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
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