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Joint-venture partner Proventure misses Mast Energy payment again

Tue, 02nd Jan 2024 07:38

(Alliance News) - Mast Energy Developments PLC on Tuesday said partner Proventure Holdings (UK) Ltd missed the latest deadline to make a partial initial interim payment required under their joint venture agreement.

In a written assurance on December 22, Proventure had said it would initiate transfer of a first GBP1 million payment by no later than Friday last week.

The London-based subsidiary of Kibo Energy PLC on Tuesday said it is awaiting an update from Proventure on the status of the payment.

Proventure had said a second payment of GBP1 million would be transferred by no later than January 11.

Proventure has failed to make an initial interim payment of GBP2.0 million to the joint venture special purpose vehicle. The original deadline for payment was November 10. Proventure also must pay the balance of the investment of around GBP3.9 million.

Back in October, Mast signed a binding JV agreement with Proventure. It had previously finalised a JV deal with a consortium led by Seira Capital Ltd, but the long-stop date was revised after Seira's principal was involved in a serious road accident.

Kibo, Galway, Ireland-based company with energy projects in Africa and UK, owns 48% of Mast Energy.

In Johannesburg, Kibo shares were unchanged at 2 rand cents on Tuesday morning.

By Artwell Dlamini, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
2 Jun 2023 16:10

IN BRIEF: Kibo Energy faces dissent at extraordinary general meeting

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says five of a total of eight resolutions failed to reach the minimum threshold of 75% of the vote at an extraordinary general meeting held on Friday. These include equity securities allotment, amendment of the Memorandum of Association and amendment of the Articles of Association. Says 35% of shareholders voted against these resolutions.

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26 May 2023 15:48

UK shareholder meetings calendar - next 7 days

Monday 29 May 
no events scheduled 
Tuesday 30 May 
Alba Mineral Resources PLCAGM
Aseana Properties LtdAGM
Aseana Properties LtdGM re discontinuation resolution
BioPharma Credit PLCAGM
Gresham House Energy Storage Fund PLCAGM
Integrated Diagnostics Holdings PLCAGM
Maintel Holdings PLCAGM
Malvern International PLCAGM
Manx Financial Group PLCAGM
Sportech PLCAGM
Superdry PLCGM re disposal of some IP assets
Watchstone Group PLCAGM
Wednesday 31 May 
Advanced Medical Solutions Group PLCAGM
Aferian PLCAGM
Bakkavor Group PLCAGM
CleanTech Lithium PLCAGM
Dianomi PLCAGM
DigitalBox PLCAGM
Emmerson PLCAGM
International Public Partnerships LtdAGM
Predator Oil & Gas Holdings PLCAGM
Rotala PLCAGM
Thungela Resources LtdAGM
TruSpine Technologies PLCGM re director appointment and removal
Thursday 1 June 
Northcoders Group PLCAGM
PageGroup PLCAGM
Rurelec PLCGM re Argentinian interest sale to Verafont, Basic Energy, & Esteban Reynal
Tanfield Group PLCAGM
Friday 2 June 
Cap-XX LtdGM re fundraising
Conduity Capital PLCGM re future direction of the company
Kibo Energy PLCEGM re renewal of director authorisations to issue shares
Mirriad Advertising PLCGM re new ordinary shared admitted to trading on AIM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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22 May 2023 18:16

IN BRIEF: Mast Energy allots shares to institutional investors

Mast Energy Developments PLC - London-based company which operates reserve power generation plants in the UK - Allots 11.7 million new shares following receipt of conversion notices from the institutional lender group under the terms of the recent reprofiling agreement on the balance of its outstanding loan facilities announced last week Wednesday.

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18 May 2023 15:14

Kibo Energy reports progress on Mbeya Power Project deal

(Sharecast News) - Shares in renewable power developer Kibo Energy surged on Thursday, after it updated the market on its Mbeya Power Project (MPP).

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18 May 2023 12:12

Mast Energy Developments shares jump after joint venture announcement

(Alliance News) - Shares in Mast Energy Developments soared by over 50% on Thursday after it agreed to a joint venture to create a 50 megawatt portfolio of gas peaker plants.

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2 May 2023 07:36

Kibo Energy makes progress in pilot tests for biofuel projects

(Alliance News) - Kibo Energy PLC said on Tuesday it has made "significant progress" in pilot tests for its biofuel projects in southern Africa.

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28 Apr 2023 13:19

Mast Energy shares fall after cash crunch warning, dragging down Kibo

(Alliance News) - Mast Energy Developments PLC said on Friday its annual loss widened and warned that it might not be able to meet its debt obligations due to a cash crunch.

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11 Apr 2023 12:27

Kibo Energy takes steps to secure development plans

(Alliance News) - Kibo Energy PLC said on Tuesday it was taking steps in warrant repricing, convertible loan conversion and loan reprofiling to ensure financial stability.

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6 Apr 2023 17:12

IN BRIEF: Kibo Energy remains confident of project deadlines for 2023

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says it continues to advance the development of all of its projects and remains confident of meeting deadlines set for 2023. "That said, resolving the creation of new authorities is of an increasing concern as this materially affects the company's ability to secure project funding and debt financing at project level, which will inevitably impact on reaching financial close for the various projects at the set target dates," says Chief Executive Louis Coetzee.

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10 Mar 2023 14:04

Kibo Energy appoints new business development executive

(Sharecast News) - Kibo Energy announced the appointment of Peter Oldacre as its new group business development executive on Friday, as part of its executive committee.

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10 Mar 2023 07:29

IN BRIEF: Kibo Energy names new business development executive

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Appoints Peter Oldacre as the new group business development executive. Oldacre is an experienced renewable energy and energy-storage project developer, Kibo says. "The appointment of Mr Oldacre further demonstrates Kibo's commitment to deliver a portfolio of operational revenue-generating projects within the next 18 to 24 months as previously announced," Kibo Chief Executive Louis Coetzee says.

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9 Mar 2023 15:54

UK shareholder meetings calendar - next 7 days

Friday 10 March 
Atrato Onsite Energy PLCAGM
Malin Corp PLCAGM
Mineral & Financial Investments LtdAGM
Monday 13 March 
BlackRock Energy & Resources Income Trust PLCAGM
Hercules Site Services PLCAGM
Hummingbird Resources PLCGM re strategic investment and placement
Ironveld PLCGM re second placing shares on AIM
Tuesday 14 March 
Georgia Capital PLCGM re company's transfer from Premium to Standard listing
MTI Wireless Edge LtdAGM
Redx Pharma PLCAGM
Wednesday 15 March 
Applied Graphene Materials PLCGM re delisting
BSF Enterprise PLCAGM
Chemring Group PLCAGM
Invinity Energy Systems PLCGM re placing fundraising and subscription
Safestore Holdings PLCAGM
Thursday 16 March 
Athelney Trust PLCAGM
Glantus Holdings PLCEGM re raising of gross proceeds
Hunting PLCAGM
Impax Asset Management Group PLCAGM
Kibo Energy PLCEGM re renewal of director authorisations
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
27 Feb 2023 12:45

IN BRIEF: Kibo's Mast Energy wins new capacity market contracts in UK

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says investee Mast Energy Developments PLC's nine-megawatt Pyebridge synchronous gas-powered flexible generation facility has obtained new capacity market contracts at "considerably" higher values following auction. Says new contracts will significantly enhance the facility's revenue profile and profitability.

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17 Jan 2023 17:35

Kibo mulling synthetic oil production at syngas plant

(Sharecast News) - Renewables-focussed developer Kibo Energy announced a decision to potentially introduce an additional revenue stream to its 2.7 MW plastic-to-syngas power plant on Tuesday, which sits within the 65%-owned Sustineri Energy.

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17 Jan 2023 10:46

Kibo Energy plans new revenue stream from waste-to-energy plant

(Alliance News) - Kibo Energy PLC on Tuesday said its South African waste-to-energy project will potentially create new revenue stream from synthetic oil for the group.

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