Kibo Energy Share Discussion Threads

[dpr1881] 21/3/2022 18:58

@frankandbeans "KibOOOOOOOOM!!!" I love it! You made me smile! :)

[frankandbeans] 21/3/2022 18:55

KibOOOOOOOOM!!!

[dpr1881] 21/3/2022 18:54

@Iamthebest

As you say Kibo can only issue another 2,000,000,000 shares without a shareholder resolution. Therefore Kibo need to pass an ordinary resolution to facilitate this transaction which requires a simple majority i.e. they needs to secure >50% of the votes cast.

The main resolution (again ordinary) will be a whitewash resolution approving the transaction, this is an Irish company so Irish takeover rules apply.

Under the Irish Takeover Rules, when the issue of new securities in consideration for an acquisition or a cash subscription would otherwise result in a person acquiring an obligation to make a mandatory general offer under Rule 9 of the Irish Takeover Rules, the Takeover Panel will normally grant a waiver of that obligation if, Shareholders pass an ordinary resolution (the Whitewash Resolution) on a poll at a general meeting approving the increase is that persons shareholding without them becoming obliged to make a general offer pursuant to Rule 9 of the Irish Takeover Rules.

We need support to block this!!

[dpr1881] 21/3/2022 16:59

@Iamthebest The EGM vote will be tight but if this deal goes down the position of Louis Coetzee surely be untenable? Shareholders need to come together to vote down was is essentially another bad deal in my opinion.

[slamdingo] 21/3/2022 16:00

What concerns me more is, if the shares are suspended for the next couple of months we might not get the 5 or 6 posts a day from Frankie and Bennys?

[lurker5] 21/3/2022 15:59

Don't know whether 'control' is the best description

[cj41] 21/3/2022 14:46

I have visited Zimbabwe many times over the last 30 years. It is a wonderful country with lovely people. However it is a car crash when it comes to its economy. It had such rampant inflation that it's currency is worthless with bank notes at one point being worth Billions if not trillions of Zimbabwe Dollars. The only currency that is dealt in there now is USD. Sounds like a perfect environment for LC.

[sirianbotham] 21/3/2022 14:41

There are still ways to drive value from this car crash but this isnt one of them.Ffs another half baked business venture in another country

[yaki] 21/3/2022 14:38

iamthebest

my thoughts too!

iamthebest 21 Mar '22 - 14:35 - 8581 of 8582

Was going to ask if anyone had done business over there.. Difficult getting funds out of country.? not that money will be winging its way to Kibo shareholders I feel from this venture... Am sure brownfield investors must be relieved though clearing all their debts and getting shares in return that have some liquidity... Flog what they can and guess the rest will be more Louis votes, tighten the grip well and truly, hangman....

[yaki] 21/3/2022 14:36

cj41

completely agreed on all your points, especially last few sentences


cj41 21 Mar '22 - 14:27 - 8579 of 8580

The deal sounds like yet another load of old tosh where everyone is a winner except non-CLN holding shareholders. Why are we paying £10m for a business which is almost certainly worthless as LC will never get anything into production. What’s happened to Bordesley? The other MAST sites? Haneti? The plastic burning project? Sale of the coal assets? Can this guy not get one bloody project across the line? This once again looks to be a complete load of tosh. The shareholders in Brownhill have just sold a couple of hundred grands worth of net assets for £10million. Why does everything LC does sound dodgy to me?