REG - Kibo Energy PLC - Kibo UK Subsidiary JVA Interim Payment Update

Kibo EnergyAnnouncement

13/11/2023 07:00

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RNS Number : 1600T  Kibo Energy PLC  13 November 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: 13 November 2023

 

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

 

Kibo UK Subsidiary Issues Update on Joint Venture Agreement Interim Payment
Update

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, announces that, further to its previous announcement
dated 23 October 2023, its subsidiary Mast Energy Developments PLC ('MED'), a
UK-based multi-asset owner, developer and operator in the rapidly growing
flexible power market, has today extended the payment date of an initial sum
of £2,000,000 (the 'Interim Payment') to the Joint Venture SPV from
Proventure, who is required to make the payment under the terms of the JVA.
The Interim Payment was to be received by 10 November 2023 but due to
administrative and international banking transfer delays, as notified by
Proventure, Proventure is still in the process of delivering the Interim
Payment. As a result, MED has extended the payment deadline and the Interim
Payment is expected to be received between 15 and 30 November 2023. Both
parties have agreed that Proventure will incur and pay to MED a late payment
penalty of £3,000 per day, commencing on and calculated from 11 November
2023. If the Interim Payment is received by MED before or on 15 November 2023,
MED will waive any late payment penalties that have incurred.

 

Further details can be found in the full announcement, which can be viewed
below and at med.energy (https://med.energy/?page_id=3140) .

 

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

 

Dated: 13 November 2023

 

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

 

MED Binding Joint Venture Agreement Interim Payment 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 23 October 2023, under the terms of the
JVA, Proventure is required to make an initial interim payment of £2,000,000
(the "Interim Payment") to the Joint Venture SPV. The Interim Payment was to
be received by 10 November 2023, but MED has been notified that due to
administrative and international banking transfer delays, Proventure is still
in the process to deliver the Interim Payment.

 

As a result, MED has extended the Interim Payment deadline, and the Interim
Payment is now expected to be received between 15 and 30 November 2023. In
consideration for MED granting a further extension in respect of the Interim
Payment deadline, it has been agreed between both parties that Proventure will
incur and pay to MED a late payment penalty. Proventure will incur a late
payment penalty for every day that the Interim Payment is received late to the
amount of £3,000 per day, commencing on and calculated from 11 November 2023,
until the Interim Payment and the balance of investment pursuant to the JVA
are paid in full on or before the completion long-stop date of 30 November
2023.

 

If the Interim Payment is however received before or on 15 November 2023, MED
will waive any late payment penalties that have been incurred until that point
in time. Notwithstanding the extension of the Interim Payment deadline as
referred to above, the JVA completion date and the payment of the balance of
the investment due of c. £3.9m is still expected by around 30 November 2023.

 

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

13 November 2023

Corporate and Designated Adviser

River Group

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