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Mast Energy Developments PLC - London-based company which operates reserve power generation plants in the UK - Extends the completion long-stop date for the first definitive and binding joint venture agreement due to "exceptional circumstances". The revised date is now expected around August 31. Mast Energy is a subsidiary of Kibo Energy PLC.
The extension is because the principal of Seira Capital, Mast Energy's joint-venture lead investor partner, was involved in a tragic road accident in which he was seriously injured. The principal remains hospitalised in critical condition.
Mast Energy says it 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. Last month, the joint venture agreement committed parties to promptly finalise terms on a second joint venture that will increase the envisaged total investment value to GBP31 million.
Mast Energy stock price close on Thursday: 1.60 pence
12-month change: down 42%
Kibo Energy stock price close in London: 0.05p
12-month change: down 62%
Kibo Energy stock price close in Johannesburg: ZAR0.02
12-month change: down 60%
By Artwell Dlamini, Alliance News reporter
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