Kibo Energy (KIBO) is one of those AIM shares that seems to exist primarily to provide an income to the directors first and foremost. The RNS on 5th February did however catch my eye. This stated the valuation of Mast Energy Developments (MED), due to be spun out of Kibo and list on Wednesday (14th April) at £23.6 million, with Kibo retaining a 55% stake. It was a clear disconnect of value to Kibo’s share price at the time.
This series has gone on long enough so I’m bringing it to close this month with the biggest news relating to the ongoing moving of the goalposts at Kibo Energy (KIBO) which makes one wonder whether the flagship project in Tanzania is ever going to see the light of day.
I’ve been following the Kibo Mining (KIBO) story for a while now watching Louis Coetzee continuing to fail to deliver the PPA at its flagship Mbeya power project but Friday’s announcement raised my eyebrows slightly higher than normal. In my view, it is either securities fraud or merely epitomises all that is wrong about disclosures and announcements and the roles of the various advisers at the lower end of the market.
When I started this series in January, I didn’t realise how dispiriting it would be as, yet again, my seven wannabe Loch Ness Monsters have proven to be just another set of blurry photographs of tree branches. At this rate I’m going to struggle to make it to the end of the year but at least I’m not a shareholder in any of them I guess.
Louis Coetzee is clearly a bit of a tease. On Tuesday, Kibo Mining (KIBO) was expected to update its investors on ongoing Power Purchase Agreement discussions and things looked promising when it issued a Company Update at 2pm... only for all shareholders to be bitterly disappointed by yet another discounted placing! What is going on Louis?
