Wrap Text
Results of EGM and the Company’s Proposed Share Capital Reorganisation
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”)
08 June 2020
Kibo Energy PLC (‘Kibo’ or the ‘Company’)
Results of EGM and the Company’s Proposed Share Capital Reorganisation
Kibo Energy PLC (AIM: KIBO; AltX:KBO), the multi-asset, Africa-focused, energy company,
announces the results of voting at an Extraordinary General Meeting (“EGM”) held today. Proxies
were received by shareholders holding 46.55% of the shares in Kibo (1,272,272,188
shares issued and outstanding).
The proxy voting details at the EGM are shown on the table below: -
Resolu- Summary Resolution Votes For & Votes Votes
tion # Discretion Against Withheld
Number % Number % Number %
1. To subdivide the issued share
401,248,966 68 190,949,167 32 22,848 0.004
capital of the Company
2. To amend the share capital
clause of the Memorandum of
401,257,864 68 190,940,269 32 22,848 0.004
Association following subdivision
of share capital of the Company
3. To amend the share capital
clause of the Articles of
Association following the 401,257,864 68 190,940,269 32 0 0.000
subdivision of share capital of the
Company
4. To consolidate the authorised
but unissued Pre-consolidation 401,257,864 68 190,963,117 32 0 0.000
Shares of the Company
5. To consolidate the issued Pre-
consolidation Shares of the 401,257,864 68 190,963,117 32 22,848 0.004
Company
6. To authorise the Company to
purchase 1,291,394,535 2013 401,257,864 68 190,964,869 32 22,848 0.004
Deferred Shares
7. To authorise the Company to
purchase 805,053,798 2019 401,257,864 68 190,940,269 32 22,848 0.004
Deferred Shares
8. To decrease the authorised share
capital of the Company by the
cancellation of the authorised 401,269,144 68 185,521,900 32 22,848 0.004
2013 Deferred Shares of the
Company.
9. To decrease the authorised share
capital by the cancellation of the
401,269,145 68 185,521,900 32 22,848 0.004
authorised 2019 Deferred Shares
of the Company.
10. To amend the share capital clause
of the Memorandum of
401,278,042 68 190,920,091 32 22,848 0.004
Association following reduction in
share capital
11. To amend the share capital clause
of the Articles of Association
401,278,042 68 190,920,091 32 22,848 0.004
following the reduction in share
capital
12. To increase share capital of the
Company following the 401,278,042 68 190,920,091 32 22,848 0.004
subdivision and consolidation
13. To amend the share capital clause
of the Memorandum of
401,257,864 68 190,940,269 32 22,848 0.004
Association following the increase
in authorised share capital
14. To amend the share capital clause
of the Articles of Association
following the increase in share
401,278,042 68 190,920,091 32 22,848 0.004
capital and the buyback of the
2013 Deferred Shares and 2019
Deferred Shares.
As the Company did not reach the mandatory threshold of 75% approval from shareholders for
resolutions 2,3,6,7,10,11,13 and 14 which are all Special Resolutions and the remaining resolutions
which are Ordinary Resolutions are conditional and interdependent on approval of the Special
Resolutions, all resolutions have not been approved.
A further update will be provided as soon as possible in follow-up to this announcement, setting
out the Company’s plans going forward.
**ENDS**
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
Philip Adler +44 (0) 20 7392 1494 ETX Capital Limited Broker
Bhavesh Patel / Stephen +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
Allen
Charlotte Page / +44 (0) 20 7236 1177 St Brides Partners Ltd Investor and Media Relations
Beth Melluish 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
08 June 2020
Corporate and Designated Adviser
River Group
Date: 08-06-2020 12:37:00
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