Kibo Energy PLC on Tuesday said it has terminated its bid to acquire a portfolio of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for €400 million, citing time constraints.

The failed deal was structured as a reverse takeover of the projects by the Galway, Ireland-based company.

On Tuesday, Kibo said it had ended the term sheet for the proposed reverse takeover, that was first announce in September, by mutual agreement with ESTGI.

Kibo said it had taken this decision as it believes that it does not have sufficient time to secure all relevant information in a timely manner necessary to complete the takeover by December 31.

Its shares are suspended both in London and Johannesburg in September. The deadline is imposed by the listing rules of the AIM market in London.

Kibo now will focus on completing and publishing its audited accounts for 2023 and half-year results for 2024. which are well advanced, it said. It expects to release results on or before December 31.

This should then enable its suspension from trading on AIM to be lifted, it said. Following resumption of trading, the company will seek an alternative project portfolio to buy.

Providing the funding it needs to do so, Aria Capital Management Ltd, the financier for failed reverse takeover, has provided a £500,000 lending facility to Kibo at a 3% interest rate.

Copyright 2024 Alliance News Ltd. All Rights Reserved.