Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce that the ordinary shares of MAST Energy Developments Plc ("MED"), in which Kibo holds a 55.42% interest, will commence trading on the Official List for listed securities of the London Stock Exchange plc ('LSE') under the ticker MAST ('Admission').
Louis Coetzee, CEO of Kibo Energy, commented:
"I am delighted with the strong support that MED has received from key institutions and retail investors, which has valued this business at £23 million on Admission. As MED's majority shareholder, with an interest of 55.42%, this crystallises the value of this component of our company and also provides us with significant upside to the UK flexible energy industry. We believe that MED is entering a period of high impact news flow and we look forward to updating the market on this in due course."
As part of the Admission process MED has raised 5.54 million through a placing of 47,150,000 Ordinary Shares (representing 25% of MED issued share capital on Admission) at 12.5 pence per Ordinary Share to institutional and retail investors, with a market capitalisation of circa £23 million on Admission. On Admission, MED will have 188,564,036 Ordinary Shares in issue.
MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market; this is critical for the renewable energy market, which needs natural gas as a back-up source of energy given renewable supply can be intermittent.
To this end, MED has an initial portfolio of small-scale power generation assets, which, on listing, will be in a position to develop at scale and pace, as opposed to a project-by-project basis, and will advance rapidly towards significant revenue generation. On listing, MED expects to have c.9 MW in immediate production capacity, c.20 MW in production capacity within the first six months from listing, and another c.20 MW in production capacity over the next six months. Various other "shovel ready" sites have already been identified in the UK.