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Mast Energy Developments Plc - Admission to Trading
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: 14 April 2021
Mast Energy Developments Plc - Admission to Trading
Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company, is
pleased to announce that the ordinary shares of MAST Energy Developments Plc (“MED”), in which
Kibo holds a 55.42% interest, will today commence trading on the Official List for listed securities of
the London Stock Exchange plc (‘LSE’) under the ticker MAST (‘Admission’).
More information on MED and access to the MED-prospectus is available on the MED-website at
https://med.energy/ and https://med.energy/wp-content/uploads/2021/03/MAST-prospectus-IPO.pdf
respectively.
Louis Coetzee, CEO of Kibo Energy, commented:
“I am delighted with the strong support that MED has received from key institutions and retail
investors, which has valued this business at £23 million on Admission. As MED’s majority shareholder,
with an interest of 55.42%, this crystallises the value of this component of our company and also
provides us with significant upside to the UK flexible energy industry. We believe that MED is entering
a period of high impact news flow and we look forward to updating the market on this in due course.”
MED Overview
As part of the Admission process MED has raised £5.54 million through a placing of 47,150,000
Ordinary Shares (representing 25% of MED issued share capital on Admission) at 12.5 pence per
Ordinary Share to institutional and retail investors, with a market capitalisation of circa £23 million on
Admission. On Admission, MED will have 188,564,036 Ordinary Shares in issue.
MED was established to acquire and develop a portfolio of flexible power plants in the UK and become
a multi-asset operator in the rapidly growing Reserve Power market; this is critical for the renewable
energy market, which needs natural gas as a back-up source of energy given renewable supply can be
intermittent.
To this end, MED has an initial portfolio of small-scale power generation assets, which, on listing, will
be in a position to develop at scale and pace, as opposed to a project-by-project basis, and will advance
rapidly towards significant revenue generation. On listing, MED expects to have c.9 MW in immediate
production capacity, c.20 MW in production capacity within the first six months from listing, and
another c.20 MW in production capacity over the next six months. Various other “shovel ready” sites
have already been identified in the UK.
**ENDS**
This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.
For further information please visit www.kibo.energy or contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC CEO
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated Adviser
Claire Noyce +44 (0) 20 3764 2341 Hybridan LLP Broker
Bhavesh Patel /
Stephen Allen +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
Isabel de Salis / info@stbridespartners.co.uk St Brides Partners Ltd Financial PR
Charlie Hollinshead
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute
power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa.
To this end, it is the Company’s objective to become a leading independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power
Project (‘MCPP’) in Tanzania; the Mabesekwa Coal Independent Power Project (‘MCIPP’) in Botswana;
and the Benga Independent Power Project (‘BIPP’) in Mozambique. By developing these projects in
parallel, the Company intends to leverage considerable economies of scale and timing in respect of
strategic partnerships, procurement, equipment, human capital, execution capability / capacity and
project finance.
Johannesburg
14 April 2021
Corporate and Designated Adviser
River Group
Date: 14-04-2021 08:00:00
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