Kibo Energy PLC Kibo UK Subsidiary JVA Interim Payment Update (1600T)
13 November 2023 - 6:00PM
UK Regulatory
TIDMKIBO
RNS Number : 1600T
Kibo Energy PLC
13 November 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: 13 November 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo UK Subsidiary Issues Update on Joint Venture Agreement
Interim Payment Update
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, announces that, further to its
previous announcement dated 23 October 2023, its subsidiary Mast
Energy Developments PLC ('MED'), a UK-based multi-asset owner,
developer and operator in the rapidly growing flexible power
market, has today extended the payment date of an initial sum of
GBP2,000,000 (the 'Interim Payment') to the Joint Venture SPV from
Proventure, who is required to make the payment under the terms of
the JVA. The Interim Payment was to be received by 10 November 2023
but due to administrative and international banking transfer
delays, as notified by Proventure, Proventure is still in the
process of delivering the Interim Payment. As a result, MED has
extended the payment deadline and the Interim Payment is expected
to be received between 15 and 30 November 2023. Both parties have
agreed that Proventure will incur and pay to MED a late payment
penalty of GBP3,000 per day, commencing on and calculated from 11
November 2023. If the Interim Payment is received by MED before or
on 15 November 2023, MED will waive any late payment penalties that
have incurred.
Further details can be found in the full announcement, which can
be viewed below and at med.energy .
-------------------------------------------
Dated: 13 November 2023
Mast Energy Developments PLC ('MED' or 'the Company')
MED Binding Joint Venture Agreement Interim Payment 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
23 October 2023, under the terms of the JVA, Proventure is required
to make an initial interim payment of GBP2,000,000 (the "Interim
Payment") to the Joint Venture SPV. The Interim Payment was to be
received by 10 November 2023, but MED has been notified that due to
administrative and international banking transfer delays,
Proventure is still in the process to deliver the Interim
Payment.
As a result, MED has extended the Interim Payment deadline, and
the Interim Payment is now expected to be received between 15 and
30 November 2023. In consideration for MED granting a further
extension in respect of the Interim Payment deadline, it has been
agreed between both parties that Proventure will incur and pay to
MED a late payment penalty. Proventure will incur a late payment
penalty for every day that the Interim Payment is received late to
the amount of GBP3,000 per day, commencing on and calculated from
11 November 2023, until the Interim Payment and the balance of
investment pursuant to the JVA are paid in full on or before the
completion long-stop date of 30 November 2023.
If the Interim Payment is however received before or on 15
November 2023, MED will waive any late payment penalties that have
been incurred until that point in time. Notwithstanding the
extension of the Interim Payment deadline as referred to above, the
JVA completion date and the payment of the balance of the
investment due of c. GBP3.9m is still expected by around 30
November 2023.
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 & Media
van Rijmenant 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
13 November 2023
Corporate and Designated Adviser
River Group
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END
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