KIBO ENERGY PLC - MAST IPO Update: Approval of Pathfinder Prospectus and Commencement of Roadshow and Fundraise

MAST IPO Update: Approval of Pathfinder Prospectus and Commencement of Roadshow and Fundraise

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: 28 January 2021

Mast Energy Developments Plc: IPO Update: Approval of Pathfinder Prospectus and
                      Commencement of Roadshow and Fundraise


Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company
is pleased to announce, further to the RNS dated 23 July 2020 that MAST Energy Developments
Plc (“MED”) has approved its pathfinder prospectus to seek admission (“Admission”) of its
ordinary shares to the Official List of the London Stock Exchange plc ("London Stock
Exchange" or "LSE") by way of a Standard Listing and is commencing its roadshow this week
to raise c. £4.5 million with an initial target market capitalisation of approximately c. £20
million. MED will remain a Kibo subsidiary after listing with Kibo holding at least 55% of MED
on the day of Admission.


If shareholders have any queries / enquiries they can contact Andrew Lianos at
andrew.lianos@kibo.energy


Planned Admission
MED, currently a 100% subsidiary company of Kibo Energy Plc and the 100% holding
company of Sloane Developments Ltd (“Sloane”), is seeking Admission to the Official List of
the London Stock Exchange. Admission will be accompanied by an Initial Public Offering,
which will seek to raise sufficient funds 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. Kibo intends to maintain a strategic interest in MED post the initial fundraise and
Admission of at least 55% ensuring continued upside from future developments.


Louis Coetzee, CEO of Kibo, said: “Completion of the pathfinder prospectus and
commencement of the roadshow brings the stated objective of listing on the LSE closer. This at
a time when significant growth opportunities are available in the rapidly growing Reserve
Power market to realise value for all stakeholders, as demand for Reserve Power in the UK
increases.”


“Following the LSE Admission of MED, MED and Sloane will be in a position to develop its
portfolio at scale and pace, as opposed to a project-by-project basis and advance rapidly
towards significant revenue generation. Upon successful completion of the IPO, Sloane will be
in a position where it expects to have c.9MW in immediate production and c.20 MW in
production within the first six months from listing and adding another c.20 MW in production
over the next 6 months. The additional production capacity for the first c.20MW will come from
Bordesley and 2nd acquisition sites, as well as the 3rd acquisition, announced on 28 October
2020. The capacity for the 2nd c.20MW is expected to come from a significant project pipeline,
currently in an advanced stage of development”.


“This is an exciting period for both MED, Sloane and Kibo and we look forward to providing
additional updates on further progress made.”

                                                 **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          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             Broker

Bhavesh Patel /     +44 20 3440 6800       RFC Ambrian Limited      NOMAD on AIM
Stephen Allen

Isabel de Salis /   +44 (0) 20 7236 1177   St Brides Partners Ltd   Investor and Media Relations Adviser
Beth Melluish


       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
28 January 2021
Corporate and Designated Adviser
River Group

Date: 28-01-2021 09:00:00
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