Kibo Energy PLC on Thursday said Interim Chair & Chief Executive Officer Louis Coetzee will step down and two new members will join the board as it tries to relaunch its restructuring plan.
The Galway, Ireland-based company with energy projects in Africa and UK said it has appointed Chief Financial Officer Cobus van der Merwe as an executive director.
Kibo also named Clive Roberts, a shareholder in Kibo, as a non-executive director and chair.
All new appointments remain subject to regulatory checks, the group said.
Coetzee, the interim chair and CEO, will resign, but he will continue to serve as a consultant.
Once changes before effective, the board will consist of Van der Merwe, Roberts, and Noel O’Keeffe.
Last week, in an about-turn, Kibo said it had reconsidered board changes and a capital raise, following a restructuring plan announced early this month.
Kibo on Thursday said its board has committed to review its composition and balance over the coming months, alongside the introduction of a new project portfolio in line with its transition to a broader-based energy company.
A decision on its secondary listing on the Johannesburg Stock Exchange will be made in due course.
Kibo said it has raised £340,000 through a placing of 3.40 billion shares at a price of 0.01 pence. It said a total of £240,000 of the placing has been raised through Shard Capital Partners LLP. The remaining £100,000 has been raised through two private subscriptions.
Also, Kibo said its arrangements with RiverFort Global Opportunities PCC Ltd remain in place following agreement with RiverFort for the revised placing amount of £350.000.
This arrangement provides for RiverFort to reduce Kibo’s outstanding debt of £767,205 to £400,000 in exchange for transfer to RiverFort of the Mast Energy Developments PLC receivable.
Kibo also said the creditor conversion and restructuring, announced early this month, remains in place subject to a revised share issue conversion price and warrant issue exercise price of 0.01p.
Shares in Kibo were unchanged at 0.015 pence each in London on Thursday afternoon. In Johannesburg, Kibo shares similarly were flat at R 0.01 each.
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