Kibo Energy PLC Kibo Subsidiary - Further Update of Payment to JVA (3339Y)
January 02 2024 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 3339Y
Kibo Energy PLC
02 January 2024
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: 2 January 2024
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces Further Update of Payment to Joint
Venture Agreement
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, announces that further to its
previous announcement dated 22 December 2023, its subsidiary Mast
Energy Developments PLC ('MED'), a UK-based multi-asset owner,
developer and operator in the rapidly growing flexible market, has
not, to date, received a formal update from Proventure Holdings
(UK) Ltd, part of the Proventure Group ('Proventure'), regarding
the status of a first GBP1m payment due to the MED Project Special
Purpose Vehicle ('SPV') by no later than 4pm US-time on 29 December
2023. Given that the aforementioned deadline was after the close of
business UK-time on 29 December 2023, as well as the recent New
Year's Day bank holiday long weekend, MED has formally engaged with
Proventure on this matter today, which was the first opportunity to
do so, and is awaiting their response.
Further details can be found in the full MED announcement, which
is available below and at med.energy :
-------------------------
Dated: 2 January 2024
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 further to its previous RNS dated 22 December
2023, based on the most recent written assurance from Proventure as
well as its funders, Proventure will initiate transfer of a first
GBP1m payment to the Project SPV by no later than 4pm US-time on 29
December 2023. Due to the aforementioned deadline being after close
of business UK-time on the 29th of December 2023 and given the
recent New Year's Day banking holiday long weekend, MED has to date
not received any formal update from Proventure regarding the status
of the aforementioned payment. The Company has now formally engaged
with Proventure on this matter, given that today was the first
opportunity to do so and is awaiting their response. A further
update will be provided to the market as soon as possible.
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 &
van Rijmenant 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 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
2 January 2024
Corporate and Designated Adviser
River Group
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END
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