Member Info for SirGBoycott

No I cant but I was just trying to work out why they would imply that in the RNS ... thinking about it more I suspect the terms of the loan sheet are secured by the SEPCO payment? There again SEPCO's future revenue opportunities with KIBO are dependant on KIBO progressing various DFS BFS PPA SML etc so why not?

The latest RNS states "and with the termination of any claims by Sanderson Kibo can receive the full payment of US$3.7 million in cash due to it from its EPC contractor SEPCO III."

I assume we will only get this money on FC but the implication is it was dependant on settling the above. Which can't be the case as the payment of the dev costs was agreed direct with SEPCO before the Sanderson term sheet.

So will SEPCO pay the $3.7m early and why?

That should keep everyone going today.

Reading back. The $3.7m was due to KIBO on FC for MCPP. The Sandersons term sheet was due to run until June 2017 originally.

In Sept 2017 the terms were changed and "Repayment of funds drawn down are repayable to Sanderson on receipt by Kibo of the USD 3.68 million payable to it by SEPCO III when financial close has been reached on the Mbeya Coal to Power Project (the "MCPP")". Sandersons also retained their "option to convert up to 50% of the total funds repayable on the repayment date (i.e. when Kibo receive the SEPCO III payment) to Kibo shares under the terms of the Facility." This would be on a 20 day VWAP basis.

So the repayment to Sanderson's was not due because we haven't reached FC and although they had a right to take it in shares because it wasn't at FC they have agreed a premium to current SP to take the shares earlier.

BB Sepco? You mean Sandersons.

You are making some big assumptions or have incredible powers of insight. 'clearly wanted the money' & 'had to take what they were offered' ....... If thats the case and KIBO can tell a supply to bugger off for any cash owned and have some overpriced shares instead then we are in a very strong position. LC is delivering on KIBO energy strategy, its time for the TG to wake up and smell the coffee or better still get a pen out or get left behind.

BB if you take your chances with dipping in when the SP is at a low point in the hope that the PPA / SML lands the following day / week so you can duck out with a quick profit I don't have much sympathy. Sometimes it will work and sometimes you'll miss it or get stuck in longer than anticipated.

I bet that crossed Sandersons mind when they added to their 30+ million shares at a pemium to current share price in lieu of a guaranteed £1m. Doesn’t seem to bother them.

That stood out for me Lockedin - the first refusal on any Sanderson sale of those shares.

Plus nice to see a clarification on what the entities are still holding

who have left town BB ????

I'll take that as a tongue in cheek observation

https://twitter.com/TriStarSPMP/status/1014896705723162624

That's the problem that stubborn donkey won't back down or his ego would explode.

Likewise its good business for KIBO and its clients to have options besides SEPCO and GE to ensure costs are kept keen.

Not sure it makes sense for SEPCO or GE to buy KIBO. Close ties and an equity stake yes. They just want a route to market without the risk / costs associated in putting these projects together.

KEYNOTE PANEL
Developing financial and strategic partnerships to advance new and existing African mining projects

In the increasing competition for FDI, where does Africa sit?
The role of the Europe as a customer for African minerals
Evaluating the role of each stakeholder in mitigating jurisdictional risk
Demonstrating political stability- what are investors looking for?
As commodity prices recover, how can mining companies and government partners ensure that expectations are in sync?The importance of flexibility in loan instruments to cater to regional and regulatory differences

Louis Coetzee, CEO, Kibo Mining
Rudolph de Bruin, Co-founder, AMED
Akshai Fofaria, Partner, Pinsent Masons

LC is a featured speaker

http://ametrade.org/miningontopafrica/about/speakers/

http://ametrade.org/miningontopafrica/

You would have thought it was more for KAT than KIBO

Cant see him on the pictures but the inference is that someone from KIBO is there

Mining on Top:Africa
‏
#Networking with the Decision Makers of the #mining #investment world at #MOTASUMMIT taking place now at #Geneva #commodities #Africa #Europe #Africanmining

Good points as always JD.

90 days to agree a deal. Not just a 'share deal'. Good to understand that finance is being addressed in this manner as we know we need cash going forward for BIPP / MCIPP.

I think I follow your logic Yaki but surely they will want to maximise their return on any shares they take up. On the flip side I guess its in their interests to ensure KIBO has the necessary funding to progress existing and future projects, and they make their money form those contracts.

Fair point on price although SEPCO as a major shareholder is also attractive.