Kibo Energy PLC’s subsidiary, Mast Energy Developments PLC (MED), made headlines yesterday with its announcement of a significant move in its financial strategy. The UK-based multi-asset owner, developer, and operator in the flexible power market revealed a TR-1 Notification regarding the disposal of its shares, aimed at reducing outstanding debts.
Kibo Energy PLC, a renewable energy-focused development company, has been actively seeking avenues to strengthen its financial position. The latest move by its subsidiary, MED, underscores its commitment to this goal. MED’s decision to sell its shares marks a strategic step in managing debts effectively.
According to the TR-1 Notification, MED has disposed of its shares, yielding approximately £23,970. These proceeds have been directed towards reducing the outstanding balance on Kibo Energy PLC’s bridge loan facility with RiverFort Global Opportunities PCC Ltd. This aligns with Kibo’s previously announced efforts to reprofile its debt obligations, as highlighted in RNS announcements dated 11 and 26 April 2023.
The TR-1 Notification provides detailed insights into the transaction:
| Aspect | Details |
|---|---|
| Identity of the Issuer | Mast Energy Developments PLC |
| Date Threshold Crossed | 02/02/24 |
| Total Voting Rights Held in Issuer | 99,461,746 |
| Percentage of Voting Rights Attached to Shares | 37.70% |
| Percentage of Voting Rights Through Financial Instruments | 37.70% |
| Person Subject to Notification Obligation | Kibo Mining (Cyprus) Limited |
The sale of shares by Mast Energy Developments PLC, a subsidiary of Kibo Energy PLC, marks a significant development in the company’s financial strategy. By utilizing the proceeds to reduce outstanding debts, Kibo demonstrates its commitment to financial prudence and stability. The move is expected to have a positive impact on the company’s financial outlook in the coming quarters.
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