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I think for SYME, the long wait is over !
Receiving a firm commitment from a Tier one European bank means the concept has potential and it’s possible!
The news is out now. As others said in this bb, more banks and financial institutions are likely to follow BANCO BPM’s path, to try and benefit from this business model !
I think a take over is also can not be ruled out !
GL all holders !
(Alliance News) - Supply@Me Capital PLC on Wednesday said it has secured funding from Banco BPM Spa to fund an initial inventory monetisation transaction with a value of up to EUR10 million.
Good news and great start to the new year, as expected !
I think, more news to come about revenue and growth plans !
Good time to get in !
Don’t miss the 🛥️! GLA
Https://www.thebusinessdesk.com/northwest/news/2125501-surface-transforms-concludes-13m-loan-deal-to-boost-production-capacity
Rerate soon ! SP back to 20s !
GLA !
More news ! Rerate soon !
GLA !
https://www.business-live.co.uk/manufacturing/supercar-brake-firm-surface-transforms-28268852.amp
Supercar brake disc manufacturer Surface Transforms raises £24.2m in new funds and predicts profitability in 2024.
https://lbndaily.co.uk/brake-disc-maker-will-be-profitable-in-2024/
News out !
Alliance News) - Mast Energy Developments PLC on Monday said it has received "sufficient" verbal and written confirmation from joint venture partner Proventure Holdings (UK) Ltd, and other funders that the initial interim payment of GBP2 million will be paid between this coming Friday and Wednesday next week, subject to signature of definitive agreements.
Proventure failed to make an initial interim payment of GBP2.0 million to the joint venture special purpose vehicle by Thursday last week. The original deadline for payment was November 10. Proventure also must pay the balance of the investment of around GBP3.9 million.
Mast Energy on Friday gave Proventure seven days to settle the initial interim payment. If it did not, Mast said it would consider all available options including terminating the joint venture agreement.
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 Energy PLC, the parent of Mast, said on Monday it remains "very conscious" of the numerous delays by Proventure in providing the funding.
Kibo said it supported Mast in its decision to provide an extension to Proventure to satisfy its obligations under the JV agreement, while at the same time exploring alternative funding options. Kibo owns 47% of Mast.
In London, Mast shares were up 33% at 0.70 pence on Monday morning. The stock has lost 76% of its value over the past 12 months.
Shares in Kibo were unchanged at 2.00 rand cents in Johannesburg. They were down 11% at 0.040 pence in London.
By Artwell Dlamini, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
The key terms of the JV agreement comprise the following:
· Institutional Investor will inject all required investment capital into the JV with an initial expected total investment value of c. £5.9m, rising to potentially c. £31m upon completion of the Secondary JVA, (including repayment of MED past costs as detailed below), with no funding contribution required from MED.
· Institutional Investor holding 74.9% of the JV and MED holding 25.1%, with the Institutional Investor recognising and reimbursing to MED a portion of its actual historic project acquisition and development related costs (the 'Cost Refund'), as detailed below, and no requirement on MED to provide any further funding.
· MED have joint control of the JV SPV Board and full operational control of the relevant sites' management and operations.
· The JVA will initially consist of one project with a generation capacity of c. 9 MW that MED will provide to the JV, the Institutional Investor will then pay MED c. £3.4m in terms of the Cost Refund, and inject c. £2.5m into the JV SPV to cover future capex on this project. Following the binding JVA that has now been executed, exchange and completion is expected by 28 July 2023.
· The Secondary JVA, is expected to consist of up to four projects with a combined generation capacity of a minimum 17 MW and up to 24 MW that MED will provide to the JV, the Institutional Investor will then pay MED c. £3.8m in terms of the Cost Refund, and inject c. £21.3m into the JV SPV to cover future capex on these projects.
· The Institutional Investor will receive a preferential entitlement to 90% of the profit of the JV until the investment provided has been recovered in full, at which point any distribution of profits will return to the equity split.
· Therefore, it is envisaged that MED will receive a c. 25% stake in a portfolio of up to c. 33 MW of assets that are expected to be fully funded, constructed and revenue generating within the next 12 months.
· In addition, the JV have granted MED a five-year management services agreement ('MSA') and associated fee to manage the sites, which will further bolster MED's share of income from the JV, and calculated as £7,200 per MW per annum.
· It is MED's intention and plan to use the bulk of the Cost Refund from the JV investment tranches to further develop and acquire projects that will be used within the JV, as well as further bolster its own wholly owned portfolio of assets (outside of the JV), by way of further development, construction and new acquisitions.
SP back to 1.6 !
GLA
Let’s don’t forget the potential of this JVA !
The key terms of the JV agreement comprise the following:
· Institutional Investor will inject all required investment capital into the JV with an initial expected total investment value of c. £5.9m, rising to potentially c. £31m upon completion of the Secondary JVA, (including repayment of MED past costs as detailed below), with no funding contribution required from MED.
· Institutional Investor holding 74.9% of the JV and MED holding 25.1%, with the Institutional Investor recognising and reimbursing to MED a portion of its actual historic project acquisition and development related costs (the 'Cost Refund'), as detailed below, and no requirement on MED to provide any further funding.
· MED have joint control of the JV SPV Board and full operational control of the relevant sites' management and operations.
· The JVA will initially consist of one project with a generation capacity of c. 9 MW that MED will provide to the JV, the Institutional Investor will then pay MED c. £3.4m in terms of the Cost Refund, and inject c. £2.5m into the JV SPV to cover future capex on this project. Following the binding JVA that has now been executed, exchange and completion is expected by 28 July 2023.
· The Secondary JVA, is expected to consist of up to four projects with a combined generation capacity of a minimum 17 MW and up to 24 MW that MED will provide to the JV, the Institutional Investor will then pay MED c. £3.8m in terms of the Cost Refund, and inject c. £21.3m into the JV SPV to cover future capex on these projects.
· The Institutional Investor will receive a preferential entitlement to 90% of the profit of the JV until the investment provided has been recovered in full, at which point any distribution of profits will return to the equity split.
· Therefore, it is envisaged that MED will receive a c. 25% stake in a portfolio of up to c. 33 MW of assets that are expected to be fully funded, constructed and revenue generating within the next 12 months.
· In addition, the JV have granted MED a five-year management services agreement ('MSA') and associated fee to manage the sites, which will further bolster MED's share of income from the JV, and calculated as £7,200 per MW per annum.
· It is MED's intention and plan to use the bulk of the Cost Refund from the JV investment tranches to further develop and acquire projects that will be used within the JV, as well as further bolster its own wholly owned portfolio of assets (outside of the JV), by way of further development, construction and new acquisitions.
If Proventure is not capable, bod have already identified an alternative option (according to the last RNS) to them. The interest from investors clearly indicate that it’s a good opportunity. In my view that’s the key thing here.
Let’s stay positive! We will have news on Monday and I am sure it’s going to be a positive one !
GLA
I hear that Rekash, but we need to spread the news so that we all can make money ! As said yesterday, I think the TR1 notification yesterday was just the beginning !
We may get to see another RNS soon with more GOOD news !
GLA !