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UK Investor Magazine Webinar – Zak Mir and Alan Green present a number of stock selections

Zak Mir and Alan Green join the UK Investor Magazine Virtual Conference to present a number of their stock selections. Stocks include #ECR, #IXI, #OTMP, #AMC, #KIBO, #ORCP, #SLE, #TERN & #XTR

Kibo Energy #KIBO – Secures £1 Million Funding Facility

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to provide a corporate and operational update and to announce that it has signed a binding term sheet with an investment consortium consisting of several high net worth entities and individuals, including two of the Company’s largest shareholders, for up to £1,000,000.

OVERVIEW

· £1 million term sheet signed to continue development of diverse energy project portfolio comprising 1255 MW generation capacity approaching commercialisation

· Primary focus on Benga in Mozambique, where it hopes to deliver 350 MW to 400 MW

On track to finalise a PPA with Baobab at the end of September 2020

Continued productive engagement with EDM with a Power Purchase Agreement “PPA” planned to be finalised before the end of 2020

· Progress in the UK where it is advancing various funding and commercial opportunities and anticipates bringing Bordesley into production before the end of 2020

· Headway in Tanzania, where it is awaiting further guidance from authorities regarding a new tender for coal fired power projects

· Board and management have agreed a 40% pay cut for next three months

Louis Coetzee, CEO of Kibo said: Following the recent EGM, some of the of the major shareholders in Kibo entered into discussions with the Company regarding the projects that Kibo have within its portfolio and the costs associated with the further development of these. These discussions delivered strong support for the Kibo project portfolio and development strategy, culminating in the funding term sheet set out below.

With the knowledge that we have the support of the majority of our shareholders, and the strong belief we have in the exciting potential that our diverse portfolio of energy assets offers, we are pleased to announce this £1m term sheet.  This compelling endorsement from a consortium of highly experienced investors / existing long-term shareholders, will enable the continued development of our projects, which are all approaching commercialisation.  In particular, our project in Mozambique is making vast strides forward, where we realistically expect the delivery of two PPAs before the end of 2020 for up to 400 MW; at the start of this year our expectation was for one PPA for 150 MW.  There is a lot of work still to be done, but our team is focused on delivering on it and we look forward to providing further updates in due course.”

 

FURTHER INFORMATION

 

Funding Term Sheet 

Kibo has signed a binding term sheet with an investment consortium consisting of several high net worth entities / individuals (the “Investors”), for up to £1,000,000 (the “Facility”):

Investment

Secured Convertible Security (the “Convertible Security”)

Term

12 months from the date of closing, with an option to roll over for another 6 months subject to agreeing terms at the time. 

Drawdown

The Drawdowns will be over four tranches, consisting of two £300,000 and two £200,000 tranches each, provided that the period in-between drawdowns will be at least 45 days, apart for the fourth drawdown, unless mutually agreed otherwise. The Company will provide 7 days’ notice if and when it requires to drawdown. The Company has the option but not the obligation to drawdown on part or all of the facility provided. First draw-down immediately and remaining three as stated above and against different operational milestones agreed between the parties. 

Fees

The Company will pay a Facilitation Fee equal to 7% of the Total Facility to the Investors by issuing new shares in the Company at the 5-day moving average as on the date of signing of the loan agreement. Said payment will be subject to and only fall due when the Company has been able to create sufficient authority to issue new ordinary shares at the Company’s next EGM / AGM.

The Company will pay a Drawdown Fee equal to 15% of the Drawdown amount to the Investors by issuing new shares in the Company on the 30-day moving average as on the date of each drawdown. Said payments will be subject to and only fall due when the Company has been able to create sufficient authority to issue new ordinary shares at the Company’s next EGM / AGM. 

Rank

The Convertible Security will rank senior, and will be secured by a 25% interest in the Company’s subsidiary Sloane Investments Ltd that owns 100% of the Bordersley peaking power project and a 60% interest in Mast Energy Developments LTD.  

Buy-Back Option

If the share price closes above 1p for 5 consecutive days, the Company will have the right to repay the amount still outstanding on any amount drawn down, at any time with no penalty (“Repayment Option”). Should the Company exercise its Repayment Right, the Investor will have the option to convert up to 25% of said amount still outstanding, at the Conversion Price. 

Conversion

The Investor has the option to convert part or all of the facility provided to the Company, into new ordinary shares of the Company (“Conversion Shares”), on the Investor giving notice of conversion to the Company. The conversion price will be based on a discount to the moving average at the time of the conversion notice or at floor price of 0.15pence whichever is higher at the time (“Conversion Price”).

Orderly Market

The two largest participants in the Facility, who also at present represent two of the largest shareholders in Kibo, have agreed not to convert any of their positions in the Facility during the first six months of the agreed term for the Facility 

The Consortium has also agreed that no warrants as provided for below, will be issued until the end of the agreed term for the Facility 

Warrants

Upon full repayment or full conversion of the convertible loan facility, the Investor will receive 400 warrants for every £1.00 of the facility drawn down and repaid or converted, with each warrant entitling the holder to acquire one new ordinary share upon exercise of the warrant .  The warrants will be exercisable for 36 months from their date of issue at an exercise price of 0.25p each. 

Additional Austerity Measures

Board and management have agreed to a 40% pay cut for next three months where after the Company’s financial situation will be reassessed to determine whether measures should be retained, eased, or removed. The pay cut will be introduced in addition to already existing austerity measures to mitigate the severe adverse economic impact of COVID-19.

Operational Focus  

During the second half of 2020, the Company will continue to advance its diverse energy project portfolio comprising 1255 MW generation capacity approaching commercialisation; these address the acute power deficits in Sub-Saharan Africa and the UK and will incorporate sustainable power options. 

In Mozambique the primary focus is on securing two PPA’s in aggregate of c. 350MW to 400MW from the following projects:

· Benga Power Plant Project (‘Benga’) in Mozambique, in which it has a 65% interest and is backed by both the Government and the local energy company Termoeléctrica de Benga S.A.  To this end, a supply agreement is being targeted, which would deliver a total of c.150 MW to EDM, in line with the Company’s commitment to create reliable, sustainable, and affordable electricity in Mozambique.

· As per the announcement dated 18 May 2020, the Company is also advancing its agreement with Baobab Resources Ltd (‘Baobab’) to supply c.200 MW energy to its Tete Steel and Vanadium Project (‘TSV Project’).  Located approximately 36km away from Benga, the TSV Project is recognised as a key development project in Mozambique. In this regard the Company is on schedule to finalize a PPA with Baobab.

Kibo and Baobab are making excellent progress as they look to establish the optimal way forward and are on track to finalise a PPA at the end of September 2020. With a joint project team established to fast-track this, several additional synergies have already been identified that may enhance the financial and technical feasibility of the Baobab project with a material positive knock-on effect for Benga as well.

Furthermore, the Company continues to have active and productive engagement with Electricidade de Moçambique (‘EDM’), the national power utility in Mozambique, regarding a PPA.  Following the renewal of the EDM MOU recently, the next major milestone is the completion of the independent grid integration and impact study, which is expected to be finalized within the next month. The delivery of this study will enable the next phase in the ongoing process towards finalization of a PPA with EDM. Furthermore, EIA work is progressing in parallel as well as further optimisation of the feasibility study.  

In the UK, as per the announcement dated 26 May 2020, its subsidiaries, Bordesley Power Ltd (‘Bordesley’) and Mast Energy Developments Ltd (‘MED’), continue to make good progress. AB Impianti S.R.L (‘AB’), which is managing the end-to-end Engineering, Procurement, and Construction (‘EPC’) scope of works (‘SoW’) for Bordesley, has confirmed that operations are ongoing, although COVID-19 continues to impact on the ability to resume full scale operations. Accordingly, the Company remains confident that Bordesley can still be in production before the end of 2020.

Additionally, the Company is actively progressing various funding and commercial opportunities to enhance MED’s capacity and ability to significantly expand its project portfolio in conjunction with an accelerated development plan for an expanded portfolio. Further details in this regard will be announced to the market in due course.

Finally, in Tanzania, the fully developed Mbeya Coal to Power Project (‘MCPP’) comprising a 39Mt mineable reserve and a 300-600 MW power plant is also making headway. While the Company continues to explore private and power pool off-take agreements it has also actively taken all the necessary proactive steps to ensure that it can participate in any tender process for further coal fired power projects by the national utility. In this regard the Company is ready to submit tender documentation on demand.

 

EGM

The Company furthermore intends to arrange a new EGM to ask for approval to create more headroom. Formal notice to go out shortly.

**ENDS**

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

Louis Coetzee

info@kibo .energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Philip Adler

+44 (0) 20 7392 1494

ETX Capital Limited

Joint Broker

Bhavesh Patel / Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Charlotte Page /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations 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 UK Reserve Power generation market.

Alan Green talks markets, Kibo Energy #KIBO, Capita #CPI & Smart Metering Systems #SMS on UK Investor Magazine podcast

Alan Green discusses markets, Kibo Energy #KIBO, Capita #CPI & Smart Metering Systems #SMS on the UK Investor Magazine podcast.

Alan Green discusses Blencowe Resources #BRES, Kibo Energy #KIBO & Eddie Stobart #ESL on UK Investor Magazine podcast

Alan Green discusses Blencowe Resources #BRES, Kibo Energy #KIBO & Eddie Stobart #ESL with Jonathan Roy on the UK Investor Magazine podcast. Link on the image to go to. the podcast.

Kibo Energy #KIBO – Mast Energy Developments & Bordersley Update – RNS

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to provide an update on its subsidiaries, Bordersley Power Ltd (‘Bordersley’) and Mast Energy Developments Ltd (‘MED’). The Bordersley 5 MW gas-fuelled power generation plant in the UK is currently being developed for Kibo by the Company’s 60% owned subsidiary, manager and operator of Bordersley, MED.

Overview

*     Further to the most recent update regarding Bordersley and MED as per the RNS announcement dated 17 March 2020, Kibo has now received confirmation from AB Impianti S.R.L (‘AB’) that it has, subject to certain ongoing COVID-19 related restrictions and safety measures, resumed operations which will increase over the coming weeks;

*     AB is managing the end-to-end Engineering, Procurement, and Construction (‘EPC’) scope of works (‘SoW’) for Bordersley, which includes providing exclusive access to AB construction and engineering capacity and capability as well as cogeneration plant and equipment (refer to RNS dated 30 October 2019);

*     The completion of the EPC Scope of Works (‘SoW’), which was temporarily delayed due to the COVID-19 outbreak, has been resumed as a priority matter and MED and AB continue to progress activity;

*     MED’s discussions with regards to securing substantial financing is ongoing, which could enable it to embark on a portfolio development strategy and implementation, which will see the simultaneous development of more than 20 sites from its prospective “shovel ready” portfolio of sustainable power generation assets in the UK (refer to RNS dated 17 March 2020); and

*     MED is also in active discussions with suppliers of “shovel ready” sites in aggregate of 300Mw in order to bolster its projects portfolio pipeline.

Louis Coetzee, CEO of Kibo Energy, commented, “Although the impact of the global COVID-19 pandemic is far from over, with the gradual easing of lockdown and travel restrictions starting to take place around the world, we are delighted that AB have been able to resume operations, resulting in the recommencement of the EPC SoW.   This work programme will now be advanced as a matter of priority so that construction and ultimately commissioning can commence at Bordersley as soon as possible.”

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

Louis Coetzee

info@kibo.energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Philip Adler

+44 (0) 20 7392 1494

ETX Capital Limited

Joint Broker

Bhavesh Patel / Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

Kibo Energy #KIBO – Clarification Statement

Kibo Energy PLC (‘Kibo’ or the ‘Company’)

Clarification Statement

Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company, provides the following clarification statement regarding certain details announced in the RNS of 15 May 2020.

On careful assessment of all relevant facts concerning the vested interest of all key stakeholders, the Company confirms  that it will be guided by the following criteria when making formal share conversion offers to individual members of the board and management of the Company in respect of fees and salaries in arrears (the ‘Offer’),  as described in paragraphs 6 and 7 of section 2.0 of the Circular (page 9), issued on 15 May 2020.

1. The conversion price per share will be the higher of the 10 day volume weighted average price following the first ten days of trading after the date of the EGM to be held on 8 June 2020 and the last placing price, being 0.45p (4.5p post consolidation) (“Issue Price”); and

2. Warrants will also be offered to convert at the Issue Price with a three-year term for exercise.

The board of the Company reserves its position to propose as an alternative to the Offer, a structured cash or deferred loan settlement in respect of the fees and salaries in arrears, should it decide that this alternative provides a better and more practical solution for the Company at the relevant time.

**ENDS**

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

Louis Coetzee

info@kibo.energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Philip Adler

+44 (0) 20 7392 1494

ETX Capital Limited

Joint Broker

Bhavesh Patel / Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Charlotte Page /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

Kibo Energy #KIBO – Binding Term Sheet to Supply 200MW Energy to Baobab Resources in Mozambique

Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company is pleased to announce that it has signed a binding term sheet (the ‘Agreement’) with Baobab Resources Ltd (‘Baobab’) to supply c. 200MW energy to its Tete Steel and Vanadium Project (‘TSV Project’) in Mozambique.

Highlights

· Baobab to exclusively deal and negotiate with Kibo regarding entering into a Power Purchase Agreement (‘PPA’) to supply c. 200MW energy to its TSV Project in Mozambique

· Located approximately 36km away from Kibo’s Benga Power Plant Project (‘Benga’), the TSV Project is recognised as a key development project in Mozambique

Louis Coetzee, CEO of Kibo, said: “We are delighted to have secured this strategically important agreement with Baobab. The TSV Project represents one of Mozambique’s key development projects that could contribute significantly to the growth of the country. We are therefore delighted that our Benga project will be supporting this growth by providing 100% of TSV Project’s c. 200MW energy requirements, subject to reaching final agreement on an appropriate PPA.  This PPA will be one of a number of supply agreements we are targeting for Benga, in line with our commitment to creating reliable, sustainable and affordable electricity in Mozambique and we look forward to providing further updates in due course as these agreements progress. It is envisaged that the c. 200MW requirement of the TSV Project will be developed as part of the existing Benga Power Project, and talks are currently underway with our JV-partners in Benga, to determine whether the latest addition to the Benga portfolio will have any impact on the economic interest of each JV partner, given Kibo’s added efforts in increasing the utilisation of Benga. We look forward to updating the market with further developments in due course”.

Details

Kibo remains focused on developing the Benga Power Plant Project in Mozambique with its joint venture partner, Termoeléctrica de Benga S.A, which will now comprise a thermal power plant with min capacity of 350MW, as well as planned renewable energy projects. To this end, it has signed a binding term sheet with Baobab to supply the complete c. 200MW energy requirements to its TSV Project.

Located approximately 36km away from Benga, TSV is being developed to produce half a million tonnes of construction steel per annum and is construction-ready with all licences, concessions, and agreements in place.  This is recognised as a key development project in Mozambique and is set to be the anchor industry for the Revuboe Industrial Free Zone (‘RIFZ’), Mozambique’s newest and largest industrial zone.

Under the terms of the Agreement, which is valid until 30 September 2020 (or such extended date as may be agreed upon in writing between the parties), Baobab agrees to exclusively deal and negotiate with Kibo with regard to entering into the proposed PPA.  Kibo can continue to seek and secure other PPAs, including the agreement it is currently pursuing with Mozambican state-owned electric utility Electricidade de Mocambique (‘EDM’) (see RNS dated 11.05.20 for further information) providing that such agreements do not negatively affect the uninterrupted supply of 100% of the energy needs and requirements of the TSV Project.

For more information on Baobab Resources LTD and the TSV Project please follow: http://www.baobabresources.com/

**ENDS**

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

Louis Coetzee

info@kibo .energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Philip Adler

+44 (0) 20 7392 1494

ETX Capital Limited

Joint Broker

Bhavesh Patel / Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations 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 UK Reserve Power generation market.

Kibo Energy #KIBO – Notice of Extraordinary General Meeting to Approve Reorganisation of the Company’s Share Capital

Kibo Energy PLC (“Kibo” or the “Company”), the multi-asset, Africa focused energy company, announce that a shareholder circular (the “Circular”) containing details of a proposed share capital reorganisation and including a Notice of Extraordinary General Meeting (“EGM”) & Sample Proxy Form (“Notice of EGM”) is now available on its website (http://kibo.energy/wp-content/uploads/Shareholder-Circular-Notice-of-EGM-08-June-2020.pdf). The EGM will be held at 11 a.m. on Monday 08 June 2020 at the Company’s registered office at 27 Pembroke Street Upper, Dublin 2, Ireland. Shareholders should note that the board of the Company has determined that the EGM will be a closed meeting in compliance with the Irish Government’s current advice and rules on non-essential travel and limitations on public gatherings as a result of the current COVID-19 pandemic. Shareholders can register their votes by appointing the Chairman of the meeting (appointment of no other proxy is permissible) on the proxy form accompanying the Notice of EGM. Shareholders are urged to read carefully the Important Notice letter (http://kibo.energy/wp-content/uploads/8370-KIBO-EGM-Important-Notice.pdf) accompanying the Circular as well as the Circular itself for detailed information on the arrangement for the meeting and the options for returning proxies.

The Circular will be dispatched by post today to those shareholders who have indicated to us a preference to receive hard copies of the Notice of EGM. The Circular contains information on the background to and reasons for the Share Capital Reorganisation, and the actions to be taken by the shareholders of the Company. Certain key sections of the Circular have been extracted and included below.

Background and Reasons for the Share Capital Reorganisation

The adverse impact of the COVID-19 pandemic on international business and the uncertainty surrounding the global economic outlook has provided the Directors with cause to re-evaluate its current business plans and consider how the Company can be best positioned to move forward when the current restrictions on business activities are relaxed or removed. The purpose is to exploit the restrictive global lockdown period to reset and reposition the Company to be able to take full advantage of the “new normal” post COVID-19, especially within its area of strategic interest.

As a group operating across UK, Mozambique, Botswana, Tanzania and South Africa, the Company  is well placed to avail of the many business opportunities this geographic spread can create but it is also exposed to many risks, not least, the disruption to its on-going international operational and financing activities that the current crises is causing. This disruption and current temporary reduction in field operational activity presents an opportunity for the Company to implement a share capital reorganisation that your Board believes will ultimately benefit the Company, make it more attractive for further investment and crystalize the inherent value of its energy projects.

The Directors believe that now is the correct time to implement the proposals contained herein to best prepare the Company for the challenging economic environment expected in the aftermath of the pandemic.  The Directors believe that the universal need for reliable, sustainable and affordable electricity will be more critical than ever when this pandemic is over, and we wish to prepare the Company to emerge from this unprecedented period well placed to meet this challenge head on.

In addition to the share capital reorganisation proposal outlined in this document, the Company is currently carrying out an in-depth internal review of all its projects to assess and determine how the timeline to bring each to fruition can be accelerated and shortened and in which way resources can and should be reallocated and redeployed to achieve this objective. Projects, in terms of which the review might find no clear and realistic opportunity exists for an accelerated development path, might be considered for disposal in an appropriate manner. The scope of the review also includes an assessment to determine how the Company can accelerate the implementation of its renewable energy strategy as announced to the market in earlier announcements and also take advantage of new opportunities that have come about as a result of the adverse impact of COVID-19.

The Company is seeking approval from shareholders at the EGM to subdivide and consolidate its share capital, buy-back and cancel deferred shares created in previous share capital reorganisations and increase its authorised share capital. Following, and contingent on passing of the Resolutions, the Board proposes to settle outstanding salaries and fees to directors and senior management in the amount of €624,370 by the issue of New Ordinary Shares (“Settlement Shares”) at an issue price equal to the adjusted 10-day VWAP for the period following the date of the EGM.

Each Settlement Share issued will also carry a 3-year warrant with a strike price equal to the issue price of the Settlement Shares. Due to austerity and rationalisation measures introduced by the Company over the last 14 months, the Board and senior management have agreed to defer salaries and fees since February 2019 to assist the Company’s cash flow and the payment to other staff and service providers, at no additional charge / interest to the Company, while continuing to work tirelessly to manage the Company through what was and continues to be a very challenging period. Their agreement to settle these deferred payments with Settlement Shares on the terms outlined indicates the continued commitment of the Board and management and their belief in the prospects of the Company and its projects.

The Board believes that the Share Capital Reorganisation (and the payment of the Settlement Shares Settlement) best position the Company to continue to fund its activities, encourage increased share trading on AIM and the JSE (AltX), manage its existing debt liabilities and enhance short-term working capital. For these reasons the Directors are recommending the Share Capital Reorganisation to Shareholders and will be voting for it in respect of their individual holdings in the Company at the EGM.

The effect of the Share Capital Reorganisation would be to initially sub-divide the nominal value per Existing Ordinary Share by a factor of ten, creating Pre-consolidation Shares and 2020 Deferred Shares, and then to decrease the number of Existing Ordinary Shares in issue at the date of this document  pro rata to approximately 127,227,218  by way of the consolidation into 1 New Ordinary Share of every 10 Pre -consolidation Shares.

There are currently 1,272,272,188 Existing Ordinary Shares in issue, all of which are listed for trading on AIM and JSE.

The nominal value of the Existing Ordinary Shares is €0.001, and this will remain the nominal value for the New Ordinary Shares following the Share Capital Reorganisation.

The Existing Ordinary Shares have been trading on AIM over the past six months at prices ranging between GBP 0.25p and GBP 0.75p. The price at close of business on 12 May 2020 was GBP 0.33p per share.

Details of the Share Capital Reorganisation

It is proposed that:

Subdivision and consolidation

· each of the issued Existing Ordinary Shares be subdivided into one new 2020 Deferred Share and one (1) pre-consolidation new ordinary share of €0.0001 each (“Pre-consolidation Share(s)”);

· all of the authorised but unissued Existing Ordinary Shares be subdivided into one (1) 2020 Deferred Share and one Pre-consolidation Share;

· all of the Pre-consolidation Shares in the capital of the Company, whether issued or unissued, be consolidated into New Ordinary Shares  on the basis of one (1) New Ordinary Share for every ten (10) Pre-consolidation Share each such New Ordinary Share having the rights and being subject to the restrictions set out in the Articles, provided that any fractions of Existing Ordinary Shares  to which any holder of ordinary shares as defined in the Company’s constitution would otherwise be entitled arising from such consolidation shall be aggregated and consolidated so far as is possible into New Ordinary Shares;

Deferred share buy-back and cancellation

· all the issued 2013 Deferred Shares will be purchased by the Company for the total sum of €1.00 following which all the authorised but unissued 2013 Deferred Shares will be cancelled; and

· all of the issued 2019 Deferred Shares will be purchased by the Company for the total sum of €1.00 following which all the authorised but unissued 2019 Deferred Shares will be cancelled; and

Increase in authorised share capital

· the authorised share capital of the company will be adjusted to reflect the cancellation of the Existing Deferred Shares and to increase the ordinary share capital from two (2) billion New Ordinary Shares to Five (5) billion New Ordinary Shares to ensure sufficient authorised capital headroom is in place to issue more New Ordinary Shares when required.

Table 1 shows the share capital of the Company as at (1) the date of the Circular and (2) following the EGM (assuming the Company issues no further shares between the date of the Circular and the EGM and all Resolutions are carried).

Table 2 shows the details of share warrants outstanding at the (1) date of the Circular, (2) following the EGM.

The Existing Deferred Shares shall be bought back from the proceeds of a new issue of shares in the Company pursuant to the Companies Act, 2014 as the Company does not hold any distributable reserves for this purpose. As the Company’s Articles of Association permit each class of Existing Deferred Shares to be bought back by the Company for an aggregate amount of €1.00 each, New Ordinary Shares in the amount of 2,000 (“New Issue Shares”) will be allotted at par value by the Board to accommodate this. These New Issue Shares are included in the total number of ordinary shares in issue following the EGM shown on Table 1. The amount of Settlement Shares will depend on the VWAP ten days after the EGM but should it be calculated  on the Company share price on AIM at close of business on the 12 May 2020 of GBP 0.33p, it would result in an additional issue of 16.7 million New Ordinary Shares and 16.7 warrants. This would result in approximately 143.9 million shares and 83 million warrants in issue in the Company following the Share Capital Reorganisation and issue of Settlement Shares.

Shareholders should expect to see the security description updated on the Record Date under new ISIN number IE00BGMGP573 and SEDOL BGMGP57 (SEDOL BGMGQ32 for South African Shareholders), in order to reflect their holding in Kibo Energy Public Limited Company.

TABLE 1 – SHARE CAPITAL – BEFORE AND AFTER SHARE REORGANISATION

ORDINARY SHARES of €0.001

2013 DEFERRED SHARES OF €0.009

2019 DEFFERRED SHARES OF €0.014

AUTHORISED

ISSUED

AUTHORISED

ISSUED

AUTHORISED

ISSUED

At date of this document

2,000,000,000

1,272,272,188

3,000,000,000

1,291,394,535

1,000,000,000

805,053,798

2020 DEFERRED SHARES OF €0.0009

AUTHORISED

ISSUED

Following the EGM

5,000,000,000

127,229,218*

2,000,000,000

1,272,272,188

*This figure includes the additional 2,000 ordinary shares of €.001 each  to be issued to buy back the 2013 Deferred Shares and the 2019 Deferred Shares.

TABLE 2 -WARRANTS IN ISSUE – BEFORE AND AFTER SHARE REORGANISATION

NUMBER OF WARRANTS

EXERCISE PRICE (£)

ISSUE DATE

EXPIRY DATE

At date of this document

442,222,280

0.008

03 Dec 2019

03 May 2021

221,111,140

0.01

03 Dec 2019

03 Nov 2022

Following the EGM

44,222,280

0.08

03 Dec 2019

03 May 2021

22,111,114

0.1

03 Dec 2019

03 Nov 2022

RIGHTS & RESTRICTIONS OF SHARES AFTER SHARE CAPITAL REORGANISATION

Upon implementation of the Share Capital Re-Organisation, Shareholders on the register of members of the Company at 07:00 p.m. on the Record Date, which is expected to be 08 June  2020, will exchange ten (10) Existing Ordinary Shares of €0.001 each for one (1) New Ordinary Share of €0.001 each in proportion to the number of Existing Ordinary shares of €0.001 then held by each such Shareholder.  The proportion of the issued ordinary share capital of the Company held by each Shareholder following the Share Capital Reorganisation will, save for fractional entitlements, be unchanged and the nominal value of the ordinary shares of the Company will remain unchanged.

The New Ordinary Shares arising on implementation of the Share Capital Reorganisation will have the same rights as the Existing Ordinary Shares, including voting, dividend and other rights.

In accordance with the Articles, the Board has determined that fractional shares resulting from the consolidation of Pre-consolidation Shares will be treated as follows:

1. No Shareholder will be entitled to a fraction of a New Ordinary Share and where, as a result of the consolidation of Pre-consolidation Shares  as  described above, any Shareholder would be entitled to a fraction only of a New Ordinary Share in respect of their holding of Existing Ordinary Shares at the Record Date (a “Fractional Shareholder”) such fractions shall be aggregated with the fractions of New Ordinary Shares to which other Fractional Shareholders of the Company may be entitled so as to form full New Ordinary Shares and sold for the benefit of the Company. This means that any such Shareholder will not have a resultant shareholding of New Ordinary Shares exactly equal to 10% of their holding of Existing Ordinary Shares. Fractional entitlements will not be paid to Shareholders.

2. It is proposed that the number of New Ordinary Shares held by Shareholders following the Share Capital Reorganisation would be rounded down to the nearest whole number where a Shareholder’s total shareholding in the Company is not exactly divisible by 10.

Shareholders should be aware that if they hold fewer than 10 (ten) Existing Ordinary Shares they would not be entitled to receive any New Ordinary Share under the Share Capital Reorganisation and would lose their entire shareholding.

The 2020 Deferred Shares

The 2020 Deferred Shares will not entitle holders to receive notice of or attend and vote at any general meeting of the Company or to receive a dividend or other distribution or to participate in any return on capital on a winding up other than the nominal amount paid on such shares following a substantial distribution to the holders of ordinary shares in the Company, as detailed in the Articles. Accordingly, the 2020 Deferred Shares will, for all practical purposes, be valueless and it is the Board’s intention, at an appropriate time, to purchase the 2020 Deferred Shares for an aggregate consideration of €1.00.

Shareholders should note that contingent on approval and implementation of the proposals outlined in this document, the 2020 Deferred Shares will be the only class of deferred shares remaining in the share capital of the Company following the buy-back and cancellation of the 2013 Deferred Shares and the 2019 Deferred Shares.

Recommendation of the Board

The Directors consider that the proposed Share Capital Reorganisation is in the best interests of the Company and its Shareholders as a whole.

Accordingly, the Directors unanimously recommend that you vote in favour of the Resolutions being proposed at the Extraordinary General Meeting, as they intend to do or procure to be done in respect of their own and their connected persons’ beneficial holdings, representing approximately 4.56 per cent. of the Existing Ordinary Shares.

Resolutions

The following resolutions are being put before the meeting:

1.To subdivide the issued share capital of the Company

2.To amend the share capital clause of the Memorandum of Association following subdivision of share capital of the Company

3.To amend the share capital clause of the Articles of Association following the subdivision of share capital of the Company

4.To consolidate the authorised but unissued Pre-consolidation Shares of the Company

5.To consolidate the issued Pre-consolidation Shares of the Company

6.To authorise the Company to purchase the 1,291,394,535 2013 Deferred Shares

7.To authorise the Company to purchase 805,053,798 2019 Deferred Shares

8 To decrease the authorised share capital of the Company by the cancellation of the authorised 2013 Deferred Shares of the Company.

9. To decrease the authorised share capital by the cancellation of the authorised 2019 Deferred Shares of the Company.

10.To amend the share capital clause of the Memorandum of Association following reduction in share capital

11.To amend the share capital clause of the Articles of Association following the reduction in share capital

12.To increase share capital of the Company following the subdivision and consolidation

13.To amend the share capital clause of the Memorandum of Association following the increase in authorised share capital

14.To amend the share capital clause of the Articles of Association following the increase in share capital and the buyback of the 2013 Deferred Shares and 2019 Deferred Shares.

The expected timetable of events for the EGM and capital reorganisation is set out below:

EXPECTED TIMETABLE OF PRINCIPAL EVENTS – AIM SHAREHOLDERS

Record Date for posting to Shareholders

Friday,08 May 2020

Document posted to Shareholders

Friday,15 May 2020

Last Day to trade to be eligible to vote at EGM

Friday, 05 June 2020

Latest time and date for receipt of Forms of Proxy

11:00 a.m. on Saturday, 06 June 2020

Latest date to lodge Crest Deposits with Crest for Existing Ordinary Shares

Friday, 05 June 2020

Extraordinary General Meeting

11:00 a.m. on Monday, 08 June 2020

Record Date for the Share Capital Reorganisation

Admission effective and commencement of dealings in the New Ordinary Shares

New Ordinary Shares credited to certificated accounts and to CREST or STRATE accounts

Despatch of definitive share certificates for New Ordinary Shares in certificated form by no later than

 Monday, 08 June 2020

7:00 a.m. on Tuesday, 09 June 2020

Tuesday, 09 June 2020

Friday, 19 June 2020

*EXPECTED TIMETABLE OF PRINCIPAL EVENTS – JSE (ALTX) SHAREHOLDERS

Record date for Shareholders to receive the circular and Notice of meeting

Friday, 08 May, 2020

Circular and Notice of Extraordinary General Meeting announced on SENS and distributed on

Friday, 15 May, 2020

Last day to trade to be eligible to participate and vote at the Extraordinary General Meeting

Tuesday, 02 June, 2020

Extraordinary General Meeting record date for Kibo shareholders to be entitled to participate

Friday, 05 June, 2020

Last day to lodge forms of proxy with Transfer Secretaries by 17h:00 on

Friday, 05 June, 2020

Suspension of movement of existing ordinary shares (close of business)

Friday, 05 June, 2020

Extraordinary General Meeting to be held at 12h00 on

Monday, 08 June, 2020

Results of Extraordinary Meeting published on SENS on

Monday, 08 June, 2020

Finalisation information announced on SENS by 14h00 on

Monday, 08 June 2020

Last day to trade in the existing ordinary shares for the consolidation

Monday, 08 June 2020

Trading in the New Ordinary Shares under the new ISIN

IE00BGMGP573 and SEDOL BGMGQ32 on

Tuesday, 09 June 2020

Admission of the New Ordinary Shares on the JSE on

Tuesday, 09 June 2020

Record date to be eligible to participate in the Share Capital Reorganisation

Thursday, 11 June 2020

Movement of existing ordinary shares open (commencement of business)

Friday, 12 June 2020

Dematerialised shareholders accounts at CSDP/broker updated to reflect the New Ordinary Shares

Friday, 12 June 2020

Issue of replacement share certificates or other documents of title to certificated shareholders, provided that the old share certificates have been lodged with the South African transfer secretaries by 12:00 on Friday, xx June 2020 (share certificates received after this time will be posted within 5 business days of receipt)

Friday, 12 June 2020

* All dates and times quoted above are local dates and times in South Africa. The above dates and times are subject to change. Any changes will be released on SENS.

*Share certificates may not be dematerialised or rematerialised between Tuesday, 09 June 2020 and Thursday, 11 June 2020, both days inclusive, nor may transfers of shares between subregisters in the United Kingdom and South Africa take place between Friday, 05 June 2020 and Thursday, 11 June 2020, both days inclusive

References to times and dates in in the tables above are to times and dates in Dublin, Ireland unless otherwise indicated

If any of the details contained in the timetable above should change, the revised times and dates will be notified to Shareholders by means of an announcement through a Regulatory Information Service.  All events listed in the above timetable following the EGM are conditional on the passing of the resolutions contained in the Notice of EGM.

Capitalised terms not otherwise defined herein shall have the same meaning given to such terms in the Circular.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 (“MAR”).

 

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

Louis Coetzee

 

info@kibo.energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 834408365

River Group

Corporate and Designated Adviser on JSE

Philip Adler

+44 (0) 20 7392 1494

ETX Capital Limited

Joint Broker

Bhavesh Patel /

Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations 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 UK Reserve Power generation market.

 

Johannesburg

15 May 2020

Corporate and Designated Adviser

River Group

Kibo Energy #KIBO – Increase of Land Title Area and New MoU signed at Benga Power Plant Project

Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company is pleased to announce that it has successfully acquired additional land contiguous to the Benga Power Plant Project (‘Benga’ or ‘the Project’) in the Tete province of Mozambique, increasing the total project area with an additional 345 hectares. Alongside hosting a 150-300MW thermal power plant, which is being developed as part of a joint-venture agreement with local energy company Termoeléctrica de Benga S.A, the expanded land holding provides room for the intended renewable and long duration storage energy projects in line with Kibo’s commitment to creating reliable, sustainable and affordable electricity.

In support of this commitment, the Company is pleased to announce that it has also finalised and signed a new Memorandum of Understanding (‘MoU’) with Mozambican state-owned electric utility Electricidade de Mocambique (‘EDM’), to guide and facilitate further development of Benga, as part of EDM’s mandate to develop electricity infrastructure and implement electricity projects in Mozambique. EDM is committed to increasing population access to electricity and improving the quality of service rendered to consumers by developing infrastructure for electricity generation, transmission and distribution.  Furthermore, the Government of Mozambique considers the energy sector a strategic priority for the development of the country and in its desire to accelerate social and economic development, the Government encourages investment in the energy sector, either public or private and by nationals or foreigners.

The terms of the new MoU with EDM remains in essence the same as those of the MOU that preceded the latest version and focusses on facilitating the project from its current development status to fruition. (See RNS dated 12 December 2018) The current MOU will be valid for an initial period of 12 months unless the parties agree to extend its validity or to terminate it early.

Louis Coetzee, CEO of Kibo, said: “Today’s news marks a very positive development in the advancement of Benga. We have been in regular discussion with EDM to determine ways in which we can work together to commercialise the project and create affordable and reliable electricity supplies in Mozambique. This MoU marks significant progression in these talks and is testament to the quality of our project proposal. We now look forward to further de-risking and developing Benga and continuing our engagement with EDM by progressing to the next development phase, having completed and submitted a positive Definitive Feasibility Study and independent financial model on Benga to EDM.  We firmly believe in the significant value potential of Benga following the extensive feasibility work and technical studies done to date and it is as a result of this that we decided to expand our land title; this enlarged land holding will enable us to establish the planned thermal power plant whilst also providing room to build renewable energy projects with long duration storage, in pursuit of our strategy of focused and deliberate transition away from fossil fuel based energy solutions.”

**ENDS**

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

Louis Coetzee

info@kibo .energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Philip Adler

+44 (0) 20 7392 1494

ETX Capital Limited

Joint Broker

Bhavesh Patel / Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations 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 UK Reserve Power generation market.

Kibo Energy #KIBO – Letter to Shareholders

Dear Shareholder,

As mentioned in the RNS dated 24 March, we continue to work with all our stakeholders, albeit remotely, during this unprecedented time to advance our portfolio of assets.  However, the global fight against COVID-19 is undoubtably creating a changing landscape and the lasting implications of this are as yet unknown.

Certainly, the need to achieve universal electricity access has not changed and is essential; it is arguably more critical now than ever before as a result of the pandemic we are all currently facing.  I believe that this places Kibo in a strong position when the world finds a new normal in which to operate.

I have provided a brief summary of our projects below; much of this is already in the public domain, however, I am keen for shareholders to understand the potential of these projects, which the Kibo team is working hard to realise.

While our focus remains on addressing the acute power deficits in Sub-Saharan Africa and, more recently, the UK, our strategy has slightly altered to focus on including sustainable power options into our solutions.  This has seen us build a strong partnership with US based ESS Tech Inc. (‘ESS’). We are making steady progress integrating ESS’s iron flow battery technology that offers, amongst other benefits, more than double the operating lifetime and cycle capacity of lithium-ion battery storage systems, into the plans for our coal fired power plants.  We look forward to providing further updates on this innovative technology in due course.

In Mozambique, our Benga Power Plant Project (‘BPPP’), in which we have a 65% interest and which enjoys very strong local support and is backed by local energy company Termoeléctrica de Benga S.A, continues to make progress.  With a Definitive Feasibility Study based on a 150 MW coal-fired power plant already in place, this advanced project is reaching an exciting stage. Not only does it have significant expansion potential, including the establishment of a pure renewable energy project, but the off-take opportunities are escalating; notably, we continue to have encouraging discussions with Electricidade de Moçambique (‘EDM’) regarding a Power Purchase Agreement.

Similarly, in Botswana, where we are developing the Mabesekwa Coal Independent Power Project (‘MCIPP’) with major energy industry player, Shumba Energy Ltd (‘Shumba’), a strategic opportunity to develop a multi-project and accordingly multi-revenue stream programme, has been identified. This will comprise developing an established 761Mt coal deposit into a coal mine that will feed two power stations.  The first of these being a 300 MW power station envisaged to provide power to Shumba’s petrochemical plant, which will first provide Botswana with up to 80% of its domestic liquid / gas fuel requirements, and later the Southern African market at large – Kibo has a 35% interest in this and the petrochemical plant is supported by two major Chinese conglomerates.  The second is a 250-300 MW power station, planned to feed into the Botswana power grid – Kibo has an 85% interest in this.

Completing our African portfolio of interests is the 100% owned Mbeya Coal to Power Project (‘MCPP’) in Tanzania.  This project, fully developed to funding / construction ready status, with seven Mining Licences and water permits in place, comprises a 120 Mt coal deposit and a 300-600 MW power plant.  It too is making headway and remains an exciting opportunity as highlighted by the confirmation from TANESCO that Kibo has the option to develop the project for the severely undersupplied power export market.  Alongside this, we are exploring opportunities within the domestic market.

Beyond Africa, although presenting in a different shape and form, the energy crisis is just as critical. Three years ago, engineers forecasted an unprecedented “energy gap” in the UK in a decade’s time, with demand for electricity likely to outstrip supply by more than 40%, which could lead to blackouts (recently the UK experienced four major blackouts). Complementing its growth strategy, Kibo identified this as a strategic development opportunity and intends to support the UK energy mix with much needed flexible energy projects by developing a portfolio of small-scale power generation assets to support the UK power grid via its 60% interest in MAST Energy Developments (‘MED’) projects.  To this end, one site, the shovel-ready 5 MW gas-fuelled Bordersley power generation plant has been acquired and due diligence on several others are nearing conclusion.

The development of Bordersley had been progressing rapidly and ahead of schedule.  However, as has been explained in recent communications, COVID-19 has caused unavoidable delays to the planned construction and commissioning of the plant, which was due to take place by the end of Q1 2020.  We are doing all we can to continue to progress this and counter any further delays.  AB Group, the Italian power giant which will supply, construct and commission the Bordersley plant, continues to progress the project remotely. Furthermore, we have utilised this temporary on-site cessation of activity as an opportunity to consolidate our ownership of Bordersley to 100%, (see RNS dated 30 March 2020) allowing us to progress uninterrupted with comprehensive ongoing funding discussions for MED and Bordersley (see RNS dated 17 March 2020).  We remain firmly focussed on progressing this project, which offers significant near-term revenues thanks to the power purchase agreement we have in place with Statkraft and will of course continue to provide further updates as soon as we are in a position to do so.

I understand the lack of revised timings regarding project timelines is frustrating; COVID-19 is creating unprecedented challenges for us all, but I would like to assure shareholders that we continue to progress all projects within the current constraints.

Ultimately, we remain focused on delivering on our objective of building a leading-edge multi-asset energy company and I believe we have the requisite quality assets, skill set, team and partners and crucially development plan to do this. Yes, the current global backdrop has created unforeseen challenges; for starters, the various governments with whom we are in discussions with are currently focused on the welfare of citizens rather than power projects. However, having reacted quickly to minimise this disruption, we continue to make tangible progress across our portfolio. With an undeniable market demand for reliable, sustainable and affordable electricity, I believe our growth prospects are strong.

I am hopeful that the coming few weeks will provide further visibility regarding the impact of the pandemic but in the meantime, I wish you all a healthy and happy Easter.

Louis Coetzee

CEO

**ENDS**

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

Louis Coetzee

info@kibo .energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Philip Adler

+44 (0) 20 7392 1494

ETX Capital Limited

Joint Broker

Bhavesh Patel / Stephen Allen

+44 20 3440 6800

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations 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 UK Reserve Power generation market.

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