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Kibo Subsidiary Announces Updated Joint Venture Agreement Completion Date
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: 22 September 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces Updated Joint Venture Agreement Completion Date
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces that further to its previous updates on 12 July 2023, 4 August 2023 and 1 September 2023,
respectively, its UK-based multi-asset operator subsidiary Mast Energy Developments (‘MED’) has
extended the completion long-stop date for MED’s first definitive and binding Joint Venture
Agreement (‘JVA’). The revised completion date is now expected around mid-October 2023 and will
allow for the JV investor consortium to complete the compulsory statutory process as set out in the
announcement of 1 September 2023.
MED remains confident that the transaction will be completed and continues to work towards this
with the investor consortium.
Louis Coetzee, CEO of Kibo Energy, says: “Whilst the Company is clearly disappointed at these
ongoing delays in finalising completion of the investment into MED, we remain in continuous
dialogue with the investor consortium and continue to be assured by them of their commitment to
make this investment and to complete the transaction as soon as possible.”
Further details can be found in the full MED announcement, which is available at med.energy as well
as below:
–––––––––––––––––
Dated: 22 September 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, and 1 September 2023 respectively, it has further extended the
completion long-stop date for the first definitive and binding Joint Venture Agreement (‘JVA’).
Completion is now expected around mid-October 2023. The further extension is required to allow the
JV investor consortium to complete the compulsory statutory process, as set out in the announcement
of 1 September 2023. This process and timelines associated therewith remains beyond the control of
the Company and the JV investor who remains fully committed to see this completed at the earliest
possible date.
Although MED is continuing to work with the investor consortium and the board have full confidence
that the transaction will be completed, unless or until the first definitive and binding Joint Venture
Agreement (‘JVA’) has been completed, Seira Capital Ltd (‘Seira’) remains contractually bound
under the JVA, and remains in breach of its obligations thereto. Should the investor consortium fail
to complete the transaction around the latest completion extension date, MED will consider all its
options, including but not limited to commencing legal proceedings against Seira and affected parties,
as well as alternative investment opportunities.
Pieter Krügel, CEO of MED, commented: "We remain confident that the investor consortium will
be able to complete the transaction and the board have also received written reassurance from the
investor consortium in this regard.”
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
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 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 zainab@lifacommunications.com Lifa Communications Investor and Media
van Rijmenant Relations Consultant
Johannesburg
22 September 2023
Corporate and Designated Adviser
River Group
Date: 22-09-2023 08:00:00
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