marvellous5 Jul 2018 07:44
Summary of Principal Terms of SDA
Under the terms of the SDA, SEPCOIII has committed to an initial direct equity investment ('Direct Equity Investment 1') of between 10 and 15 per cent of Kibo's issued share capital immediately prior to Direct Equity Investment 1 via the purchase of new ordinary shares in consideration for cash at a price to be agreed between the two parties. Additionally, SEPCOIII has the option, at its sole discretion and within 18 months from completion of Direct Equity Investment 1, to make a second direct equity investment in Kibo of between 5 to 10 per cent. of Kibo's issued share capital ('Direct Equity Investment 2') immediately prior to Direct Equity Investment 2.
As part of the SDA, SEPCO III has the right to become the sole bidder for the EPC contract in respect of all Kibo's existing and future energy projects anywhere in the world by making Direct Equity Investment 1, subject to the terms and conditions of the SDA. SEPCOIII will however be required to strictly submit all EPC bids in respect of the Kibo Energy Project Portfolio in accordance with an EPC-specification independently developed by Kibo and its consulting engineers. All EPC bids by SEPCOIII must, in the opinion of Kibo's consulting engineers, be price competitive as related to an international benchmark independently determined by Kibo's consulting engineers, in their expert opinion, for reasonably comparable EPC contractors and contracts. The bid must also demonstrate international best practice and industry standards and must ultimately also be acceptable to Kibo's financial advisors, lenders and other principal capital providers and key stakeholders. SEPCOII's right to be sole bidder on the relevant contract will terminate if the parties cannot reach agreement on bid price and terms within 90 days of bid submission.
no more crappy price placings - what a great position to be in - 4.5 p rediculous
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