Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Sells remaining 19.5% interest in Mast Energy Developments PLC to shareholder and creditor RiverFort Global Opportunities PCC Ltd to partially settle a loan of £462,871. Sells 83.2 million Mast shares for £120,074, 0.14 pence per share, reducing the outstanding balance on the RiverFort loan to £342,797. RiverFort owns around a 3.3% shareholding in Kibo.
Kibo’s sale of Mast shares is part of a restructuring effort to ‘tidy up’ its balance sheet ahead of its planned reverse takeover. Last month, Kibo signed a binding term sheet to acquire a diverse portfolio of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for €400 million, or around R 7.86 billion.
Separately, Mast says Kibo’s share sale shows RiverFort’s long-term commitment to Mast. Says RiverFort has been ‘very supportive’ of Mast. Also says it has submitted the maximum 8.1-megawatt capacity market contract application for its Pyebridge flexible power plant. Says this will result in increased gross profit income to the site when the contract is secured. Notes that the refurbishment process at Pyebridge is progressing as planned.
Kibo shares are suspended both in London and Johannesburg.
Current Mast stock price in London: 0.14 pence, down 3.5% Tuesday morning
12-month change: down 88%
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