REG - Kibo Energy PLC - Update to Corporate Restructuring

Kibo EnergyAnnouncement

12/06/2024 15:30

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RNS Number : 1974S  Kibo Energy PLC  12 June 2024

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 (http://www.kibo.energy/)
or contact:

 

 Louis Coetzee                info@kibo.energy (mailto: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

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