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Pin to quick picksKibo Energy Share News (KIBO)

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Share Price Information for Kibo Energy (KIBO)

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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.

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27 Jun 2022 17:06

IN BRIEF: Kibo Energy loss widens in 2021 on impairment costs

Kibo Energy PLC - group with energy projects in Africa and UK - Reports revenue of GBP3,245 in 2021, versus none in 2020. Loss after tax widens to GBP23.0 million from GBP6.4 million. Bottom line hit by GBP20.7 million impairment of non-current assets.

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30 May 2022 09:12

IN BRIEF: Kibo Energy, Hasta Trust to develop energy storage projects

Kibo Energy PLC - group with energy projects in Africa and UK - Enters into an exclusive agreement with Hasta Trust to jointly develop a portfolio of long duration energy storage projects held exclusively by National Broadband Solutions, which is owned by Hasta. The initial target is a 36,320 megawatt-hour capacity in South Africa.

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27 May 2022 11:10

Kibo backs out of Victoria Falls solar acquisition

(Sharecast News) - Kibo Energy announced the termination of its intended acquisition of the Victoria Falls Solar Park project in Zimbabwe from Broomfield International on Friday, which it initially detailed on 21 March.

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27 May 2022 09:34

Kibo Energy terminates acquisition of Victoria Falls solar project

(Alliance News) - Kibo Energy PLC on Friday said it has terminated its intended acquisition of the Victoria Falls Solar Park project in Zimbabwe from Broomfield International Ltd, following due diligence.

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20 May 2022 17:44

IN BRIEF: Kibo Energy issues shares to pay off outstanding loan

Kibo Energy PLC - group with energy projects in Africa and UK - Issues 56.1 million shares at a price of 0.16 pence each to Sanderson Capital Partners Ltd to settle the remaining GBP89,788 of the forward payment facility signed by both parties in December 2016.

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20 May 2022 13:37

Kibo Energy taps Cobus van der Merwe as group CFO

(Sharecast News) - Kibo Energy announced the appointment of Cobus van der Merwe as group chief financial officer on Friday, with effect from 1 June.

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20 May 2022 07:56

IN BRIEF: Kibo Energy taps outsider as new chief financial officer

Kibo Energy PLC - group with energy projects in Africa and UK - Appoints Cobus van der Merwe as its new chief financial officer from June 1. The current finance chief, Pieter Krugel, is leaving Kibo to join Mast Energy Developments PLC as chief executive from June 1.

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17 May 2022 08:05

IN BRIEF: Kibo Energy signs five-year battery deal with Enerox

Kibo Energy PLC - energy projects in Africa and UK - Signs a rolling five-year agreement with Vienna-based Enerox GmbH to develop and sell CellCube-based vanadium redox flow batteries in selected sectors in southern Africa. The contract seeks to deliver a project pipeline expected to exceed at least 1 gigawatt over the course of five years.

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1 Apr 2022 07:41

IN BRIEF: Kibo Energy extends redemption date of convertible loan note

Kibo Energy PLC - Africa- and UK-focused energy project company - Agrees to further extend for three months the redemption date of the convertible loan note with all remaining noteholders. The new extended redemption date will now be July 1. The further extension includes notes in aggregate of GBP657,985. Kibo Energy is settling outstanding fees owing to directors and management by the issue of a 7% convertible loan note redeemable instrument.

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21 Mar 2022 14:04

IN BRIEF: Kibo Energy buys Victoria Falls project for GBP10 million

Kibo Energy PLC - Africa- and UK-focused energy project company - Signs agreement to buy the Victoria Falls solar park project in Victoria Falls, Zimbabwe from Broomfield International Ltd for GBP10.0 million. Says it will buy the entire issued share capital of Brownhill and shareholder loan claims against the firm, which holds the project through its wholly-owned subsidiary Power Ventures Ltd. The consideration will be payable in new shares in Kibo at an issue price of 5 pence per share. It will follow a one for 10 share consolidation as part of the transaction. Explains that it has requested for its shares to be suspended from trading as the deal constitutes a reverse takeover. The Victoria Falls solar park is a 100 million watt solar power generation project located. Expects it to deliver an equity internal rate of return of 18% and earnings before interest and tax of USD107 million.

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16 Feb 2022 16:23

IN BRIEF: Kibo Energy inks GBP3 million bridge loan facility

Kibo Energy PLC - Africa- and UK-focused energy project company - Signs a bridge loan facility agreement with an unnamed institutional investor for up to GBP3 million, with a term of up to 36 months.

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14 Feb 2022 12:19

Kibo Energy signs power purchase deal for new South Africa project

(Sharecast News) - Kibo Energy announced a 10-year take-or-pay conditional power purchase agreement on Monday, to generate baseload electricity from a 2.7 MW plastic-to-syngas power plant.

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14 Feb 2022 10:26

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14 Feb 2022 08:30

Kibo Energy to build, operate waste-to-energy project in South Africa

(Alliance News) - Kibo Energy PLC on Monday said it has inked a 10-year clean energy power purchase agreement on a waste-to-energy project in South Africa for an unnamed client.

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7 Jan 2022 11:17

Kibo Energy settles outstanding director, management fees

(Sharecast News) - Renewable energy-focussed development company Kibo Energy has settled outstanding fees owed to directors and management, it announced on Friday, by the issue of a 7% convertible loan note redeemable instrument.

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