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(Alliance News) - Mast Energy Developments PLC said it had extended the date for Proventure Holdings (UK) Ltd to make initial payment of GBP2.0 million to between November 15 and November 30.
In terms of an agreement signed late last month, Mast Energy said Proventure was required to make an initial interim payment of GBP2.0 million to the joint venture special purpose vehicle to be received no later than November 10.
Mast Energy said Proventure will incur a late payment penalty for every day that the interim payment is received late to the amount of GBP3,000 per day from Saturday.
Back in July, Mast Energy finalised a joint venture agreement with an institutional investor-led consortium led by Seira Capital Ltd.
But the principal of Seira Capital was involved in a tragic road accident early in August, prompting a revision of the long-stop date of the agreement. Mast Energy said in August it had received the full co-operation of the investor consortium and had already agreed on how the revised completion long-stop date can be met. Kibo Energy PLC owns 48% of Mast Energy.
Mast Energy stock rose 5.6% to 1.40 pence on Monday. It has lost 61% over the past 12 months.
In London, Kibo Energy shares shed 4.7% to 0.05 pence. They remained flat at 2 rand cents in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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