Kibo Energy PLC MAST: Further Update to the Completion of JVA (2545W)

TIDMKIBO

RNS Number : 2545W

Kibo Energy 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 GBP2m 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

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

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 GBP2m 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 or contact:

 
 Pieter Krügel   [e-mail]                 Mast Energy Developments   CEO 
                                                       PLC 
                     ------------------------------  -------------------------  ------------------- 
 Jon Belliss          [phone]             Novum Securities           Corporate Broker 
-------------------  ------------------------------  -------------------------  ------------------- 
 Zainab Slemang       [e-mail]   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     [e-mail]                Kibo Energy PLC          Chief Executive 
                                                                             Officer 
 James Biddle      [phone]                Beaumont Cornish         Nominated Adviser 
  Roland Cornish                                    Limited 
                  ------------------------------  -----------------------  ---------------------- 
 Claire Noyce      [phone]                Hybridan LLP             Joint Broker 
                  ------------------------------  -----------------------  ---------------------- 
 Damon Heath       [phone]                Shard Capital Partners   Joint Broker 
                                                    LLP 
                  ------------------------------  -----------------------  ---------------------- 
 Zainab Slemang    [e-mail]   Lifa Communications      Investor and Media 
  van Rijmenant                                                              Relations Consultant 
                  ------------------------------  -----------------------  ---------------------- 
 

Johannesburg

11 December 2023

Corporate and Designated Adviser

River Group

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December 11, 2023 02:00 ET (07:00 GMT)