Kibo Energy announces major acquisition and funding update

Kibo Energy PLC has entered a conditional agreement to acquire Carbon Resilience Pte Limited for $135 million. The consideration will be satisfied by issuing approximately 966 million new Kibo ordinary shares at a deemed price of £0.104 per share, following a proposed 1600:1 share consolidation. Carbon Resilience holds a portfolio of onshore wind, solar, and battery energy storage projects in Queensland, Australia, with a combined potential generation capacity exceeding 14GW across 900,000 hectares. This acquisition is a critical step in Kibo's strategy to develop large-scale firmed clean power solutions.

The transaction is classified as a reverse takeover (RTO) under AIM Rule 14 and is subject to several conditions, including shareholder approval, regulatory approvals, and satisfactory due diligence. To cover initial RTO costs and working capital, Kibo has issued a Convertible Loan Note (CLN) of up to £150,000 to an institutional investor, convertible at a 20% discount to the re-admission price. Further fundraising is anticipated to meet additional working capital and RTO costs.

Trading in Kibo's ordinary shares on AIM remains suspended pending the RTO's completion and the publication of an admission document.