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KIBO ENERGY PLC - Bordersley Preliminary Notice to Proceed

Release Date: 09/09/2019 08:00
Code(s): KBO     PDF:  
Wrap Text
Bordersley Preliminary Notice to Proceed

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: 09 September 2019

                           Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                             Bordersley Preliminary Notice to Proceed

Kibo Energy PLC (‘Kibo’ or ‘the Company’), the multi-asset, Africa focused, energy company, is
pleased to announce that a preliminary notice to proceed with the construction and commissioning of
the 5MW gas-fuelled power generation plant at Bordersley Power Ltd (‘Bordersley’), has been issued
by the Company’s 60% owned subsidiary, and manager and operator of Bordersley, MAST Energy
Developments Limited (‘MED’).

The issuance of the preliminary notice demonstrates the significant progress being made towards de-
risking the development of Bordesley. The plant is targeted for commercial commissioning end of Q1
2020 and is the first reserve power generation project being developed by MED, which is focused on
building its initial portfolio of 100MW.

This event also triggers the payment of the next tranche of shares to the original MED vendors, St’
Anderton on Vaal Limited (‘St’ Anderton’), pursuant to the agreement for Kibo to consolidate full
ownership of Bordersley by acquiring all of St’ Anderton’s direct and indirect interests in Bordersley
(please refer to announcement dated 26 June 2019). St’ Anderton will be issued 6,000,000 ordinary
shares in the share capital of Kibo at a deemed issue price of GBP0.0525 per share (‘First Tranche

Louis Coetzee, CEO of Kibo Energy, commented, “Receipt of the preliminary notice to proceed
provides a positive step in the development of the Bordersley power plant and the advancement of our
UK power market exposure as we continue to advance our strategy of becoming a global energy
developer with multiple power projects. The opportunity to access revenue streams in the short term
through an effective utilisation of the UK Reserve Power business model was the basis for the decision
to acquire a strategic position in MED, and we have been consistently impressed by the significant
progress achieved by MED in a relatively short time frame.

“We believe MED to be highly complementary to our portfolio of coal-to-power projects in Africa which
includes the Mabesekwa Coal Independent Power Project in Botswana and the Benga Power Plant
Project in Mozambique. We see a distinct opportunity in our business model and through our network
of international advisors, and we remain focused on navigating the intricate agreements needed to bring
our projects into commercialisation. I look forward to updating shareholders in the upcoming weeks.”
   Total Voting Rights
   Application will be made for the First Tranche Shares to be admitted to trading on AIM and the JSE
   AltX markets. Trading in the First Tranche Shares is expected to commence on AIM and the JSE on or
   around 16 September 2019 ('Admission'). Following Admission, the Company will have 805,053,798
   shares in issue. The foregoing figure may be used by shareholders as the denominator for the
   calculations to determine if they are required to notify their interest in, or a change to their interest in,
   the Company under the FCA's Disclosure Guidance and Transparency Rules.


   This announcement contains inside information as stipulated under the Market Abuse Regulations (EU)
   no. 596/2014.

   For further information please visit or contact:

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

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

   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.

   Additionally, the Company has a 60% interest in MAST Energy Developments Limited (‘MED’), a
   private UK registered company targeting the development and operation of flexible power plants to
   service the UK Reserve Power generation market.

   09 September 2019
   Corporate and Designated Adviser
   River Group

Date: 09/09/2019 08:00:00
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