Friday , July 12 2024

Kibo Energy ‘s Coetzee step down as CEO, director

Kibo Energy, the clean and renewable energy-focused development company, has announced changes to its corporate restructuring plan.


According to the company, the corporate restructuring plan including proposed board changes, a divestment programme, placing and restructuring of the company’s balance sheet.


The Kibo board, following consultation with various stakeholders and advisors, decided to reconsider its strategic direction and consequently, it can confirm that the previously announced proposed board changes will not proceed as originally planned.


Additionally, and as a result of this board composition review, the proposed placing of £500,000 at 0.015 pence as originally announced, will also not proceed and the Company has arranged and agreed a revised alternative board composition and a new placing (the “Revised Arrangements”).


The revised arrangements insofar include revised board changes. Kibo proposes to appoint Cobus van der Merwe as Executive Director subject to completion of regulatory due diligence. Cobus is currently the Chief Financial Officer of the Company, a position he has held for just over two years.


He is a qualified Chartered Accountant (South Africa) and has held senior financial, managerial and executive level positions for over 15 years in the investment management and energy, utilities and resources sectors. He has significant experience servicing clients based in the United Kingdom, Ireland and Africa with specific reference to the Energy and Resources industries. Further to this, he has extensive experience in managing bespoke investment portfolios for high net-worth individuals, including capital raising and facilitating deal making.


Cobus is a member of the South African Institute of Chartered Accountants (SAICA), and also holds a BCom degree in Accounting and a BCompt Honours degree in Accounting Science.


Kibo is also proposing to appoint Clive Roberts, a significant existing shareholder in Kibo, to the Board as a Non-Executive Director and Chairman subject to completion of regulatory due diligence.  Roberts is a large shareholder in KIBO and is excited to be joining the Board as the Company starts a new journey. After a 30-year career in investment banking Clive has spent the last 10 years investing in startups and AIM companies. He has helped raise significant funding for multiple companies and his market experience will be extremely valuable to the Company going forward.


All new directors’ appointments remain subject to formal signed documentation along with regulatory checks and the Board is mindful of managing the Company’s cash burn until further additional funding is secured.


Coincident with these appointments, Louis Coetzee, the company’s interim chairman and Chief Executive Officer will step down as CEO and Director. However, Coetzee will continue to assist the Company in a consulting capacity to assist, amongst other matters, with the prompt implementation and execution of the KBRP.


 The new board arrangements are however expected to cost significantly less than those previously announced.

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