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

Kibo EnergyAnnouncement

22/09/2023 07:00

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RNS Number : 2870N  Kibo Energy PLC  22 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: 22 September 2023

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

 

Kibo Subsidiary Announces Updated Joint Venture Agreement Completion Date

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, announces that further to its previous updates on 12 July
2023, 4 August 2023 and 1 September 2023, respectively, its UK-based
multi-asset operator subsidiary Mast Energy Developments ('MED') has extended
the completion long-stop date for MED's first definitive and binding Joint
Venture Agreement ('JVA'). The revised completion date is now expected around
mid-October 2023 and will allow for the JV investor consortium to complete the
compulsory statutory process as set out in the announcement of 1 September
2023.

 

MED remains confident that the transaction will be completed and continues to
work towards this with the investor consortium.

 

Louis Coetzee, CEO of Kibo Energy, says: "Whilst the Company is clearly
disappointed at these ongoing delays in finalising completion of the
investment into MED, we remain in continuous dialogue with the investor
consortium and continue to be assured by them of their commitment to make this
investment and to complete the transaction as soon as possible."

 

Further details can be found in the full MED announcement, which is available
at med.energy (https://med.energy/?page_id=3140) as well as below:

 

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

 

Dated: 22 September 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 announcements dated 12 July 2023, 4 August 2023, and 1
September 2023 respectively, it has further extended the completion long-stop
date for the first definitive and binding Joint Venture Agreement ('JVA').
Completion is now expected around mid-October 2023. The further extension is
required to allow the JV investor consortium to complete the compulsory
statutory process, as set out in the announcement of 1 September 2023. This
process and timelines associated therewith remains beyond the control of the
Company and the JV investor who remains fully committed to see this completed
at the earliest possible date.

 

Although MED is continuing to work with the investor consortium and the board
have full confidence that the transaction will be completed, unless or until
the first definitive and binding Joint Venture Agreement ('JVA') has been
completed, Seira Capital Ltd ('Seira') remains contractually bound under the
JVA, and remains in breach of its obligations thereto. Should the investor
consortium fail to complete the transaction around the latest completion
extension date, MED will consider all its options, including but not limited
to commencing legal proceedings against Seira and affected parties, as well as
alternative investment opportunities.

 

Pieter Krügel, CEO of MED, commented: "We remain confident that the investor
consortium will be able to complete the transaction and the board have also
received written reassurance from the investor consortium in this regard."

 

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 September 2023

Corporate and Designated Adviser

River Group

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