7th Jun 2024 08:16
(Alliance News) - Kibo Energy PLC on Friday announced a corporate restructuring that involves a board overhaul, capital raise and repositioning of the group.
The Galway, Ireland-based company with energy projects in Africa and UK said it had decided to implement an "extensive" restructuring and repositioning plan focused on transitioning itself as a broader based energy company, looking also at opportunities in the oil and gas sector.
It is considering delisting from the Johannesburg Stock Exchange as part of this plan.
Kibo said it had conditionally raised GBP500,000 by way of a placing of 3.33 billion new shares at 0.015 pence each.
The stock dropped 38% to 0.019p in London early Friday in response.
Kibo said the majority of creditors had been assigned to a third party or to be converted into equity.
To shake-up the board, Stefania Barbaglio has been appointed chair. Barbaglio is the founder of PR Agency Cassiopeia.
Kibo named Mohammed Ashraf as a new chief executive officer. He is CEO of WAC Consultants, a company specialising in providing business development consulting services. Ashraf will step down as CEO of WAC Consultants.
James Parsons and Clive Roberts will join the Kibo aboard as non-executive directors. Parsons is chair of AIM-listed Ascent Resources PLC and a non-executive director at Echo Energy PLC.
All new appointments are subject to completion of regulatory due diligence. Noel O'Keeffe will remain on the Kibo board.
Louis Coetzee, the company's interim chair and CEO, will step down as CEO. His further involvement with the Kibo board is to be finalised.
Kibo said the new board has committed to review its composition and balance over the coming months alongside the introduction of a new project portfolio.
Cobus van der Merwe will continue in his capacity as chief financial officer for the time being.
By Artwell Dlamini, Alliance News reporter
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