TIDMKIBO
RNS Number : 8689Y
Kibo Energy PLC
08 January 2024
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: 8 January 2024
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces an Update on Joint Venture
Agreement
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, announces that further to its
previous announcement dated 2 January 2024, its subsidiary Mast
Energy Developments PLC ('MED'), a UK-based multi-asset owner,
developer and operator in the rapidly growing flexible market, has
announced a further update regarding its Joint Venture Agreement
('JVA') with Proventure Holdings (UK) Ltd, part of the Proventure
Group ('Proventure'). Proventure has still not made the first GBP1m
payment to the Project Special Purpose Vehicle ('SPV'), which MED
now understands was delayed due to a lack of coordination and
administrative difficulties on the side of Proventure over the
festive period. Proventure CEO, Mr. Kona, will travel to London
soon to work with the MED CEO and board to expedite the delivery of
the overdue payments, as well as to finalise the outstanding
administration to complete the JVA transaction.
MED is furthermore in discussions with respect to an alternative
source of short-term funding to ensure that any further delays
regarding the JVA will not unduly impact MED's operations.
Further details can be found in the full MED announcement, which
is available below and at med.energy :
-------------------------
Dated: 8 January 2024
Mast Energy Developments PLC ('MED' or 'the Company')
MED Binding Joint Venture Agreement Progress 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 2
January 2024, Proventure has still not made the first GBP1m payment
to the Project SPV, which MED now understands was delayed due to a
lack of coordination and administrative difficulties on the side of
Proventure over the festive holiday period. Proventure CEO, Mr.
Kona will be travelling to London soon, in order to work with the
MED CEO and board to expedite delivery of the overdue JVA
investment payments, as well as to finalise the outstanding
administration to complete the JVA transaction.
The Company will provide a further update as soon as possible on
the outcome of the deliberations referred to above.
The Company is furthermore in advanced discussions in respect of
an alternative source of short-term funding to ensure that any
further delays regarding the JVA will not unduly impact the
Company's ability to meet its working capital requirements.
Pieter Krügel, MED CEO, commented: "The past year has proven
exceptionally challenging for MED, not only from a macro-economic
perspective affecting most businesses globally, but also from a
transactional perspective. However, we are looking forward to the
new year to realise MED's plans and potential, and we sincerely
thank our shareholders and key stakeholders for their ongoing
patience and support."
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 Media
van Rijmenant Relations Consultant
------------------------------ ----------------------- ----------------------
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
Johannesburg
8 January 2024
Corporate and Designated Adviser
River Group
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END
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