| Mon 21 Dec 2020, 9:00 | | KIBO ENERGY PLC - Sloane (MED) Progresses to Trigger 2nd Production-Ready Flexible Site for Commercial Production |
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Sloane (MED) Progresses to Trigger 2nd Production-Ready Flexible Site for Commercial Production
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: 21 December 2020
Kibo Energy PLC (‘Kibo’ or the ‘Company’)
UK Subsidiary Sloane Developments Ltd Progresses to Trigger 2nd Production-Ready Flexible Power
Project for Commercial Production
Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company is pleased to
announce that its 100% UK subsidiary, Sloane Developments Ltd. (‘Sloane’), has progressed the acquisition
transaction announced in the RNS of 07 September 2020, to the point where it is now busy finalizing a definitive
Share Purchase Agreement (“SPA”) to acquire 100% of the 9MW flexible gas power project (the ‘Acquisition’).
The latest progress is based on the significant progress that the parties have made on their reciprocal due diligence
investigations and which have now reached the point where the parties are in the process of finalizing a definitive
SPA. The SPA is based on and will essentially reflect the HOTs that was signed between the parties as announced
on 7 September 2020.
Completion of the Acquisition shall take place upon the satisfaction or waiver of a number of conditions precedent,
including, but not limited to:
*Sloane being successfully admitted to trading on the London Stock Exchange
*All applicable necessary, regulatory, statutory, board and other approvals or consents having been obtained
by the parties
Sloane has completed its due diligence on the Vendor and the required approvals as referenced above have either
been secured and/or are in process to be secured, synchronous with the successful admission to trade on the
London Stock Exchange.
Louis Coetzee, CEO of Kibo, said: “Completion of the required internal due diligence advances Sloane towards
a position of significantly stronger potential revenue generation and associated profitability. This is particularly
significant since the Acquisition will deliver a production ready site, which is expected to go into production
within two months from the successful listing of Sloane”.
“Following the LSE Admission, Sloane will be in a position to develop its portfolio at scale and pace, as opposed
to a project-by-project basis and advance rapidly towards significant revenue generation. Upon completion of
the Acquisition, Sloane will be in a position where it expects to have c.20 MW in production within the first six
months from listing and adding another c.20 MW in production over the next 6 months. The additional production
capacity for the first c.20MW will come from the Bordesley and Acquisition sites, as well as the 3rd acquisition,
announced on 28 October 2020. The capacity for the 2nd c.20MW is expected to come from a significant project
pipeline, currently in an advanced stage of development”.
“This is an exciting period for both Sloane and Kibo and we look forward to providing further updates on progress
made, most notably with regard to the good progress made on the listing of Sloane, as we look to capitalise on
the significant growth opportunities available in the rapidly growing Reserve Power market and realise value for
all stakeholders.”
Planned Admission
Sloane Developments Ltd is seeking admission to the Standard List of the London Stock Exchange plc ("London
Stock Exchange" or "LSE") ('Admission'), after which it will be renamed Mast Energy Developments Projects
PLC ('MED'). Admission will be accompanied by an Initial Public Offering, which will seek to raise sufficient
funds to complete the Acquisition 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 51% 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 +27 (0) 83 4408365 River Group JSE Corporate and Designated Adviser
Thomas Smith +44 (0) 20 7392 1494 ETX Capital Limited Joint Broker
Bhavesh Patel / +44 20 3440 6800 RFC Ambrian NOMAD on AIM
Stephen Allen Limited
Isabel de Salis / +44 (0) 20 7236 1177 St Brides Partners Ltd Investor and Media Relations Adviser
Beth Melluish
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
21 December 2020
Corporate and Designated Adviser
River Group
Date: 21-12-2020 09:00:00
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