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Kibo Subsidiary MED Accounts’ Publication
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 30 April 2024
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Subsidiary Announces MED Accounts' Publication
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused development company,
announces the publication by its subsidiary, Mast Energy Developments PLC ('MED'), a UK-based
multi-asset owner, developer and operator in the rapidly growing flexible power market, of its audited
financial results for the year end 31 December 2023.
Further details can be found in the full MED RNS Announcement, which is available below and at
med.energy.
Results for the year ended 31 December 2023
Dated 30 April 2024
MAST Energy Developments PLC ('MED' or the 'Company') the UK-based multi-asset owner,
developer and operator in the rapidly growing flexible energy market, is pleased to announce its
audited results for the year ended 31 December 2023. A condensed set of financial statements
accompanies this announcement below while the Company's full Annual Report and Financial
Statements (MED Audited Annual Report and Financial Statements for the year ended 31 December
2023) can be found at the Company's website at www.med.energy.
The Company's Notice of Annual General Meeting will be announced separately in due course.
Overview of key events during the period up to the date of this report
*The Company continued to pursue its business growth strategy which was set to
receive a significant boost with signing of a joint venture agreement ('JVA') with an
institutional investor-led consortium in July 2023 which provided for an initial
investment injection of £5.9m. Unfortunately, the investors could not fulfil their
contractual obligations and the JVA had to be terminated.
*Post year-end, the Company successfully secured alternative funding under a funding
facility for up to £4m with RiverFort further to an agreement signed with MED
subsidiary Pyebridge.
*Returns at Pyebridge were interrupted by technical and market related challenges
during the year. Toward the end of 2023 Pyebridge was put on care and maintenance
to prepare for significant overhaul work. The new funding facility with RiverFort
enabled re-commencement of work at Pyebridge post year-end and subsequent
achievement of its Satisfactory Performance Days requirement.
*MED's Pyebridge site has secured Capacity Market contracts to ensure minimum
gross profit margin income totalling c. £1,125,000 until 2028, in addition to its
revenue generation via its PPA with Statkraft.
*MED continued to work with its projects' EPC contractors, gas- and grid connection
providers to ensure its existing shovel-ready sites remain in good standing. A
Certificate of Lawful Commencement was received for Hindlip Lane and initial pre-
construction work was started.
*The Company continues to source and conduct due diligence on potential shovel-
ready and operating sites that meet its investment criteria for acquisition in order to
further grow its portfolio.
This announcement contains inside information for the purposes of the UK version of the Market
Abuse Regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon the publication of this
announcement, this inside information is now considered to be in the public domain.
ENDS
For further information please visit www.med.energy or contact:
Pieter Krügel info@med.energy Mast Energy Developments plc CEO
Jon Belliss +44 (0)20 7399 9425 Novum Securities Corporate Broker
For further information please visit www.kibo.energy or contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive Officer
James Biddle +44 207 628 3396 Beaumont Cornish Limited Nominated Adviser
Roland Cornish
Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker
Damon Heath +44 207 186 9952 Shard Capital Partners LLP Joint Broker
Beaumont Cornish Limited ('Beaumont Cornish') is the Company's Nominated Adviser and is
authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's
Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities
under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the
London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other
persons for providing protections afforded to customers of Beaumont Cornish nor for advising them
in relation to the proposed arrangements described in this announcement or any matter referred to
in it.
Johannesburg
30 April 2024
Corporate and Designated Adviser
River Group
Date: 30-04-2024 08:00:00
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