To view the PDF file, sign up for a MySharenet subscription.

KIBO ENERGY PLC - Kibo Secures Exclusivity to Acquire First Shovel-ready Reserve Power Sites for UK Power Project Development Company

Release Date: 10/12/2018 09:25
Code(s): KBO     PDF:  
Wrap Text
Kibo Secures Exclusivity to Acquire First Shovel-ready Reserve Power Sites for UK Power Project Development Company

 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: 10 December 2018

                                 Kibo Energy PLC (‘Kibo’ or the ‘Company’)
    Kibo Secures Exclusivity to Acquire first Shovel-ready Reserve Power Sites for UK Power Project
                                            Development Company


Kibo Energy PLC (“Kibo” or the “Company”), the multi-asset, energy company, is pleased to announce that its
60% owned UK subsidiary, MAST Energy Developments Limited ("MED") (see RNS’ dated 15 August 2018 and
9 October 2018), has secured an exclusive option, for a nominal fee, to undertake due diligence and negotiate the
potential acquisition of three peaking power sites totalling 31.3 MW .


Under the agreement, MED has secured the exclusive right to acquire three peaking power sites totalling 31.3 MW
from a prospective developer (“Counterparty”), subject to completion of due diligence to MED/Kibo’s satisfaction
and subsequent agreement of detailed commercial terms and conditions, including the acquisition price and
transaction structure. MED has until 31 January 2019 to complete its due diligence on the first 5.3MW, 11 KVA
site and until 15 February 2019 on the other two sites, 6MW, 11KVA and 20MW, 33KVA respectively. Kibo
believes that, subject to due diligence outcomes, these sites may have the potential to lead to revenue generation
for Kibo during the latter part of 2019.


It is noted that despite entry into the option, no assurance can be provided that a commercial transaction will
ultimately be concluded with the Counterparty, or on what terms. The Company will provide further updates as
required.


Louis Coetzee, CEO of Kibo Energy said: "Successful completion of due diligence and this potential acquisition
by MED would be a significant step closer towards realising Kibo’s first near-term revenue generating assets.”

                                              **ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no.
596/2014 ("MAR").
For further information please visit www.kibo.energy or contact:


   Louis Coetzee              info@kibo.energy         Kibo Energy PLC             Chief Executive Officer
                                                                                   Corporate and Designated
   Andreas Lianos             +27 (0) 83 4408365       River Group
                                                                                   Adviser on JSE

   Ben Tadd /Tom Curran +44 (0) 20 3700 0093           SVS Securities Limited      Joint Broker
   Jason Robertson            +44 (0)20 7374 2212      First Equity Limited       Joint Broker

   Andrew Thomson           +61 8 9480 2500            RFC Ambrian Limited        NOMAD on AIM

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


Notes to editors
Kibo Energy PLC is a multi-asset, Africa focussed, 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. Additionally, the Company will
benefit from its robust and experienced international blue-chip partnership network across its project portfolio,
which includes: SEPCO III (China), General Electric (USA); Tractebel Engineering (Belgium); Minxcon
Consulting (South Africa); ABSA / Barclays Africa; and Hogan Lovells International LLP.


Johannesburg
10 December 2018
Corporate and Designated Adviser
River Group

Date: 10/12/2018 09:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story