Kibo Energy faces liquidity crunch after posting another annual loss
29th Jun 2023 08:29
(Alliance News) - Kibo Energy PLC on Thursday it has sought funding to address a liquidity crunch, as the company continued to post a loss in 2022. Read More
(Alliance News) - Kibo Energy PLC on Thursday it has sought funding to address a liquidity crunch, as the company continued to post a loss in 2022. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says five of a total of eight resolutions failed to reach the minimum threshold of 75% of the vote at an extraordinary general meeting held on Friday. These include equity securities allotment, amendment of the Memorandum of Association and amendment of the Articles of Association. Says 35% of shareholders voted against these resolutions. Read More
Mast Energy Developments PLC - London-based company which operates reserve power generation plants in the UK - Allots 11.7 million new shares following receipt of conversion notices from the institutional lender group under the terms of the recent reprofiling agreement on the balance of its outstanding loan facilities announced last week Wednesday. Read More
(Alliance News) - Shares in Mast Energy Developments soared by over 50% on Thursday after it agreed to a joint venture to create a 50 megawatt portfolio of gas peaker plants. Read More
(Alliance News) - Kibo Energy PLC said on Tuesday it has made "significant progress" in pilot tests for its biofuel projects in southern Africa. Read More
(Alliance News) - Mast Energy Developments PLC said on Friday its annual loss widened and warned that it might not be able to meet its debt obligations due to a cash crunch. Read More
(Alliance News) - Kibo Energy PLC said on Tuesday it was taking steps in warrant repricing, convertible loan conversion and loan reprofiling to ensure financial stability. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says it continues to advance the development of all of its projects and remains confident of meeting deadlines set for 2023. "That said, resolving the creation of new authorities is of an increasing concern as this materially affects the company's ability to secure project funding and debt financing at project level, which will inevitably impact on reaching financial close for the various projects at the set target dates," says Chief Executive Louis Coetzee. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Appoints Peter Oldacre as the new group business development executive. Oldacre is an experienced renewable energy and energy-storage project developer, Kibo says. "The appointment of Mr Oldacre further demonstrates Kibo's commitment to deliver a portfolio of operational revenue-generating projects within the next 18 to 24 months as previously announced," Kibo Chief Executive Louis Coetzee says. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says investee Mast Energy Developments PLC's nine-megawatt Pyebridge synchronous gas-powered flexible generation facility has obtained new capacity market contracts at "considerably" higher values following auction. Says new contracts will significantly enhance the facility's revenue profile and profitability. Read More
(Alliance News) - Kibo Energy PLC on Tuesday said its South African waste-to-energy project will potentially create new revenue stream from synthetic oil for the group. Read More
(Alliance News) - Kibo Energy PLC said on Wednesday it will resume trading on London Stock Exchange's AIM market after appointing Beaumont Cornish Ltd as its nominated adviser. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - In July, Kibo received 28.7 million new shares in Mast Energy Developments PLC, to partially settle GBP1 million of the outstanding shareholder loan owed to Kibo's subsidiary Kibo Mining Cyprus Ltd. Kibo has now sold 7.4 million of the shares for GBP239,514. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Warns its shares will be suspended from the AIM on Monday if it does not find a nominated adviser, a financial services firm that shepherds a company onto the AIM. RFC Ambrian Ltd will cease to act as nominated adviser for Kibo from the close of business on Friday. Says it is in "very advanced discussion" with a new nominated adviser, with their appointment subject to completion of due diligence. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Agrees a further extension of five months months for the redemption date of the convertible loan note, with all noteholders. The new redemption date in now February 28. The further extension includes notes in aggregate of GBP657,985. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Signs a renewed memorandum of understanding to supply power to Tanzania Electric Supply Co Ltd from its Mbeya power project. This project was first announced in February 2018. In terms of the renewed power purchase agreement, TANESCO will buy power with a capacity of 300 megawatts from Mbeya Power Ltd, a subsidiary of Kibo. Read More
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Andreas Lianos retires as a director after seven years, with immediate effect, due to personal circumstances, Kibo says. Read More