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
Shares’).
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.
**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 +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
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.
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.
Johannesburg
09 September 2019
Corporate and Designated Adviser
River Group
Date: 09/09/2019 08:00:00
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