate revenue much earlier than initially projected. It also contributes materially to de-risking the Project and will make the Project significantly more attractive to a wider spectrum of interested funders, thereby reducing the funding risk. The Company has already determined the technical and commercial viability of synthetic oil production through the current Project design. It is now conducting a comprehensive integration study to determine the full technical, operational and financial impact to the Project in terms of construction, commissioning and, most importantly, ultimate profitability and investment returns. Board Change • Jan 13
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. Executive Director of Capital Projects & Director Chris Schutte was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jan 11
Kibo Energy PLC Appoints Ajay Saldanha as Independent Non-Executive Director Kibo Energy PLC announced the appointment of Ajay Saldanha as an independent non-executive director to its Board of Directors with immediate effect. Ajay Dominic Saldanha (aged 47) is an experienced banking and investment professional with more than 20 years of experience in the power, energy and utilities sector. He has dealt extensively with asset owners, developers and investors in the low-carbon and energy efficiency space. Ajay was Partner and Head of Energy M&A at KPMG until 2017 and prior to that, at Lehman Brothers (& Nomura) since 2001. During his investment banking and advisory tenure, Ajay has led acquisitions and financing of more than $60bn, related to assets in the UK, Europe, Asia and sub-Saharan Africa. Ajay is also a qualified chemical plant engineer from the University of Mumbai and obtained his MBA from the Indian Institute of Management, Ahmedabad. Board Change • Nov 16
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. Executive Director of Capital Projects & Director Chris Schutte was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Nov 16
Kibo Energy PLC Announces Retirement of Andreas Lianos as Director Kibo Energy PLC announces that Andreas Lianos has informed the Company that he will be retiring as a Director of the Company with immediate effect, due to personal circumstances. Tillkännagivande • Oct 29
Kibo Energy plc Approves the Resignation of Mr. Christian Schaffalitzky as Director Kibo Energy PLC approved the resignation of Mr. Christian Schaffalitzky as Director, at the AGM held on 28 October 2022. Tillkännagivande • Sep 22
Kibo Energy PLC (AIM:KIBO) agreed to acquire 100% stake in for Shankley Biogas Ltd for £0.6 million. Kibo Energy PLC (AIM:KIBO) agreed to acquire 100% stake in Shankley Biogas Ltd for £0.6 million on September 21, 2022. Under the terms of the Agreement, Kibo Energy will pay £0.6 million with £0.35 million payable as ordinary shares of the Company at an issue price equal to the 20-day volume-weighted average price of the 20 days preceding the closing date of the acquisition. The balance of £0.25 payable in cash, is to be paid as £0.05 million within 14 days of the closing date,an amount of £0.07 million on the earlier of the date on which the new board of directors of Shankley shall have approved a final financial model and project investor memorandum for debt and project funding following the closing date, or on financial close, and £0.125 million on reaching financial close. Project rights include all technology license agreements, all equipment supply and maintenance agreements, held by Shankley Biogas Ltd. This includes the agreed projects configuration with Anaergia Ltd, a global technology and process engineering company that provides integrated solutions and technologies for the processing of waste streams. The scope of work includes the full engineering, procurement and construction of the Southport plant based on a fixed-price, lump-sum contract for the capital works scope and a separate minimum five-year duration contract to technically operate the Southport plant in its entirety. Kibo shareholders should be aware that all financial numbers as stated herein remain subject to change until such a time as actual production figures are available, following a suitable period of steady state operation. The projected returns are also subject to Project funding being secured on terms in line with the Board's current expectation on equity, debt levels and rates, in which case the Project's returns, as set out above, could be materially impacted. Tillkännagivande • Aug 25
Kibo Energy PLC, Annual General Meeting, Sep 16, 2022 Kibo Energy PLC, Annual General Meeting, Sep 16, 2022, at 11:00 Coordinated Universal Time. Location: Grand Canal Hotel Grand Canal Street Upper Dublin-4 Ireland Agenda: To consider and approve the financial statements for the year ended 31 December 2021 together with the directors and Auditors Reports thereon; to consider the authorization of the Directors to fix the remuneration of the Auditors; and to consider other matters. Board Change • May 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Executive Director of Capital Projects & Director Chris Schutte was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • May 21
Kibo Energy PLC Announces Appointment of Cobus Van Der Merwe as Group Chief Financial Officer Kibo Energy PLC announced the appointment of Mr. Cobus van der Merwe as Group Chief Financial Officer with effect from the 1 June 2022. Cobus has over 10 years' experience in managerial and executive roles in the investment management and the energy, utilities and resources sectors. Most recently, Cobus held a Senior Management position at PricewaterhouseCoopers, servicing clients based in the United Kingdom, Ireland and Africa. Prior to this, he was Partner and Chair of the Investment Committee at PSG Wealth, where he managed bespoke investment portfolios for high net-worth individuals. It was during this time that he gained extensive experience in capital raising and facilitating deal making. Cobus is a registered Chartered Accountant (South Africa). Executive Departure • Oct 06
Independent Non-Executive Director Wenzel Johan Kerremans has left the company On the 30th of September, Wenzel Johan Kerremans' tenure as Independent Non-Executive Director ended after 10.3 years in the role. As of June 2021, Wenzel Johan still personally held only 1.19m shares (€1.8k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.50 years. Executive Departure • Oct 06
Non-Executive Director Lukas Maree has left the company On the 30th of September, Lukas Maree's tenure as Non-Executive Director ended after 10.6 years in the role. As of June 2021, Lukas still personally held only 7.42m shares (€11k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.50 years. Tillkännagivande • Jun 18
Kibo Energy plc announces Renewable Energy Strategy Kibo Energy PLC announced that, following an extensive review of the Company's operations, the Company's primary focus going forward will be on renewable energy opportunities. In line with its refocused strategy centred on sustainable renewable energy solutions and following the positive results of an extensive due diligence process regarding the agreement with South Africa-based Industrial Green Solutions (Pty) Ltd. (IGES), the Company will now proceed to conclude the transaction to jointly develop a portfolio of Waste to Energy projects in South Africa ('the Agreement') (see RNS dated 18 May 2021). In addition, the Company intends to appoint specialist advisors to assist the Company in developing and implementing an appropriate disposal strategy to dispose of its coal assets or possibly repositioning these assets to make use of alternative fuel sources other than coal, given latest rapid advances in developing alternative fuel sources in this domain. It will be the objective of this disposal strategy to ensure that maximum value is realised from these projects, in which significant value was created over several years. A Newco will be established, in which Kibo will hold 65% for an Equity Loan contribution of R11,145,000, that will be used to develop the first 8 megawatts ("MW") project in several phases and IGES will hold 35% for an equity contribution valued on the basis of a seven-project development portfolio and development expenditure to date. Newco has an initial target of generating more than 50 MW of electricity for sale to industrial users. The first late-stage project has access to land, key licenses and approvals acquired, with an offtake Memorandum of Understanding and Power Purchase Agreement negotiations concluded. Kibo looks forward to finalising the implementation of the Agreement and minor outstanding matters ahead of completing the shareholders agreement, upon which it will update the market in terms of the key commercial aspects of the first project. Renewable Energy Strategy: The Directors believe that clean coal-fuelled power projects will continue to be necessary for a transitional period of some decades to support Africa's rapidly increasing energy requirements. The Company has therefore been developing three utility scale, coal-fuelled power projects, located in Tanzania, Botswana, and Mozambique. While these integrate several clean coal technologies such as carbon capture and storage and the latest Circulating Fluidized Bed and flue gas desulphurisation technologies, the Company has also explored renewable energy opportunities for several years to incorporate into the longer-term growth plans of these assets, or as standalone projects. Since early 2020 and the onset of the Covid-19 global pandemic, the renewable energy drive has gathered pace with governments worldwide pledging to reduce the reliance on carbon fuels within their energy strategies. With this background, the Company undertook a review of operations to establish the best way to extract the substantial value it had created in its coal-fuelled projects for shareholders. Accordingly, the Company has decided to pursue a renewable strategy and dispose of its coal-fuelled power projects; advisors will be appointed in due course to oversee this process. The joint venture with IGES mentioned above will form the initial core to the Company's new strategy, however, it anticipates that additional acquisitions/investments in the renewable sector will be made to further strengthen this portfolio. The South African government's recent announcement to allow private investors to establish up to 100 megawatts of generating capacity without requiring a license/permit provides further impetus in this regard and will bring along significant new opportunities. Tillkännagivande • Dec 23
Kibo Energy plc Provides Update on Benga Power Plant Project Kibo Energy PLC provided a progress update on the Benga Power Plant Project in Mozambique. The Company has entered into a mutually binding Coal Supply Term Sheet with Vale Mozambique, S.A. to supply coal to the Benga Power Plant Project in Mozambique. The CSTS commits the parties to a supply agreement that will meet the full operational coal requirement of a 150 MW coal fired power plant. The CSTS will be converted into a definitive Coal Supply Agreement as part of the process during which a final Power Purchase Agreement is finalized with EDM. Vale is a local coal miner, and subsidiary of Vale SA, one of the world's diversified miners, situated in very close proximity to the BPPP site. The CSTS with Vale was based on the findings of the optimized DFS which indicated that a blend of varying quality bituminous coal can be fed to the Power Plant CFB boiler. Vale has the capacity and capability to supply the different coal qualities for an optimal blend and the CSTS provides for a supply of c. 650 000 tonnes of coal per annum, structured to supply the various coal qualities required for the optimal blend. LNS have completed and delivered a final draft of the BPPP optimized DFS study to Kibo. This optimization study focused on conducting various trade-off studies most notably: · Investigating the coal characteristics in more specific detail as well as the tolerance of the coal blending ratio variances in the CFB boilers · Consideration of various clean coal technologies. Site location study with trade-off work conducted on various other possible sites · Optimal boiler sizing · Geotechnical considerations that may impact on building and operating the Benga power plant on the designated site · Updating of the Financial Model · Coal haulage road selection The company is currently reviewing the findings from the optimized DFS and a final version of the optimized DFS will be delivered to the company in early January 2021. These findings were also presented to EDM during a preliminary DFS-briefing on 17 December 2020. The preliminary briefing concluded with several next steps agreed between the parties. These next steps are in preparation for further technical and commercial discussions that relates to the development and agreement of a PPA, following the agreed process and procedure set out in the existing MOU with EDM. Said discussions have been set for January 2021. Tillkännagivande • Dec 19
Kibo Energy plc Provides Update on PPA with Baobab Resources Ltd Kibo Energy PLC provided a further update on ongoing developments in respect of the Power Purchase Agreement with Baobab Resources Ltd. The company is currently pursuing a PPA with EDM (c. 150MW) in accordance with an existing MOU, as well as a PPA with Boabab (c. 200MW). The potential addition of auxiliary power for the Baobab project could provide an ideal opportunity to leverage the company's knowledge and expertise in Mast Energy Developments Ltd. Highlights: Draft PPA for the supply of c. 200MW power from the Benga Power Station to the Baobab Tete Steel Project submitted and currently in progress; Discussions on also providing auxiliary power requirements for the first phase of a 250,000 tpa steel rolling mill of the Baobab Tete Steel Project, on a build, own and operate basis. Tillkännagivande • Nov 21
Kibo Energy PLC, Annual General Meeting, Dec 14, 2020 Kibo Energy PLC, Annual General Meeting, Dec 14, 2020, at 11:00 Coordinated Universal Time. Location: 27 Pembroke Street Upper Dublin 2 Ireland Tillkännagivande • Oct 14
Kibo Energy PLC Announces Board Changes Kibo Energy PLC announced the appointment of Mr. Christiaan (Chris) Schutte to the board of the Company as an executive director with responsibility for capital projects. As part of this process Mr. Tinus Maree will, effective as at 1 November 2020, step down as an executive director and member of the executive committee. Mr. Maree will remain on the Kibo board of directors as an independent non-executive director. Tillkännagivande • Oct 03
Kibo Energy PLC Provides Update on PPA with Baobab Resources Ltd Kibo Energy PLC provided an update on its ongoing negotiations regarding a Power Purchase Agreement ('PPA') with Baobab Resources Ltd. ('Baobab') to supply c.200MW energy to Baobab's Tete Steel and Vanadium Project in Mozambique. The Baobab Power Project ("Baobab Project") together with the Company's Benga Power Plant Project ('BPPP') is being developed to produce c. 350MW - 400MW base load electricity. Since the initial announcement on the binding term sheet with Baobab: An advanced draft PPA has been prepared, which the Company will continue to work along with Baobab on, to expeditiously agree and finalize a final PPA; A comprehensive integration study to assess the feasibility of a 400 MW combined project for the Baobab Project and BPPP has been completed; and An extensive review by preferred Engineering, Procurement and Construction Contractor ("EPC") to provide an indicative EPC price for the purposes of agreeing commercial terms in the Baobab PPA has been completed. These preparatory work elements which provide critical inputs to enable purposeful negotiation of a PPA agreement have been successfully completed over the last two months, despite the on-going travel and operational restrictions as a result of the on-going and resurgent Covid 19 situation. Completion of the above referred preparatory work could however not be completed in time to also conclude PPA negotiations by 30 September 2020. The original anticipated date for the finalisation of a PPA of the 30 September 2020 has therefore now been extended for a few weeks and the Company will keep shareholders updated on progress. Tillkännagivande • Sep 18
Kibo Energy PLC announced that it has received £0.3 million in funding On August 5, 2020, Kibo Energy PLC (AIM:KIBO) closed the transaction. The company has received £300,000 in the transaction. The company has issued 28,636,364 shares in lieu of drawdown fees of £45,000 and legal due diligence fees of £18,000 to the lenders. The company has issued 25,925,925 shares for settlement of the arrangement fees of £70,000. Tillkännagivande • Jul 10
Kibo Energy PLC announced that it expects to receive £1 million in funding Kibo Energy PLC (AIM:KIBO) announced that it has signed a binding term sheet with several high net worth entities and individuals, including two of the company's largest shareholders, for a private placement of secured convertible security for gross proceeds of up to £1,000,000 on June 25, 2020. The maturity period of the security is 12 months from the date of closing, with an option to roll over for another 6 months subject to agreeing terms at the time. The company will raise the funding in four tranches, consisting of two £300,000 and two £200,000 tranches each, provided that the period in-between tranches will be at least 45 days, apart for the fourth tranche, unless mutually agreed otherwise. The company will provide 7 days' notice if and when it requires a tranche. The company has the option, but not the obligation, to drawdown on part or all of the facility. The company will pay a facilitation fee equal to 7% of the gross proceeds to the investors by issuing new shares in the company at the 5-day moving average as on the date of signing of the loan agreement. The company will pay a drawdown fee equal to 15% of the drawdown amount to the investors by issuing new shares in the company on the 30-day moving average as on the date of each tranche. The convertible security is senior, and secured by a 25% interest in the company's subsidiary Sloane Investments Ltd. The investor has the option to convert part or all of the facility, into common shares of the company. The conversion price will be based on a discount to the moving average at the time of the conversion notice or at floor price of £0.0015 whichever is higher at the time. Two of the company's largest shareholders have agreed not to convert any of their positions in the facility during the first six months of the agreed term for the facility. If the share price closes above £ 0.01 for 5 consecutive days, the company will have the right to repay the amount still outstanding on any amount drawn down, at any time with no penalty. If the company exercises its repayment right, the investor will have the option to convert up to 25% of said amount still outstanding.