Kibo Energy PLC Kibo Subsidiary Update JVA Completion Announcement (3236W)
11 December 2023 - 7:21PM
UK Regulatory
TIDMKIBO
RNS Number : 3236W
Kibo Energy PLC
11 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: 11 December 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces Further Update to the Completion of
JVA
Updated Shareholding in MED
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, announces that further to its
previous announcements dated 23 October 2023, 13 November 2023 and
1 December 2023 respectively, the Board of its subsidiary Mast
Energy Developments PLC ('MED'), a UK-based multi-asset owner,
developer and operator in the rapidly growing flexible market, has
now received sufficient verbal and written confirmation from
Proventure Holdings (UK) Ltd, part of the Proventure Group
('Proventure'), and its funders that the initial Interim Payment of
GBP2m will be paid to the Joint Venture Special Purpose Vehicle
('JV SPV') between 15 and 20 December 2023, subject to signature of
definitive agreements. MED has therefore extended the time allowed
accordingly for Proventure to remedy its current position and to
perform its obligations under the binding Joint Venture Agreement
('JVA'). Whilst Kibo remains very conscious of the numerous delays
by Proventure in providing this funding, the Company supports MED
in its decision to provide an extension to Proventure to satisfy
its obligations under the JVA whilst at the same time exploring
alternative funding options.
The Company also advises of a small change in its shareholding
in MED from 48.35% to 47.08%, as notified by MED in a TR1 of 5
December 2023.
Further details can be found in the full MED announcement, which
is available below and at med.energy
-------------------------
Dated: 11 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 announcements dated
23 October 2023, 13 November 2023, and 1 December 2023
respectively, the MED board have received sufficient verbal and
written evidence from Proventure as well as its funders that the
initial Interim Payment of GBP2m will be paid to the JV SPV between
15 to around 20 December 2023, subject to signature of definitive
agreements. Resultingly, after due and careful consideration, MED
has extended 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 & 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 Media
van Rijmenant Relations Consultant
------------------------------ ----------------------- ----------------------
Johannesburg
11 December 2023
Corporate and Designated Adviser
River Group
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END
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