TIDMKIBO
RNS Number : 8853Q
Kibo Energy PLC
23 October 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: 23 October 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces Update on the Completion of Its
Binding Joint Venture Agreement
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, announces that further to its
previous announcements dated 12 July 2023, 4 August 2023, 1
September 2023 and 22 September 2023, respectively, its subsidiary
Mast Energy Developments PLC ('MED'), a UK-based multi-asset owner,
developer and operator in the rapidly growing flexible market, has
today signed a replacement first definitive and binding Joint
Venture Agreement ('JVA') with Proventure Holdings (UK) Ltd, part
of the Proventure Group ('Proventure'). This follows a
rearrangement of the investor consortium participation as
previously set out in a Company RNS dated 1 September 2023.
The terms of the replacement JVA are the same in all material
aspects as that of the previous JVA, as noted in a Company
announcement dated 12 July 2023. Further, under the terms of the
JVA, Proventure is required to make an initial interim payment of
GBP2,000,000 (the 'Interim Payment') to the Joint Venture Special
Purpose Vehicle ('SPV'), to be received no later than 10 November
2023. The consortium's proof of funds has already been provided by
Proventure. As such, MED has extended the completion long-stop date
for the JVA as well as the payment of the balance of the
investment, amounting to c. GBP3.9 million, by no later than 30
November 2023. The JVA further commits both parties to promptly
finalise terms on a second joint venture as previously detailed in
an announcement dated 12 July 2023.
Louis Coetzee, CEO of Kibo Energy, says: "We are pleased that
MED is partnering with a reputable institutional investor such as
Proventure and have full confidence that the parties will conclude
the transaction in accordance with the revised long-stop date,
paving the way for the further success of the second joint
venture."
Further details can be found in the full MED announcement, which
is available below and at med.energy:
-------------------------
Dated: 23 October 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, 1 September 2023, and 22 September
2023 respectively, it has today signed a replacement first
definitive and binding Joint Venture Agreement ('JVA') with
Proventure Holdings (UK) Ltd which is part of the Proventure Group
('Proventure'), following a rearrangement of the investor
consortium participation as set out in our announcement of 1
September 2023. Proventure was founded by Mr. Kona and is an Indian
based multi-national group specialising in renewable energy
investments globally. The terms of the replacement JVA are the same
in all material aspects as that of the previous JVA as set out in
our announcement of 12 July 2023. Further, under the terms of the
JVA, Proventure is required to make an initial interim payment of
GBP2,000,000 (the "Interim Payment") to the Joint Venture SPV (the
"JV"). The Interim Payment must be received by latest 10 November
2023, and the consortium's proof of funds has already been provided
by Proventure. As a result, MED has further extended the completion
long-stop date for the JVA. The revised completion date and the
payment of the balance of the investment due of c. GBP3.9m is now
expected by no later than 30 November 2023 (except where a later
date has been agreed by the Company and Proventure, on that date).
The further extension is required to allow Proventure to complete
the compulsory statutory process, as previously explained. Upon
completion of this process, the remaining balance of the JVA funds
due will be promptly transferred into the UK to complete the JVA
investment.
The JVA referred to above also commits both parties, as set out
in MED's announcement dated 12 July 2023, to promptly finalise
terms on a second joint venture. As such, notwithstanding the
extension of completion of the first JVA as referred to above, the
parties will endeavour to finalise terms for the second JV
promptly.
Pieter Krügel, CEO of MED, commented: "We are delighted to have
concluded the agreement with the replacement lead-investor, and
excited to partner with a well-established and reputable
institutional investor such as Proventure. The parties are fully
committed to finalise the statutory arrangements required to ensure
the successful completion and transfer of funds as quickly as
possible. We are confident that we will be able to complete the
transaction in accordance with the revised long-stop date."
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 or
contact:
Pieter Krügel Info@med.energy Mast Energy Developments CEO
PLC
Jon Belliss +44 (0)20 7399 9425 Novum Securities Corporate Broker
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor & Media
van Rijmenant 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 or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive
Officer
James Biddle +44 207 628 3396 Beaumont Cornish Nominated Adviser
Roland Cornish Limited
Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker
Damon Heath +44 207 186 9952 Shard Capital Partners Joint Broker
LLP
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and Media
van Rijmenant Relations Consultant
Johannesburg
23 October 2023
Corporate and Designated Adviser
River Group
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFFFVIIFLFFIV
(END) Dow Jones Newswires
October 23, 2023 02:04 ET (06:04 GMT)
Kibo Energy (AQSE:KIBO.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024
Kibo Energy (AQSE:KIBO.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024
