REG - Kibo Energy PLC - Kibo Subsidiary Announces JVA Completion Update

Kibo EnergyAnnouncement

22/12/2023 07:00

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RNS Number : 6926X  Kibo Energy PLC  22 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: 22 December 2023

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

 

Kibo Subsidiary Announces Joint Venture Agreement Completion Update

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, announces that further to its previous announcement dated
11 December 2023, its subsidiary Mast Energy Developments PLC ('MED'), a
UK-based multi-asset owner, developer and operator in the rapidly growing
flexible market, has received written assurance from Proventure Holdings (UK)
Ltd, part of the Proventure Group ('Proventure') as well as its funders that
Proventure will initiate transfer of a first £1m payment to the Project
Special Purpose Vehicle ('SPV') by 4 pm US-time on 22 December 2023 but no
later than 29 December 2023. The remaining balance of £1m to satisfy the
Interim Payment requirement under the terms of the binding Joint Venture
Agreement ('JVA') will be transferred to the Project SPV by no later than 4 pm
UK-time on 11 January 2024.

 

As a result, after due and careful consideration, and given the commitment of
the first £1m payment by Proventure, MED has provided Proventure with a
further extension of the time allowed accordingly for Proventure to remedy its
current position and to perform its obligations under the binding JVA.

 

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: 22 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 announcement dated 11 December 2023, the MED board has
received written assurance from Proventure as well as its funders that
Proventure will initiate transfer of a first £1m payment to the Project SPV
by pm US-time on 22 December 2023, but no later than 29 December 2023.
Further, the remaining balance of £1m to satisfy the Interim Payment
requirement under the terms of the binding JVA will be transferred to the
Project SPV by no later than 4 pm UK-time on 11 January 2024. Resultingly,
after due and careful consideration, and given the firm commitment by
Proventure that the first £1m payment will be made shortly, MED has provided
Proventure with a further extension of 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 (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

 

Johannesburg

22 December 2023

Corporate and Designated Adviser

River Group

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