REG - Kibo Energy PLC - Kibo Subsidiary Announces an Update on JVA

Kibo EnergyAnnouncement

08/01/2024 07:00

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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 £1m 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 (https://med.energy/?page_id=3140) :

 

-------------------------

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 £1m 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 (http://www.med.energy/)
or contact:

 Pieter Krügel                 Info@med.energy (mailto:Info@med.energy)                              Mast Energy Developments PLC  CEO
 Jon Belliss                   +44 (0)20 7399 9425                                                   Novum Securities              Corporate Broker
 Zainab Slemang van Rijmenant  zainab@lifacommunications.com (mailto:zainab@lifacommunications.com)  Lifa Communications           Investor & 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 (http://www.kibo.energy/)
or contact:

 

 Louis Coetzee                 info@kibo.energy (mailto:info@kibo.energy)                            Kibo Energy PLC             Chief Executive Officer
 James Biddle Roland Cornish   +44 207 628 3396                                                      Beaumont Cornish Limited    Nominated Adviser
 Claire Noyce                  +44 20 3764 2341                                                      Hybridan LLP                Joint Broker
 Damon Heath                   +44 207 186 9952                                                      Shard Capital Partners LLP  Joint Broker
 Zainab Slemang van Rijmenant  zainab@lifacommunications.com (mailto:zainab@lifacommunications.com)  Lifa Communications         Investor and Media 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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