Update to Corporate Restructuring

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 or contact:

Louis Coetzee	[e-mail]	Kibo Energy PLC	Chief Executive Officer
James Biddle Roland Cornish	[phone]	Beaumont Cornish Limited	Nominated Adviser
Claire Noyce	[phone]	Hybridan LLP	Joint Broker
James Sheehan	[phone]	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

 

END