REG - Mast Energy Dvlpmts. - MED Binding JVA Completion Update

Mast Energy DevelopmentsAnnouncement

11/12/2023 07:15

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RNS Number : 2543W  Mast Energy Developments PLC  11 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: 11 December 2023

 

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

 

Kibo Subsidiary Announces Further Update to the Completion of JVA

Updated Shareholding in MED

 

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused
development company, announces that further to its previous announcements
dated 23 October 2023, 13 November 2023 and 1 December 2023 respectively, the
Board of its subsidiary Mast Energy Developments PLC ('MED'), a UK-based
multi-asset owner, developer and operator in the rapidly growing flexible
market, has now received sufficient verbal and written confirmation from
Proventure Holdings (UK) Ltd, part of the Proventure Group ('Proventure'), and
its funders that the initial Interim Payment of £2m will be paid to the Joint
Venture Special Purpose Vehicle ('JV SPV') between 15 and 20 December 2023,
subject to signature of definitive agreements. MED has therefore extended the
time allowed accordingly for Proventure to remedy its current position and to
perform its obligations under the binding Joint Venture Agreement ('JVA').
Whilst Kibo remains very conscious of the numerous delays by Proventure in
providing this funding, the Company supports MED in its decision to provide an
extension to Proventure to satisfy its obligations under the JVA whilst at the
same time exploring alternative funding options.

 

The Company also advises of a small change in its shareholding in MED from
48.35% to 47.08%, as notified by MED in a TR1 of 5 December 2023.

 

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: 11 December 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 23 October 2023, 13 November 2023, and 1
December 2023 respectively, the MED board have received sufficient verbal and
written evidence from Proventure as well as its funders that the initial
Interim Payment of £2m will be paid to the JV SPV between 15 to around 20
December 2023, subject to signature of definitive agreements. Resultingly,
after due and careful consideration, MED has extended the time allowed
accordingly for Proventure to remedy its current position and to perform its
obligations under the binding JVA.

 

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          CEO

                                                                                                     Developments PLC
 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                  +44 207 628 3396                                                      Beaumont Cornish Limited    Nominated Adviser

 Roland Cornish
 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

11 December 2023

Corporate and Designated Adviser

River Group

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