Kibo raises £0.15m to continue delayed audit, appoints interim CEO

5th Jul 2024 12:25

(Sharecast News) - Renewable energy developer Kibo Energy announced the receipt of £0.15m on Friday, in first trance placing proceeds, to enable the continuation of the audit for the 2023 accounts.

The AIM-traded firm said that as a result, 1,785,714,286 placing shares had been issued and allotted to Peter Williams.

It also said it had partially completed its proposed board changes.

Jacobus 'Cobus' Johannes van der Merwe had been appointed as an executive director and interim chief executive officer, effective immediately.

That followed the retirement of Louis Coetzee from his roles as director and CEO.

Additionally, Clive Roberts would join the board pending regulatory approval.

Kibo said van der Merwe, 43, is a qualified Chartered Accountant in South Africa, with over 15 years of experience in senior financial, managerial, and executive roles within the investment management and energy sectors.

He boasted significant expertise in the energy and resources industries, capital raising, and managing investment portfolios for high net-worth individuals.

Prior to his current role, he served as Kibo's chief financial officer and a member of the executive committee for two years.

He holds a BCom degree in accounting and a BCompt honours degree in accounting science, and is a member of the South African Institute of Chartered Accountants (SAICA).

His current directorships included Logicliq, Nextgen Fuels, Icon Park, Sustineri Energy, and NG National Broadband Solutions, with no former directorships in the last five years.

Van der Merwe holds no interest in Kibo's securities.

Kibo Energy said it would apply for the admission of the placing shares to trading on AIM, expected to become effective following the resumption of trading after the publication of the 2023 accounts.

Following the issue, its total share capital would consist of 6,146,662,050 ordinary shares.

Reporting by Josh White for Sharecast.com.