Kibo Energy (CDI) (KIBO)

Sector:

Mining

Index:

FTSE AIM All-Share

 0.038p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.080
  • 52 Week Low: 0.034
  • Currency: UK Pounds
  • Shares Issued: 4,360.95m
  • Volume: 405,937
  • Market Cap: 1.64m

Kibo says joint venture partner missed payment deadline

By Josh White

Date: Friday 01 Dec 2023

LONDON (ShareCast) - (Sharecast News) - Kibo Energy announced on Friday that its subsidiary Mast Energy Developments (MED) has issued a formal notice of enforcement to Proventure Holdings UK for failing to meet the binding joint venture agreement (JVA) conditions.
The AIM-traded firm said the JVA required Proventure to make an initial interim payment of 2m and a balance payment of 3.9m to the joint venture's special purpose vehicle (SPV).

However, Proventure missed the contractually agreed completion long-stop date of 30 November, as specified in previous announcements.

As per the terms of the JVA, Proventure remained contractually bound and in breach of its obligations until the agreement was completed.

MED had given Proventure a seven-day window to rectify the situation.

It said that if Proventure did not meet the conditions within the timeframe, MED would explore all available options, including terminating the JVA while retaining the right to claim damages and costs.

MED also decided not to grant further extensions to complete the joint venture.

In addition to the penalties imposed due to the delay in the interim payment, MED said Proventure faced a late payment penalty of 60,000 and liquidated damages of 0.25% of the total investment balance, along with any additional costs and expenses incurred by MED related to the joint venture projects.

Should the JVA be terminated, Proventure would be liable for further liquidated damages amounting to 5% of the total investment value and any reasonable costs and expenses incurred by MED in connection with the agreement.

"In consideration of the delays, MED has proceeded with advanced discussions with an alternative institutional investor to secure the necessary funding required to advance MED's development plans," Kibo Energy said in its statement.

At 1111 GMT, shares in Kibo Energy were down 11.11% at 0.04p.

Reporting by Josh White for Sharecast.com.

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KIBO Market Data

Currency UK Pounds
Share Price 0.038p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.080
52 Week Low 0.034
Volume 405,937
Shares Issued 4,360.95m
Market Cap 1.64m

KIBO Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
82.92% below the market average82.92% below the market average82.92% below the market average82.92% below the market average82.92% below the market average
60% below the sector average60% below the sector average60% below the sector average60% below the sector average60% below the sector average
Income Not Available
Growth
26.47% above the market average26.47% above the market average26.47% above the market average26.47% above the market average26.47% above the market average
39.68% above the sector average39.68% above the sector average39.68% above the sector average39.68% above the sector average39.68% above the sector average

KIBO Dividends

No dividends found

Trades for 17-Apr-2024

Time Volume / Share Price
08:03 404,124 @ 0.036p
08:00 1,813 @ 0.036p

KIBO Key Personnel

CEO Louis Lodewyk Coetzee

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