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

Kibo EnergyAnnouncement

01/09/2023 07:00

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RNS Number : 0012L  Kibo Energy PLC  01 September 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: 1 September 2023

 

Kibo Energy PLC ('Kibo' or the 'Company')

 

Kibo Subsidiary Announces Further Update on Binding Joint Venture

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, announces today that its subsidiary Mast Energy
Developments ('MED'), a UK-based multi-asset operator in the rapidly growing
flexible power market, has further extended the completion long-stop date for
the company's first definitive and binding Joint Venture Agreement ('JVA').
This follows MED's previous announcements dated 12 July 2023 and 4 August
2023, respectively.

 

The extension will allow the JV investor consortium to complete the compulsory
statutory process for the international transfer of funds associated with any
investment that qualifies as an outward direct investment. Funds will be
promptly transferred into the UK to complete the JVA upon completion of the
statutory process. The latter funds transfer was not previously a requirement
but follows due to Seira Capital being unable to complete the JVA, as detailed
in the MED announcement dated 4 August 2023, which necessitated a
rearrangement of the investor consortium participation.

 

Further details can be found in the MED announcement, which is available at
med.energy
(https://kibo.energy/index.php/investor-relations/rns-sens-releases/) . The
full text of the MED RNS follows:

 

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

 

Dated: 1 September 2023

 

Mast Energy Developments PLC ('MED' or 'the Company')

 

MED Binding Joint Venture 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 12 July 2023 and 4 August 2023,
respectively, it has further extended the completion long-stop date for the
first definitive and binding Joint Venture Agreement ('JVA'). The revised
completion date is now expected around 21 September 2023. The further
extension is required to allow the JV investor consortium to complete the
compulsory statutory process for the international transfer of funds
associated with any investment that qualifies as an outward direct investment.
Upon completion of this process, funds will be promptly transferred into the
UK to complete the JVA investment. This was not previously a requirement but
follows as a result of Seira Capital being unable to complete the first
definitive and binding JVA, for the reasons set out in the RNS of 4 August
2023 and which necessitated a rearrangement of the investor consortium
participation as previously explained.

 

Pieter Krügel, CEO of MED, commented: "We are pleased to receive the full
and ongoing support and co-operation from the JV investor consortium and with
the progress made towards completing the JVA investment. The parties are fully
committed to finalise the statutory arrangements required to ensure the
successful completion and transfer of funds as quickly as possible. We are
confident that we will be able to complete the transaction in accordance with
the revised long-stop date."

 

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 Market
Abuse Regulations (EU) no. 596/2014.

 

**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

 

Johannesburg

1 September 2023

Corporate and Designated Adviser

River Group

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