REG - Kibo Energy PLC - Kibo Subsidiary - Further Update of Payment to JVA

Kibo EnergyAnnouncement

02/01/2024 07:00

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RNS Number : 3339Y  Kibo Energy PLC  02 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: 2 January 2024

 

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

 

Kibo Subsidiary Announces Further Update of Payment to Joint Venture Agreement

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, announces that further to its previous announcement dated
22 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 not, to date, received a formal update from Proventure
Holdings (UK) Ltd, part of the Proventure Group ('Proventure'), regarding the
status of a first £1m payment due to the MED Project Special Purpose Vehicle
('SPV') by no later than 4pm US-time on 29 December 2023. Given that the
aforementioned deadline was after the close of business UK-time on 29 December
2023, as well as the recent New Year's Day bank holiday long weekend, MED has
formally engaged with Proventure on this matter today, which was the first
opportunity to do so, and is awaiting their response.

 

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: 2 January 2024

 

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 further to
its previous RNS dated 22 December 2023, based on the most recent written
assurance from Proventure as well as its funders, Proventure will initiate
transfer of a first £1m payment to the Project SPV by no later than 4pm
US-time on 29 December 2023. Due to the aforementioned deadline being after
close of business UK-time on the 29th of December 2023 and given the recent
New Year's Day banking holiday long weekend, MED has to date not received any
formal update from Proventure regarding the status of the aforementioned
payment. The Company has now formally engaged with Proventure on this matter,
given that today was the first opportunity to do so and is awaiting their
response. A further update will be provided to the market as soon as possible.

 

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

2 January 2024

Corporate and Designated Adviser

River Group

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