Kibo Energy PLC Kibo Subsidiary Announces JVA Completion Update (6926X)
December 22 2023 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 6926X
Kibo Energy PLC
22 December 2023
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 22 December 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces Joint Venture Agreement Completion
Update
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, announces that further to its
previous announcement dated 11 December 2023, its subsidiary Mast
Energy Developments PLC ('MED'), a UK-based multi-asset owner,
developer and operator in the rapidly growing flexible market, has
received written assurance from Proventure Holdings (UK) Ltd, part
of the Proventure Group ('Proventure') as well as its funders that
Proventure will initiate transfer of a first GBP1m payment to the
Project Special Purpose Vehicle ('SPV') by 4 pm US-time on 22
December 2023 but no later than 29 December 2023. The remaining
balance of GBP1m to satisfy the Interim Payment requirement under
the terms of the binding Joint Venture Agreement ('JVA') will be
transferred to the Project SPV by no later than 4 pm UK-time on 11
January 2024.
As a result, after due and careful consideration, and given the
commitment of the first GBP1m payment by Proventure, MED has
provided Proventure with a further extension of the time allowed
accordingly for Proventure to remedy its current position and to
perform its obligations under the binding JVA.
Further details can be found in the full MED announcement, which
is available below and at med.energy :
-------------------------
Dated: 22 December 2023
Mast Energy Developments PLC ('MED' or 'the Company')
MED Binding Joint Venture Agreement Completion Update
Mast Energy Developments PLC, the UK-based multi-asset owner,
developer and operator in the rapidly growing flexible power
market, announces that further to its previous announcement dated
11 December 2023, the MED board has received written assurance from
Proventure as well as its funders that Proventure will initiate
transfer of a first GBP1m payment to the Project SPV by pm US-time
on 22 December 2023, but no later than 29 December 2023. Further,
the remaining balance of GBP1m to satisfy the Interim Payment
requirement under the terms of the binding JVA will be transferred
to the Project SPV by no later than 4 pm UK-time on 11 January
2024. Resultingly, after due and careful consideration, and given
the firm commitment by Proventure that the first GBP1m payment will
be made shortly, MED has provided Proventure with a further
extension of the time allowed accordingly for Proventure to remedy
its current position and to perform its obligations under the
binding JVA.
ENDS
This announcement contains inside information for the purposes
of the UK version of the Market Abuse Regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('UK MAR'). Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
For further information please visit www.med.energy or
contact:
Pieter Krügel Info@med.energy Mast Energy Developments CEO
PLC
------------------------------ ------------------------- -----------------
Jon Belliss +44 (0)20 7399 9425 Novum Securities Corporate
Broker
------------------- ------------------------------ ------------------------- -----------------
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor &
van Rijmenant Media Relations
Advisor
------------------- ------------------------------ ------------------------- -----------------
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulations (EU) no.
596/2014 as it forms part of United Kingdom domestic law by virtue
of the European Union (Withdrawal) Act 2018 ('UK MAR'). Upon the
publication of this announcement, this information is now
considered to be in the public domain.
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive
Officer
James Biddle +44 207 628 3396 Beaumont Cornish Nominated Adviser
Roland Cornish Limited
------------------------------ ----------------------- ------------------
Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker
------------------------------ ----------------------- ------------------
Damon Heath +44 207 186 9952 Shard Capital Partners Joint Broker
LLP
------------------------------ ----------------------- ------------------
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and
van Rijmenant Media Relations
Consultant
------------------------------ ----------------------- ------------------
Johannesburg
22 December 2023
Corporate and Designated Adviser
River Group
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END
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