(Alliance News) – Kibo Energy PLC re-entered the London Stock Exchange's AIM on Tuesday after being suspended as the cash shell posted a reduced loss following a “vast” restructuring.
The Galway, Ireland-based company is an empty shell that previously owned energy projects in Africa and the United Kingdom.
Kibo said in its latest half-year results that it expected trading in its shares on AIM to resume from Tuesday. Its shares were suspended due to delays in publishing its financial results.
For the first half of 2024, the pre-tax loss was GBP 636,228, compared to GBP 1.8 million a year earlier.
Revenue fell by 11% from £198,438 to £176,697, partly due to asset disposals.
During the first half ending June 30, Kibo significantly reduced its stake in Mast Energy Developments PLC. It also sold its stake in Kibo Energy Botswana Ltd in January to Aria Capital Management for GBP70,000.
Kibo made a profit of GBP 334,351 on the disposal of non-current assets, compared to none the previous year.
Impairment of non-current assets amounted to GBP 15,315, compared to a reversal of impairment of GBP 4.1 million.
Kibo has decided to implement a broad restructuring and repositioning plan during the first half of 2024, focused on Kibo's transition into a broader energy company.
The restructuring plan saw the company reshuffle its board of directors, sell assets, and a partial sale and restructuring of its debt debt as well as an agreement for a partial conversion of trade creditors' debt into equity .
Kibo shares were unchanged at 0.013 pence each in London on Tuesday morning. In Johannesburg, actions remain suspended.
By Artwell Dlamini, Alliance News journalist
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All rights reserved.
