Kibo Energy PLC Amendment to Share Purchase Agreement (9787J)
03 Mayo 2022 - 1:01AM
UK Regulatory
TIDMKIBO
RNS Number : 9787J
Kibo Energy PLC
03 May 2022
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
Dated: 03 May 2022
Kibo Energy PLC ('Kibo' or the 'Company')
Amendment to Share Purchase Agreement
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy
focused development company, announces an amendment (the "Second
Amendment") to the Share Purchase Agreement ("SPA") to acquire the
Victoria Falls Solar Park project in Zimbabwe (the"Project") from
Broomfield International Limited ("Broomfield"), the details of
which were announced in the Company's RNS/SENS of 21 March 2022
(the "Transaction Announcement").
Following significant progress made over the past month to reach
a point where the reciprocal due diligence investigations have now
been completed, the Parties have agreed that Broomfield will need
additional time to submit updated versions of certain material
commercial documents / agreements. The additional time required by
Broomfield invariably also affects the Reverse Takeover ("RTO")
timeline and the parties subsequently agreed to amend this as set
out below.
The Second Amendment extends the completion date of certain
condition precedents as follows:
-- by no later than 17h00 on 31 May 2022, Kibo and Broomfield
shall have delivered to each other, written notice that they are
satisfied with the results of their respective due diligence
investigations;
-- by not later than 17h00 on 31 May 2022, Broomfield shall have
provided certified copies of resolutions authorising the sale of
Brownhill;
-- by 17h00 on 30 June 2022, Kibo shall have received
irrevocable subscriptions for ordinary shares in Kibo for gross
proceeds of no less than GBP7,000,000;
-- by not later than 17h00 on 30 June 2022 the shareholders of
Kibo in a general meeting shall have approved the implementation of
the Transaction, all documentation required to do so, and the 10:1
consolidation of the ordinary shares of Kibo on the basis that one
new share shall be issued for every ten shares in issue;
-- by not later than 17h00 on 30 June 2022, the ordinary shares
of Kibo shall have successfully been admitted for trading on AIM
and also dual listed on the AltX of the JSE Limited in South
Africa;
-- by no later than 17h00 on 30 June 2022, Kibo shall have
entered into service agreements on mutually acceptable terms with
the key individuals nominated by Broomfield to the board and
executive management of Kibo for a period of at least 24
months;
-- by not later than 17h00 on 30 June 2022, all regulatory and
other approvals required in order to implement the transaction
shall have been obtained.
The above record the only amendments to the SPA as a result of
the signing of the Seccond Amendment and all other terms and
conditions of the SPA remain the same as announced on 21 March
2022.
The Company will in due course provide further progress updates
and additional background information on the acquisition of the
Project.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
----------------------------- ---------------------- ----------------------------
Claire Noyce +44 (0) 20 3764 2341 Hybridan LLP Joint Broker
----------------------------- ---------------------- ----------------------------
Damon Heath +44 207 186 9952 Shard Capital Partners Joint Broker
LLP
----------------------------- ---------------------- ----------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Ltd NOMAD on AIM
/ Stephen
Allen
----------------------------- ---------------------- ----------------------------
Christopher energy@acfequityresearch.com ACF Equity Research Independent Equity Research
Nicholson House
----------------------------- ---------------------- ----------------------------
Sewela Makgolane sewela@lifacommunications.com Lifa Communications Investor and Media Relations
Adviser
----------------------------- ---------------------- ----------------------------
Johannesburg
03 May 2022
Corporate and Designated Adviser
River Group
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END
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