(Alliance News) - Mast Energy Developments PLC on Friday said it has further extended the completion long-stop date for its joint venture agreement with an institutional investor-led consortium led by Seira Capital Ltd.
Mast Energy Developments is a London-based company that operates reserve power generation plants in the UK. Mast Energy is a subsidiary of Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK.
Shares in Kibo were up 6.4% at 0.058 pence in London on Friday afternoon, while shares in Mast Energy were up 3.5% to 1.5 pence each.
The revised completion date is now expected around September 21.
At the start of August, Mast Energy extended the long stop date to August 31. The first extension was because the principal of Seira Capital - Mast Energy's joint-venture lead investor partner - was involved in a tragic road accident in which he was seriously injured.
The additional extension is required to allow the JV investor consortium to complete the compulsory statutory process for the international transfer of funds.
Upon completion of this process, Mast Energy said funds will be promptly transferred into the UK to complete the JVA investment.
Chief Executive Officer Pieter Krugel said: "We are pleased to receive the full and ongoing support and co-operation from the JV investor consortium and with the progress made towards completing the JVA investment. The parties are fully committed to finalise the statutory arrangements required to ensure the successful completion and transfer of funds as quickly as possible."
By Sophie Rose, Alliance News reporter
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Mast Energy. (MAST)
Kibo Energy (KIBO)