1st Jul 2024 11:51
(Alliance News) - Kibo Energy PLC said on Monday London's AIM temporarily has suspended trading in its shares on Monday for failing to publish accounts & admission of the placing shares by Sunday.
Kibo has said is working "diligently" to have the accounts ready for publication at the end of July to early August.
Separately, Kibo also said its subsidiary Mast Energy Developments PLC is in advanced discussions over the potential acquisition of an existing operational 10-megawatt flexible power generation site located in south-western England.
The potential acquisition will be subject to final due diligence, contract, funding, and the usual various clearances and approvals associated with a transaction of this nature.
Mast Energy described talks as "positive", but it warns it cannot "guarantee on what terms or on what timeline the deal will occur".
Also, Mast Energy said it has completed overhaul of the first generator set at its 9-megawatt Pyebridge flexible power plant in Derbyshire, thanks to funding from RiverFort Global Opportunities PCC Ltd.
"We are very pleased that the overhaul of the first genset at Pyebridge has now been successfully completed according to plan, timeline and budget," Mast energy Chief Executive Officer Pieter Krugel said.
"Further, we are excited about the prospect of the Potential Acquisition, and although there is no guarantee on the current terms or timeline, we are working diligently to progress and complete the transaction as quickly as possible."
Kibo Energy PLC holds a 55% stake in Mast Energy.
By Artwell Dlamini, Alliance News reporter
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