Kibo Energy PLC Result of AGM (4716N)

TIDMKIBO

RNS Number : 4716N

Kibo Energy PLC

24 September 2019

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")

24 September 2019

Kibo Energy PLC ('Kibo' or the 'Company')

Results of AGM and Reduction in Par Value of Ordinary Shares

Kibo Energy PLC (AIM: KIBO; AltX:KBO), the multi-asset, Africa-focused, energy company, is pleased to announce that all resolutions were duly passed at its Annual General Meeting ("AGM") held today. The AGM was attended in person and by proxy by shareholders holding approximately 27% of the shares in Kibo (805,053,798 shares issued and outstanding).

Following the passing of Resolutions 7 - 12 (see Table below), the nominal value of the Company's ordinary shares in issue has been reduced from EUR0.015 per share to EUR0.001 per share. Trading in the newly denominated shares will take effect from opening of markets on the 25 September 2019 with no change in the ISIN or SEDOL numbers. Replacement share certificates showing the new nominal value of the shares will be posted to those shareholders already holding Kibo shares in certificated form by no later than the 8 October 2019. South African shareholders who hold Kibo shares in certificated form and whose share are listed on the JSE should complete the Form of Surrender and Transfer that they have received with the Company's Notice of Annual General Meeting and return it with their existing share certificates and/or other documents of title to the Company's South African Registrar, Link Market Services (Proprietary) South Africa in order to receive replacement share certificates/other documents of title.

The proxy voting details at the AGM are shown on the table below:-

 
 Resolu-        Summary Resolution             Votes For &            Votes            Votes 
   tion                                         Discretion            Against         Withheld 
    # 
                                              Number        %     Number     %     Number    % 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
           To receive, consider 
            and adopt the accounts 
            for the year ended 31 
            December 2018 and the 
            Directors and Auditors 
   1.       Reports thereon.                119,338,913   99.71   347,519   0.29     0      0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
           To authorise the Directors 
            to fix the remuneration 
   2.       of the auditors.                119,338,913   99.71   347,519   0.29     0      0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
           To re-elect Mr Christian 
   3.       Schaffalitzky as a Director.    119,338,913   99.71   347,519   0.29     0      0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
           To re-elect Mr Noel 
   4.       O'Keeffe as a Director.         119,338,913   99.71   347,519   0.29     0      0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
           That the Directors be 
            and are hereby generally 
            and unconditionally 
            authorised to exercise 
            all powers of the Company 
   5.       to allot relevant securities.   119,238,913   99.63   447,519   0.37     0      0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
           That the Directors be 
            and are hereby empowered 
            pursuant to Section 
            1023(3) of the Companies 
            Act, 2014 to allot equity 
   6.       securities.                     119,238,913   99.63   447,519   0.37     0      0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
           To subdivide the share 
   7.       capital of the Company          119,238,913   99.63   447,519   0.37     0      0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
          To amend the share capital 
           clause of the Memorandum 
    8.     of Association                  119,238,913   99.63   447,519   0.37      0     0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
          To amend the share capital 
           clause of the Articles 
    9.     of Association                  119,238,913   99.63   447,519   0.37      0     0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
          To increase the authorised 
           share capital of the 
   10.     Company                         119,238,913   99.63   447,519   0.37      0     0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
          To amend the share capital 
           clause of the Memorandum 
   11.     of Association                  119,238,913   99.63   447,519   0.37      0     0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 
          To amend the share capital 
           clause of the Articles 
   12.     of Association                  119,238,913   99.63   447,519   0.37      0     0.00 
          -------------------------------  ------------  ------  --------  -----  -------  ----- 
 

All the resolutions were approved, and they will be registered with the Companies Registration Office (Ireland).

**ENDS**

For further information please visit www.kibo.energy or contact:

 
Louis Coetzee                    [e-mail]        Kibo Energy PLC 
 Chief Executive Officer 
Andreas Lianos                   [phone]      River Group 
 Corporate and Designated 
 Adviser on JSE 
                               ----------------------  --------------------- 
Jason Robertson                  [phone]    First Equity Ltd 
 Broker 
                               ----------------------  --------------------- 
Andrew Thomson                   [phone]         RFC Ambrian Limited 
 NOMAD on AIM 
                               ----------------------  --------------------- 
Isabel de Salis/Beth Melluish    [phone]     St Brides Partners 
 Investor & Media Relations                               Ltd 
 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 Reserve Power generation market.

Johannesburg

24 September 2019

Corporate and Designated Adviser

River Group

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September 24, 2019 06:07 ET (10:07 GMT)