Kibo Energy PLC Update on Acquisition of Brownhill and RTO (9884M)
27 Mayo 2022 - 1:00AM
UK Regulatory
TIDMKIBO
RNS Number : 9884M
Kibo Energy PLC
27 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: 27 May 2022
Kibo Energy PLC ('Kibo' or the 'Company')
Update on Acquisition of Brownhill and RTO
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy
focused development company, announces the termination of its
intended acquisition of the Victoria Falls Solar Park project in
Zimbabwe (the "Project") from Broomfield International Limited
("Broomfield") (the "Transaction"), the details of which were
announced in the Company's RNS/SENS of 21 March 2022.
Kibo has concluded it's due diligence investigation on the
Project, the findings of which were not completely to the
satisfaction of Kibo, with certain aspects of the Project requiring
some further development work over a short period of time and in
other instances, Broomfield not being able to provide certain
material information with regards to the Project to Kibo's
satisfaction.
The parties have not been able to reach agreement on a
counteroffer presented by the Company to Broomfield as a result of
the foregoing, and the Board of Kibo has decided that it is in the
best interest of the Company not to proceed with the proposed
Transaction.
In light of the discussions relating to the Transaction being
terminated, the Company has requested the restoration to trading on
AIM and the AltX of the JSE of its ordinary shares. Restoration to
trading, and commencement of dealings, on AIM and the AltX of the
JSE of the Company's existing Ordinary Shares will become effective
at 7.30 a.m. and 9.00am today respectively.
Kibo will now focus its attention and efforts on its existing
and new sustainable and renewable energy projects, most notably its
Waste-to-Energy project in South Africa which is progressing to
financial close (see RNS dated 14 February 2022), and its new Long
Duration Energy Storage solutions project to deploy 1 Gigawatt over
the course of the 5-year term in partnership with CellCube (see RNS
announcement dated 17 May 2022).
Furthermore, Kibo is in the process of examining the conversion
of its existing energy projects in Tanzania, Botswana and
Mozambique to clean / renewable energy projects. This exciting
development flows from the results of extensive technical
evaluation and test work completed over the past months to identify
a suitable clean / renewable fuel source. Based on results to date,
we believe that this clean energy technology, subject to further
test work, could be a feasible substitution for coal in our coal to
energy projects that will allow the Company to continue development
of these projects as clean / renewable energy projects.
Louis Coetzee, CEO of Kibo Energy, commented: "If transactions
do not meet our information or returns requirements it is not
appropriate to proceed. This transaction, following our due
diligence process which included satisfying the Board on the
documentation required for the regulatory re-admission and
subsequent revised economics, ultimately did not meet our
acquisition criteria. We have a robust and well developed
renewables transition strategy with strong operational momentum,
focussed on the accelerated development of our existing renewable
and clean energy project portfolio. We have managed to
significantly advance the development of our projects portfolio
over the past few months, in pursuit of our objective to achieve
commercial renewable energy production in less than 18 months.
We are making very good progress on our Waste-to-Energy project
in South Africa after inking a 10-year Power Purchase Agreement
earlier this year, and we expect the project to reach financial
close later this year. The addition of a potential 12MW
Waste-to-Energy project in the UK (currently under investigation)
will bolster the company's UK portfolio. We are also looking
forward to driving our new partnership with CellCube to deliver c.
1 Gigawatt of storage over the course of the 5-year term.
Progress on the development of our projects portfolio is
expected to have a positive economic and financial impact on the
Company, and we look forward to updating the market in this
regard."
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
27 May 2022
Corporate and Designated Adviser
River Group
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQKZGZKKVNGZZM
(END) Dow Jones Newswires
May 27, 2022 02:00 ET (06:00 GMT)
Kibo Energy (LSE:KIBO)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Kibo Energy (LSE:KIBO)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
