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Kibo Subsidiary Announces Update on Completion of Joint Venture
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: 4 August 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces Update on Completion of Joint Venture
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces today that its subsidiary Mast Energy Developments (‘MED’), a UK-based multi-asset
operator in the rapidly growing flexible power market, has extended the completion long-stop date
for its first definitive and binding Joint Venture Agreement (‘JVA’), as announced on 12 July 2023,
on account of exceptional circumstances as detailed below.
MED is currently working with the investor consortium to finalise the necessary logistical and
statutory arrangements to ensure the completion and transfer of funds in accordance with the revised
long-stop date as well as finalise terms for the second joint venture, which as previously announced,
would increase the total investment value to c. £31m.
Further details can be found in the full announcement, which can be viewed at med.energy. The full
text of the MED RNS follows:
–––––––––––––––––––––––––––––––––––––––––––
Dated: 4 August 2023
Mast Energy Developments PLC (‘MED’ or ‘the Company’)
MED Binding Joint Venture 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 announcement dated
12 July 2023, it has extended the completion long-stop date for the first definitive and binding Joint
Venture Agreement (‘JVA’) on account of exceptional circumstances. The revised completion date
is now expected around 31 August 2023. The extension is due to the principal of Seira Capital, MED’s
JV lead investor partner being involved in a tragic road accident in which he was seriously injured
and remaining hospitalised and in critical condition. MED is currently working with the JV investor
consortium to expedite the transfer of the JVA investment funds and to complete the transaction
without any further undue delay. In this regard, the Company has received the full co-operation of
the investor consortium and has already reached agreement on how the revised completion long-stop
date can be met. The parties are now working on finalising the necessary logistical and statutory
arrangements to ensure successful completion and transfer of funds in accordance with the revised
long-stop date.
Further, the JVA also commits both parties, as set out in MED’s announcement dated 12 July 2023,
to promptly finalise terms on a second joint venture that will increase the envisaged total investment
value to c. £31m, with a total portfolio of low-carbon flexible gas generation peaker plants totally a
combined generation output of up to c. 33 MW, to be developed and/or acquired, constructed and in
production and income-generating under the two joint ventures (‘Secondary JVA’). MED has now
received the published guidance from the FCA and the FCA have confirmed that they agree with
MED that entrance into the second joint venture would not constitute a reverse takeover. As such,
notwithstanding the extension of completion of the first JVA as referred to above, MED will
endeavour to finalise terms for the second JV promptly.
Pieter Krügel, CEO of MED, commented: "We wish our JV investor partner principal and his
family all the best during this challenging time. We are pleased to receive support from the JV
investor consortium in the meantime, and we are confident that we will be able to complete the
transaction shortly.
“Further, we are pleased to have received the clearance from the FCA regarding the Secondary JVA,
and we are looking forward to finalising the second JVA promptly and will update the market on both
matters in due course."
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 PLC CEO
Jon Belliss +44 (0)20 7399 9425 Novum Securities Corporate Broker
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor & Media Relations
van Rijmenant Advisor
This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.
**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 Limited Nominated Adviser
Roland Cormish
Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker
Damon Heath +44 207 186 9952 Shard Capital Partners LLP Joint Broker
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and Media
van Rijmenant Relations Consultant
Johannesburg
04 August 2023
Corporate and Designated Adviser
River Group
Date: 04-08-2023 08:00:00
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