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: 27 June 2024
Kibo Energy PLC ('Kibo' or the 'Company')
Update to Placing and
Admission of the Placing Shares
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, announces a further update to
its corporate restructuring and re-positioning announcement of 20
June 2024 ("20 June RNS Announcement") and the subsequent update of
25 June 2024 ("25 June 2024 Announcement")
The updated details refer to changes in the Placing
amount, Placing Subscription price, Placees and schedule for
admission of Placing Shares to AIM with no other changes to the
restructuring plan as announced before.
The Company has
now conditionally raised
£350,000 (the "Placing") by way
of a placing of 4,166,666,666 (the "Placing Shares")
new ordinary shares of EUR0.0001 each in the Company at a placing price of 0.0084 pence
each ("Placing Price").
The entire Placing has
been raised through Peter Sion Williams (the
"Investor"), who
has subscribed
for the total Placing amount. The
Placing Shares will be settled in two tranches
with 1,785,714,286 Placing
Shares, which will represent 29.05% of the Company's then enlarged issued
share capital, settling immediately and
2,380,952,380 Placing Shares settling following Kibo
shareholder approval for an
increase in authorized share capital of the
Company at a General Meeting to be held as soon as
possible after settlement of Tranche 1;
and all Kibo
creditor conversions as noted in
the 20 June RNS Announcement are
settled in full. Such conversions
will be at an
issue price of 0.0084 pence (i.e. the Placing
Price).
The Investor will be entitled to
appoint 1 new director to the board of the Company following settlement of Tranche 1 of the Placing Shares
and entitled to appoint a further
1 new director to the board of the Company following Tranche 2 of the Placing
Shares being settled. Both appointments will be subject to regulatory approval. As announced,
Louis Coetzee will shortly retire
as a director and CEO
of the Company and Cobus van der
Merwe will be appointed an
executive director of the Company. Mr. Clive Roberts will be appointed to the Board
following completion of
regulatory approval. Following
the full settlement of the Placing, coincident with resumption of trading on AIM
in Kibo shares, the directors of the Company are anticipated to be, Mr. Cobus van der Merwe,
Mr. Clive Roberts, Mr. Noel O'Keeffe and
two nominees of the Investor
should it elect to exercise its
right to make these
appointments.
The share AIM admission of
2,400,000,000 shares previously announced for 20 June 2024 has now
been cancelled and a new AIM application will be submitted for the
Placing Shares (Tranche 1 & Tranche 2) coincident with the
lifting of the AIM suspension when the Company has published its
2023 audited annual accounts.
About the Investor
Peter Williams has over 20 years'
experience in capital markets demonstrating thought leadership and
focus towards sustainable infrastructure projects including
Renewable Energy, Power-to-X, Waste-to-X, Circular Economy
technologies and Nature Capital across Asia Pacific, Middle East
and Africa.
Total Voting Rights:
Following Admission of the Tranche 1
Placing Shares, the Company's total issued share capital will
consist of 6,146,662,050 Ordinary Shares of EUR0.0001 each. This
figure may then be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company pursuant to the FCA's
Disclosure Guidance and Transparency Rules.
|
|
Before
Tranche 1 Placing Shares
|
After
Tranche 1 Placing Shares
|
|
Director
Name
|
Number of
Kibo shares held
|
Number of
Kibo Options and Warrants held
|
Shares
held as % of current issued share capital (4,360,947,764
shares)
|
Number of
Kibo shares held
|
Number of
Kibo Options and Warrants held
|
Shares
held as % of enlarged issued share capital (6,146,662,050)
shares)
|
|
Louis Coetzee & Related
Parties
|
223,198,427
|
Options:
None
Warrants:
158,541,643
|
5.12%
|
223,198,427
|
Options:
None
Warrants:
158,541,643
|
3.63%
|
|
Noel O'Keeffe & Related
Parties
|
57,234,904
|
Options:
None
Warrants:
39,816,997
|
1.31%
|
57,234,904
|
Options:
None
Warrants:
39,816,997
|
0.93%
|
|
Clive Roberts & Related
Parties
|
185,638,590
|
Options:
None
Warrants:
None
|
4.26%
|
185,638,590
|
Options:
None
Warrants:
78,000,000
|
3.02%
|
Table 1: Kibo Director & Related
Parties' holdings before and after Tranche 1 Placing Shares
issue
**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
27 June 2024
Corporate and Designated Adviser
River Group