Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company, is pleased to provide a progress update on the planned admission of its 100% owned UK subsidiary Sloane Developments Ltd (‘Sloane’), which will be renamed Mast Energy Developments PLC (‘MED’), to the Standard List of the London Stock Exchange plc (‘LSE’).
Sloane has acquired from St Anderton on Vaal Limited (‘St Anderton’) the remaining 40% interest in Mast Energy Developments Ltd (‘Mast Energy’) in exchange for 36,917,076 new Ordinary Shares in Sloane. Accordingly, Sloane will at completion of the share exchange transaction own a 100% interest in Mast Energy alongside its 100% interest in Bordersley Power Ltd as it seeks to develop a portfolio of flexible power plants in the UK. St Anderton will at completion hold 26.11% of Sloane, with Kibo holding the remaining 73.89%. Completion shall take place upon the satisfaction or waiver of the following conditions precedent:
· any required approvals or other consents being obtained from the UK Listing Authority and Financial Conduct Authority with regard to the listing of Sloane/MED on the Main Market of the LSE, Standard segment; and
· any approvals or other consents required by law or any regulatory authority.
Kibo CEO, Louis Coetzee, said, “Sloane’s acquisition of St Anderton’s interest in Mast Energy takes us one step closer to the listing of MED, formalising the new corporate and share structure. With a 100% interest in two highly strategic assets MED is poised to develop a portfolio of flexible power plants in the UK, which Kibo will crucially continue to gain upside from, through our majority interest in MED. We look forward to continuing to advance this listing at pace so that MED can capitalise on the significant growth opportunities available in the rapidly growing Reserve Power market and we can realise value for all stakeholders.”
MED is in the business of acquiring, developing, building and operating small, multiple flexible power plants throughout the UK producing safe and clean reserve power through natural gas. These power plants then deliver electricity into the National Grid to contribute to stable electricity provision and help prevent future shortages, mitigating future blackout events.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 (‘MAR’).
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