Kibo Mining (GB:KIBO) has released an update.
Kibo Energy PLC is set to hold an extraordinary general meeting (EGM) on October 11, 2024, to seek shareholder approval for a reverse takeover (RTO) with ESGTI AG, which would significantly expand its renewable energy project portfolio in Europe and Africa. Additionally, the company plans to dispose of its subsidiary, Kibo Mining (Cyprus) Limited, transferring its coal assets and assuming related liabilities to improve the balance sheet. These strategic moves require shareholder votes and could transform Kibo Energy into an AIM Rule 15 cash shell, necessitating a successful RTO within six months to avoid suspension from trading on AIM.
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