REG - Kibo Energy PLC - Subsidiary Director Loan & PMDR Share Sale

Kibo EnergyAnnouncement

15/12/2023 07:00

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RNS Number : 9050W  Kibo Energy PLC  15 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: 15 December 2023

 

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

 

Kibo Energy Subsidiary Announces Director Loan & PMDR Share Sale

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, today announces that its subsidiary Mast Energy
Developments PLC ('MED'), a UK-based multi-asset owner, developer and operator
in the rapidly growly flexible power market has received a director loan
amounting to £81,329 (the 'Director Loan') from Paulus Fillippus Venter, a
non-executive director and significant shareholder of MED. The proceeds from
the Director Loan will be used for MED's working capital requirements and is a
result of Mr. Venter selling 14,000,000 MED shares (the 'Loan Shares') of his
total beneficial holdings of 17,708,538 MED shares.

 

The key terms of the Director Loan include no fixed-term repayment, an
interest accrual rate of 7% per annum on the principal amount of the Director
Loan outstanding, and the issuance in repayment of the same number of Loan
Shares (as Mr. Venter as lost equity number, not equity value, by the Director
Loan), subject to the Company complying with its statutory obligations and
shareholder authorities (incl. headroom).

 

As Mr. Venter is a Person Discharging Managerial Responsibility ('PDMR') under
MED's Share Dealing Policy Code, he has obtained consent from MED for the sale
of the Loan Shares, completed on 13 December 2023 and has notified the
Financial Conduct Authority ('FCA') in the prescribed manner, the details of
which can be viewed on the Dealing Notification Form in the MED announcement
below.

 

The Director Loan is a related party transaction under DTR 7.3.3R and MED has
complied with its obligations under DTR 7.3.4R and DTR 7.3.14G.

 

Following the transaction, Mr. Venter and his related parties will have a
beneficial interest of 1.41% in the issued share capital of MED.

 

Further details can be found in the full MED announcement, which is available
below and at med.energy (https://med.energy/) :

 

 

Dated: 15 December 2023

 

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

Director Loan & PDMR Share Sale

 

Mast Energy Developments PLC, the UK-based multi-asset owner, developer and
operator in the rapidly growing flexible power market, is pleased to announce
that Paulus Fillippus Venter, a non-executive director and significant
shareholder of the Company, has provided MED with a director loan amounting to
£81,329 (the 'Director Loan'). The proceeds of the Director Loan will be used
for MED's working capital requirements. In order to fund the Director Loan,
Mr. Venter has sold 14,000,000 MED shares (the 'Loan Shares') of his total
beneficial holdings of 17,708,538 MED shares. The key terms of the Director
Loan are as follows:

 

·    No fixed term of repayment, with a repayment longstop date of 12
months (from the date of the Director Loan) (the 'Longstop Date');

·    Interest shall accrue and be paid on the principal amount of the
Director Loan outstanding at 7% per annum; and

·    The repayment will be by the issuance of the same number of Loan
Shares (as Mr. Venter has lost equity number, not equity value, by the
Director Loan), subject to the Company complying with its statutory
obligations and shareholder authorities (incl. headroom).

 

As Mr. Venter is a Person Discharging Managerial Responsibility ('PDMR') under
the Company's Share Dealing Policy Code, he has obtained consent from the
Company for the sale of the Loan Shares, which was completed on 13 December
2023. Mr Venter has also notified the Financial Conduct Authority ('FCA') in
the prescribed manner by submitting the details shown on the Dealing
Notification Form below.

 

The Director Loan is a related party transaction under DTR 7.3.3R and the
Company has complied with its obligations under DTR 7.3.4R and DTR 7.3.14G.

 

Following this transaction, Mr. Venter and his related parties will have a
beneficial interest of 1.41% in the Company's issued share capital.

 

Pieter Krügel, CEO of MED, commented: "We are very pleased that Mr. Venter
was willing and able to provide MED with a director loan, which shows his
ongoing commitment to and support of the business. This loan will ensure that
MED's short-term working capital requirements are met while we wait for the JV
investment to be completed, as per our recent announcements."

 

DEALING NOTIFICATION FORM

FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY
ASSOCIATED PERSONS

 

 1.  Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name:                                                         Paulus Fillippus Venter
 2.  Reason for the notification
 a)  Position/status:                                              Non-executive Director -PDMR
 b)  Initial notification/Amendment:                               Initial
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name:                                                         Mast Energy Developments PLC
 b)  LEI:                                                          213800HFVHGJ9YGO9F71
 4.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument:  Ordinary Shares of £0.001 each

     Identification code                                           GB00BMBSCV12 / MAST
 b)  Nature of the transaction:                                    Sale of Securities
 c)  Price(s) and volume(s):
 d)  Aggregated information:                                       N/A

     Aggregated volume:

     Price:
 e)  Date of the transaction:                                      13 December 2023
 f)  Place of the transaction:                                     London Stock Exchange

 

**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

15 December 2023

Corporate and Designated Adviser

River Group

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