Kibo Energy PLC Mast Energy Developments Plc: IPO Update (0817O)
05 February 2021 - 6:00PM
UK Regulatory
TIDMKIBO
RNS Number : 0817O
Kibo Energy PLC
05 February 2021
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: 05 February 2021
Mast Energy Developments Plc: IPO Update: MED Closes Book -
Raising in Excess of GBP5m
Kibo Energy PLC ('Kibo' or the 'Company'), is delighted to
announce, further to the RNS dated 28(th) January 2021, Mast Energy
Developments Plc (MED) has raised in excess of GBP5m through Clear
Capital Markets Ltd for its upcoming IPO on the Official List of
the London Stock Exchange plc ("London Stock Exchange" or "LSE") by
way of a Standard Listing, which on listing will have a market
capitalisation of c. GBP23 million. MED will now proceed with final
submissions to the FCA and will revert in due course with the
publication of the final prospectus which will include listing date
details.
Initial demand has exceeded expectations and the fundraise has
now closed. This confirms Kibo's belief that the UK clean energy
sector is an exciting investment case going forward. We look
forward to further updates from MED regarding existing projects
being brought into production in the very near term, as well as any
acquisitions of further projects, on their way to becoming a
significant contributor to the growing reserve power market.
Louis Coetzee, CEO of KIBO said: "We are delighted with the very
positive response to the MED fund raise and with the professional
and competent team we have assembled to deliver growth for
shareholders. We are proud of a team that represents drive,
experience and expertise and really looking forward to updating the
market on MED's aggressive plans for expansion in the short
term".
Planned Admission
MED, currently a 100% subsidiary company of Kibo Energy Plc and
the 100% holding company of Sloane Developments Ltd ("Sloane"), is
seeking Admission to the Official List of the London Stock
Exchange. Admission will be accompanied by an Initial Public
Offering (IPO). Proceeds from the IPO will be utilised to acquire
and develop a portfolio of flexible power plants in the UK and
become a multi-asset operator in the rapidly growing Reserve Power
market. Kibo intends to maintain a strategic interest in MED post
the initial fundraise and Admission of at least 55%, ensuring
continued upside from future developments.
**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 +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
------------------ -------------------- -----------------------------
Claire Noyce +44 (0) 20 3764 Hybridan LLP Broker
2341
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Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
/ Stephen
Allen
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Isabel de +44 (0) 20 7236 St Brides Partners Investor and Media Relations
Salis / Beth 1177 Ltd Adviser
Melluish
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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.
Johannesburg
05 February 2021
Corporate and Designated Adviser
River Group
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END
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