REG - Kibo Energy PLC - Kibo Subsidiary Announces Update on JV Completion

Kibo EnergyAnnouncement

04/08/2023 07:00

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RNS Number : 2720I  Kibo Energy PLC  04 August 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: 4 August 2023

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

 

Kibo Subsidiary Announces Update on Completion of 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 extended the completion long-stop date for its
first definitive and binding Joint Venture Agreement ('JVA'), as announced on
12 July 2023, on account of exceptional circumstances as detailed below.

 

MED is currently working with the investor consortium to finalise the
necessary logistical and statutory arrangements to ensure the completion and
transfer of funds in accordance with the revised long-stop date as well as
finalise terms for the second joint venture, which as previously announced,
would increase the total investment value to c. £31m.

 

Further details can be found in the full announcement, which can be viewed at
med.energy (https://med.energy/?page_id=3140) . The full text of the MED RNS
follows:

 

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

Dated: 4 August 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 announcement dated 12 July 2023, it has extended the
completion long-stop date for the first definitive and binding Joint Venture
Agreement ('JVA') on account of exceptional circumstances. The revised
completion date is now expected around 31 August 2023. The extension is due to
the principal of Seira Capital, MED's JV lead investor partner being involved
in a tragic road accident in which he was seriously injured and remaining
hospitalised and in critical condition. MED is currently working with the JV
investor consortium to expedite the transfer of the JVA investment funds and
to complete the transaction without any further undue delay. In this regard,
the Company has received the full co-operation of the investor consortium and
has already reached agreement on how the revised completion long-stop date can
be met. The parties are now working on finalising the necessary logistical and
statutory arrangements to ensure successful completion and transfer of funds
in accordance with the revised long-stop date.

 

Further, the JVA also commits both parties, as set out in MED's announcement
dated 12 July 2023, to promptly finalise terms on a second joint venture that
will increase the envisaged total investment value to c. £31m, with a total
portfolio of low-carbon flexible gas generation peaker plants totally a
combined generation output of up to c. 33 MW, to be developed and/or acquired,
constructed and in production and income-generating under the two joint
ventures ('Secondary JVA'). MED has now received the published guidance from
the FCA and the FCA have confirmed that they agree with MED that entrance into
the second joint venture would not constitute a reverse takeover. As such,
notwithstanding the extension of completion of the first JVA as referred to
above, MED will endeavour to finalise terms for the second JV promptly.

 

Pieter Krügel, CEO of MED, commented: "We wish our JV investor partner
principal and his family all the best during this challenging time. We are
pleased to receive support from the JV investor consortium in the meantime,
and we are confident that we will be able to complete the transaction shortly.

"Further, we are pleased to have received the clearance from the FCA regarding
the Secondary JVA, and we are looking forward to finalising the second JVA
promptly and will update the market on both matters in due course."

 

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 Cormish   +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

04 August 2023

Corporate and Designated Adviser

River Group

 

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