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Kibo Energy PLC announced on 24 January 2024 a TR-1 notification from its subsidiary Mast Energy Developments PLC. This notification detailed that Kibo Mining (Cyprus) Limited, controlled by Kibo Energy PLC, disposed of voting rights in Mast Energy Developments PLC on 23 January 2024. This action reduced its total holding from 47.08% to 39.65%, representing 104,611,746 voting rights, with Kibo Energy PLC utilizing the approximate £119,444 proceeds for working capital and loan reduction.
| Date | 24 Jan 2024 |
| Time | 15:45:00 |
| Category | Holding(s) in company |
| ID | 8121A |
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 24 January 2024
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces TR-1 Notification of Major Shareholdings
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company, announces a TR-1 Notification by its subsidiary Mast Energy Developments PLC ('MED'), a UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market.
The proceeds from the disposal of the MED shares amounting to approximately £119,444 have been used for Kibo's ongoing working capital requirements and to reduce the outstanding balance on the Company's reprofiled bridge loan facility with RiverFort Global Opportunities PCC Ltd in order to meet the monthly payments to reduce potential equity dilution arising from the elected missed payment rights (refer Kibo RNS announcements of 11 and 26 April 2023).
Further details can be found in the full MED announcement, which is available below and at med.energy:
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TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: |
Mast Energy Developments PLC |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) |
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2. Reason for the notification (please mark the appropriate box or boxes with an "X") |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify): |
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3. Details of person subject to the notification obligation |
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Name |
Kibo Mining (Cyprus) Limited |
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City and country of registered office (if applicable) |
Limassol Cyprus |
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4. Full name of shareholder(s) (if different from 3.) |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached: |
23/01/24 |
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6. Date on which issuer notified (DD/MM/YYYY): |
23/01/24 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2) |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer (8.A + 8.B) |
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Resulting situation on the date on which threshold was crossed or reached |
39.65% |
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39.65% |
104,611,746 |
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Position of previous notification (if applicable) |
47.08% |
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47.08% |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached |
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A: Voting rights attached to shares |
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Class/type of shares ISIN code (if possible) |
Number of voting rights |
% of voting rights |
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Direct (DTR5.1) |
Indirect (DTR5.2.1) |
Direct (DTR5.1) |
Indirect (DTR5.2.1) |
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GB00BMBSCV12 |
104,611,746 |
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39.65% |
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SUBTOTAL 8. A |
104,611,746 |
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B 1: Financial Instruments according to DTR5.3.1R (1) (a) |
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Type of financial instrument |
Expiration date |
Exercise/ Conversion Period |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) |
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Type of financial instrument |
Expiration date |
Exercise/ Conversion Period |
Physical or cash Settlement |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer |
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Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) |
X |
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Name |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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Kibo Energy PLC |
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Kibo Mining (Cyprus) Limited |
39.65% |
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39.65% |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information |
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Place of completion |
Limassol, Cyprus |
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Date of completion |
23/01/24 |
For further information please visit www.med.energy or contact:
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Pieter Krügel |
Mast Energy Developments PLC |
CEO |
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Jon Belliss |
+44 (0)20 7399 9425 |
Novum Securities |
Corporate Broker |
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Zainab Slemang van Rijmenant |
Lifa Communications |
Investor & Media Relations Advisor |
**ENDS**
For further information please visit www.kibo.energy or contact:
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Louis Coetzee |
Kibo Energy PLC |
Chief Executive Officer |
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James Biddle Roland Cornish |
+44 207 628 3396 |
Beaumont Cornish Limited |
Nominated Adviser |
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Claire Noyce |
+44 20 3764 2341 |
Hybridan LLP |
Joint Broker |
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Damon Heath |
+44 207 186 9952 |
Shard Capital Partners LLP |
Joint Broker |
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Zainab Slemang van Rijmenant |
Lifa Communications |
Investor and Media Relations Consultant |
Beaumont Cornish Limited ('Beaumont Cornish') is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Johannesburg
24 January 2024
Corporate and Designated Adviser
River Group